TUCSON-QuatroVest Inc. has sold a three-property, student-housing portfolio in two separate deals for a combined $11.18 million. The fully leased assets have ended up with a local buyer and one from Woodland Hills, CA.

Southern California-based Beau Star LLC bought the 12-unit GlennStarr Apartments at 133-93 E. Glenn St. and 24-unit StoneWood Apartments at 2621 N. Estrella Ave. Both complexes were built in 1998. The 20-unit SahuaroPoint Villas at the Park, built in 2005 at 2326-66 N. 6th Ave., was sold to a local partnership, led by Rodman Marymor.

All three complexes are near the University of Arizona’s main campus and are within a one-mile radius of each other. “We originally introduced this as a portfolio, but split it up because Beau Star decided they only wanted the two,” Hamid Panahi, senior associate in Marcus & Millichap Real Estate Investment Services’ Tucson office, tells GlobeSt.com. He adds that the buyers, who aren’t planning any major upgrades, plan to hold the assets for five to seven years.

SahuaroPoint Villas at the Park, situated on 1.5 acres, has five-bedroom units with 1,748 sf. GlennStar Apartments, on a little less than one acre, has three- and four-bedroom units, ranging from 1,015 sf to 1,138 sf. StoneWood Apartments sits on 1.65 acres and has four-bedroom units, each 1,235 sf. Average per-month rent is $950 per unit.

Panahi says QuatroVest typically builds small complexes, leases them and owns tem for a few years before putting them up for sale. They’re in the process of trying to find more development land, but finding infill locations near the university is a challenge, he adds.

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