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January 23, 2019
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AZ Student Housing Property Purchased in $17.5 Mil Deal


March Investment LLC, an entity formed by Phoenix-based Clear Sky Capital, purchased University Villa at Ironwood, a 140-unit student housing property located just west of the University of Arizona campus in Tucson for $17.45 mil, or $124.6k/unit. The Class A asset contains a total of 484 beds.

University Villa at Ironwood is located at 2550 W. Ironwood Hill Dr. It offers two-, three- and four-bedroom floor plan options with an average unit size of about 1.3k sf.

Built in 2001, University of Villa at Ironwood unit interiors include washer/dryer and private patios/balconies. The property’s amenities include a computer lab and study lounge, fitness center, theater room, basketball court and sand volleyball court.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, SFC Sterling Tucson Investors LLC (an entity formed by Stonesfair Financial Corp of Burlingame) and Geary Tucson LLC.

“The buyer was attracted to the property because of the exciting growth occurring at the University of Arizona and by the opportunity to add value to the property through a series of planned capital improvements,” said Fogler.

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