{"id":1004049789,"date":"2012-11-12T09:38:27","date_gmt":"2012-11-12T17:38:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004049789"},"modified":"2022-12-08T01:55:29","modified_gmt":"2022-12-08T09:55:29","slug":"ipa-arranges-67m-student-housing-sale-in-tucson","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ipa-arranges-67m-student-housing-sale-in-tucson\/","title":{"rendered":"IPA Arranges $67M Student Housing Sale in Tucson"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/11\/STUDENT-HOUSING.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004049796\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ipa-arranges-67m-student-housing-sale-in-tucson\/student-housing\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/11\/STUDENT-HOUSING.jpg\" data-orig-size=\"431,322\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"STUDENT HOUSING\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/11\/STUDENT-HOUSING.jpg?w=431\" class=\"alignright size-medium wp-image-1004049796\" title=\"STUDENT HOUSING\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/11\/STUDENT-HOUSING.jpg\" alt=\"\" width=\"300\" height=\"224\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/11\/STUDENT-HOUSING.jpg 431w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/11\/STUDENT-HOUSING.jpg?resize=300,224 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Institutional Property Advisors, a multi-family brokerage division of Marcus &amp; Millichap, brokered the sale of The District on 5th Avenue, a new 208-unit student housing community located about one-half mile from the University of Arizona.<\/p>\n<p>Residential Housing sold the 208,000-square-foot high-end student housing to Education Realty Trust for a purchase price of $67 million.<\/p>\n<p>\u201cThe District on 5th Avenue is a core, Class A pedestrian-to-campus, purpose-built student housing community that ideally fits the institutional investor\u2019s property profile of an urban infill, close-to-campus asset,\u201d said Peter Katz, IPA\u2019s executive director.<\/p>\n<p>The 764-bed complex, located at 550 North Fifth Ave., offers 12 two-bedroom\/two-bath units, four three-bedroom\/two-bath units, 40 three-bedroom\/three-bath units, 45 four-bedroom\/two-bath units and 107 four-bedroom\/four-bath units, with an average weighted unit size of approximately 1,203 square feet. That made the sale come out to roughly $268 a square foot.<\/p>\n<p>\u201cInstitutional investors, in an effort to place allocated capital, have become more aggressive in their pricing,\u201d Katz said. \u201cThis has resulted in compressed cap rates and lowered unleveraged yields, especially for properties at tier-one universities with residents from strong socio-economic backgrounds.\u201d<\/p>\n<p>The District on 5th Avenue includes community amenities such as a 24-hour fitness center, a swimming pool and spa, a parking garage, tanning beds, a volleyball court and a media room complete with a movie theater.<\/p>\n<p>Units feature nine-foot ceilings, a washer and dryer, a full kitchen with granite countertops and stainless steel appliances.<\/p>\n<p>Because of its central location near the college and close to downtown Tucson, the complex offers convenient access to the Congress Avenue shopping and entertainment district, a wide range of retail shops and dozens of student-friendly restaurants, bars and clubs.<\/p>\n<p>Adding to its value, a light rail system is scheduled to open in 2013 and pass within half a block of the clubhouse, serving both the university and downtown Tucson.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Institutional Property Advisors, a multi-family brokerage division of Marcus &amp; Millichap, brokered the sale of The District on 5th Avenue, a new 208-unit student housing community located about one-half mile from the University of Arizona. <\/p>\n","protected":false},"author":451,"featured_media":1004049796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742],"tags":[],"class_list":["post-1004049789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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