Winning Tucson land bid: $330 PSF to Sterling University Housing at UofA

TUCSON, Arizona — The Dinerstein Companies (TDC) purchased a 30,950-square-foot lot for the latest student housing project at the University of Arizona. The property commanded a sale price of $10.2 million ($329.56 PSF) with 26 bidders competing for the site.

Sterling University Housing is a wholly owned subsidiary of TDC, having completed student housing developments at thirty-nine different national universities.  Sterling University Housing has successfully developed sixty-four properties totaling over 36,000-beds in twenty-six states

This next Sterling University project will be located on the current Chase Bank overflow parking lot at the southeast corner of First St. and Tyndall Avenue in the Main Gate Overlay District. The Property will encourage multi-modal transportation by being within walking distance of the University, within 700 feet of two streetcar stops, and by meeting requirements for short- and long-term bike spaces at ground level.

The Project has approval of a 10-story design, with 295,000-square-feet, 149-units and 503-beds, two levels of underground parking for a total of 153 parking spaces and 102 spaces for bike parking. The roof design includes a swimming pool and spa as well as raised garden boxes. Plans also show 3,485-square-feet of retail on the ground floor.

This is buyer’s second student housing project in Tucson. It also constructed and later sold Sterling University Villas as 2550 W Ironwood Hill in Tucson.

Established in 1955, TDC is a family-owned and operated company with offices in Houston, TX and Solana Beach, CA. TDC currently has $1.41 billion in apartment assets under management.

The company is also a leading “green” developer in the country with $1.91 Billion in LEED Silver/Gold apartment product completed or under development.  Recent company awards include USGBC 2015 Green Builder of the Year as well as being named a winner of ‘101 Best and Brightest Companies to Work For’.

The project is to be developed and managed by the Dinerstein Companies Team; Gensler of Austin, TX is Project Architect; Landscape architect, The Planning Center of Tucson; SCA Consulting Engineers of Sugar Land TX, Structural Engineering; Rick Engineering Company of Tucson, Civil Engineering; and Blum Consulting Engineers of Dallas, TX the Mechanical Engineers.

John Ash with CBRE Tucson and Jaclyn Fitts, Director of Student Housing at CBRE in Dallas represented the Seller, JPMorgan Chase Bank, in the transaction.

For more information, Ash should be reached at 520.323.5177 and Fitts can be reached at 214.979.6524.

To learn more, see RED Comp #4341.