The Ledges at West Campus’ Multifamily Transition Nets $34M
The 205-unit multifamily community The Ledges at West Campus in Tucson recently sold to Tara Investment Group LLC for $33.75 million. Built in 1997, The Ledges at West Campus is adjacent to Pima Community College near the base of the Tucson Mountains.
CBRE’s Jeff Casper, Asher Gunter, Matt Pesch, Tyler Anderson and Sean Cunningham represented the seller, Berger Investment Group.
“The Ledges at West Campus was previously operated as by-the-bed rental student housing,” said Casper. “The seller began the process of converting to by-unit leasing as a conventional property and the buyer plans to finalize the conversion. The Ledges at West Campus presented a unique investment opportunity in one of the strongest multifamily markets in the country.”
Tucson had the third-strongest multifamily rent growth of all U.S. metros in second quarter 2021 with a 14.6 percent year-over-year increase, according to CBRE research. Multifamily occupancy increased 100 basis points year-over-year to 96.8 percent, the highest occupancy rate on record. “Tucson has been one of our top targets for several years and we are excited to enter the market with The Ledges at West Campus,” said Elizabeth Meier, principal of Tara Investment Group. “We look forward to finish repositioning the community as conventional apartments and explore other investment opportunities in the region.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.