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October 17, 2021
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The Ledges at West Campus in Tucson Acquired for $33.75 Mil by Tara Investment Group

9/20/21

Tara Investment Group LLC purchased The Ledges at West Campus, a 205-unit multifamily community in Tucson, for $33.75 mil, or $164.6k/unit. Berger Investment Group was the seller.

Built in 1997, The Ledges at West Campus is located adjacent to Pima Community College near the base of the Tucson Mountains. The community’s amenities include two resort-style pool and spa areas, fitness center, resident clubhouse and business center.

CBRE’s Jeff Casper, Asher Gunter, Matt Pesch, Tyler Anderson and Sean Cunningham of Multifamily Institutional Properties represented the seller in the deal.

“The Ledges at West Campus was previously operated as a 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.”

He added, “The community’s location provides residents with direct access to employment in downtown and along I-10 as well as Pima Community College and the University of Arizona. 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 Q2 2021 with a 14.6% year-over-year increase, according to CBRE research. Multifamily occupancy increased 100 basis points year-over-year to 96.8%, the highest occupancy rate on record.

Tara Investment Group was formed in a merger with Shefflin Investments of Santa Barbara. Shefflin Investments recently sold its long-held Colorado Springs multifamily portfolio of 355 units with equities exchanged into Tucson's The Ledges at West Campus and several other properties in Colorado.





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