TUCSON, AZ (January 24, 2025) — Formerly known as The Retreat at Tucson Student Housing, now rebranded to The Cottages at Tucson, southeast of Park & 22nd St. at 1000 E 22nd Street in Tucson sold for $91 million ($497,267 /unit). The off-campus student housing has 183 units and 774 beds in one-, two- and three-story buildings.

The buyer is an affiliate of Ares Management, LLC, and the seller is Alden Street Capital Management.

The asset closed on January 17, 2025, and its sale price was the highest for the year to date.

The Cottages at Tucson is a cottage-style community, a configuration that is very appealing to students and their families. Importantly, all bedrooms are single occupancy with queen-sized beds and feature private bathrooms. Community amenities include a resort-style pool, a clubhouse, a fitness center, a computer lab, study rooms, and a golf simulator, and it is pet-friendly. The property’s location, 1.5 miles south of the U of A’s main campus, is served by a shuttle bus to transport residents to and from campus. In addition, two bike paths to campus are accessible from the site.

The 774-bed project was completed in August 2013.

Nearly 80% of the U of A’s students live in off-campus housing. Cottages at Tucson represents an attractive value proposition to students and their families, as evidenced by its strong current occupancy and renewal leasing momentum for the next school year.

To learn more, subscribers should refer to RED Comp #11717.

TUCSON, AZ (January 21, 2025) -KB Home closed on 8.31 infill acres for a new subdivision called Cielo Reserve near Valencia & Campbell in Tucson. The purchase price for the property was $1,700,000 ($33,333 per lot).  The City of Tucson approved a tentative plat and grading plan on December 20, 2024.  The approved tentative plat allows for 51 homesites, 40’x110’ in size.

The transaction closed on January 14, 2025.

Alan Murdock, a licensed broker with Realty Executives who represented himself in the transaction, was the seller. Michelle Alarid, KB Home VP, Regional Counsel, and Bobbi Raymond at Fidelity National Title managed the purchase and sale agreement for the buyer and seller.

In the last 45 days, KB Home has successfully completed three (3) land transactions in Vail, Sahuarita, and now Tucson.

The property’s infill location provides easy access to I-10 and I-19. It is within minutes from the Tucson International Airport, the University of Arizona, downtown Tucson and UofA’s Tech Park in Rita Ranch.  For additional information or to join the interest list, visit https://www.kbhome.com/new-homes-tucson/cielo-reserve, call 1-888-KB-HOMES, or visit kbhome.com.

KB Home is SAHBA’s reigning “Builder of the Year” and is always looking for additional land opportunities in the greater Tucson region.  Sellers and brokers can reach out directly to Andrew Gasparro, KB Home, Vice President of Land, at 602-686-9889 or via email at apgasparro@kbhome.com

MARANA, AZ (April 26, 2024)—The final lot at Breakers 40 in Marana has been sold for $875,000 ($209.53 PSF), presenting a promising opportunity. The sale included an office and warehouse building totaling 4,176 square feet built in 1982 on the one-acre parcel. The buyer also acquired the adjoining one-acre lot next door, further expanding the potential of this property.

The property at 8070 and 8090 W Breakers Way in Marana is fully fenced, with a 24’ warehouse clearance height, 400 amps, 3-phase power, and three grade-level doors.

The transaction closed on March 20, 2024.

The buyer is a Phoenix-based Sun Country Truck Equipment, Inc. affiliate, c/o Tim and Derek Williams.

Breakers 40 Industrial Park consists of 16 one-acre HI zoned, one-acre lots developed by MC Tangerine Property, LLC c/o Mark Martinez. Tim Healy, with CBRE in Tucson, represented the developer.

“The lots sold out quickly over two years,” Healy said. “Meeting the stringent demands of HI Zoning for Heavy Industrial use, the industrial lots serve the needs of many diverse companies. All built on the former Breakers Water Park Site that closed in 2018.”

The developer, MC Tangerine Property, bought the 40 acres for land value, with pools and buildings included, in November 2020 and redeveloped 20 acres for 16 one-acre industrial lots. There were 35.3 net acres, with 4.7 acres reserved for an archeological dig. The sale price was $940,000 when it sold in 2020.

20 acres remain for undetermined development.

For more information, Healy should be reached at 520.323.5119.

See RED Comp #11196 and #8236 for the original acquisition in 2020.