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TUCSON-Student housing developer, owner and manager EdR added the 764-bed, 208-unit District on 5th to its portfolio. The Memphis, TN buyer paid Campus Apartments Inc., the project’s Philadelphia-based developer, $67 million for ownership rights to the 99%-leased student-housing complex.

District on 5th, located at 550 N. Fifth Ave., serves the University of Arizona’s Tucson campus and the LEED Silver complex is within walking distance of campus. The student housing property opened for the 2012-2013 school year offering two-, three- and four-bedroom apartments, along with a pool (complete with beach entry), clubroom, spa, computer lab/business center and outdoor movie theater. The average monthly lease rate is $633 per bed.

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