TUCSON—Brokers from Marcus & Millichap Real EstateInvestment Services have recently arranged a pair ofstudent housing transactions that amount to nearly $90 million forproperties bought by Education Realty Trust.
Near the University of Arizona here, InstitutionalProperty Advisors, the M&M multifamily brokeragedivision that serves institutional and major private investors,negotiated the sale of the District on 5th Ave. The 764-bedcommunity changed hands for a total consideration of $67 million,or $322,115 per unit and $268 per square foot.
The property, says Peter Katz the IPA executive director whorepresented the seller, Residential Housing, “is acore, class A pedestrian-to-campus, purpose-built student housingcommunity that ideally fits the institutional investor’s propertyprofile of an urban infill, close-to-campus asset.”
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