PHOENIX-The local office of Cassidy Turley has wrapped up the closing on two student housing transactions, one of which was local and the other in Tucson. On the table were the 232-unit University Properties Lemon Street Portfolio and the 88-unit Arizona Commons II in Tucson. Executive Vice Presidents David Fogler and Steven Nicoluzakis with Cassidy Turley Arizona’s Multi-Family Group brokered both transactions.
University Properties Lemon Street Portfolio, which was sold for more than $10 million, is a three-property, 232-unit student housing property just east of Arizona State University. The buyer was Lemon Street 232 LLC of Los Angeles and the seller was Lemon Street Equity Partners LLC, based in Scottsdale.
Built in 1964 and 1965, the 6.12-acre property included rental units at 919, 1011 and 1019 E. Lemon Street. The new owner intends to continue operating the project as student housing rental units. In-place entitlements would allow for re-development of up to 478 units and/or 1,632 beds with an allowable height up to 180 feet.
Arizona Commons II, offering 247 beds, is located at 1920 N. 1st Ave. The buyer was Phoenix-based MCS Capital Partners LLC and the seller was C-III Asset Management, LLC, acting as special servicer for Wells Fargo Bank, N.A., as trustee for the holder of Morgan Stanley I, Inc. commercial mortgage pass through certificates, series 2006 – 1st Quarter 2012.
Arizona Commons II has furnished two, three and four bedroom apartments that are within walking distance to the University of Arizona campus. Built in 1972, and renovated in 2005-2006 and 2012, the complex features four swimming pools, four on-site laundry facilities, a fitness center and recreation room.