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Tucson Student Housing Project Sells for Near Record High
Vesper Holdings has acquired Sol y Luna, a two-tower, high-rise luxury student housing complex located in Tucson, Arizona. Vesper Holdings purchased the property from Nelson Partners Student Housing for $203 million. Vesper claims that the acquisition ranks among the five largest single-asset purchases in student housing history and the largest not involving institutional capital.
“The acquisition of Sol y Luna fits with our strategy of purchasing well-located, trophy assets near Division 1 universities,” said Vesper’s Isaac J. Sitt. “We look forward to executing our investment plan, including over $7 million in property improvements.”
The Sol y Luna property boasts two high-rise towers, one 13 stories and the other 15, built in 2014 and located immediately adjacent to The University of Arizona. They house 340 units and 972 beds, plus 7,640 square feet of retail space and 200 garage parking spaces. The unit mix ranges from studios to five-bedroom apartments, with 75% of the units having bed-bath parity.
Brad Cooke from Colliers represented the seller.
- ◦Sale/Acquisition
