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12/03/18
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Holualoa Companies of Tucson has acquired Gateway at Tucson, a 188-unit, 552-bed, Class A student housing community, for $12.9 mil. The asset, located at 2800 W. Broadway Blvd in Tucson, was sold by CW Capital Asset Management LLC of Bethesda, MD.
Gateway at Tucson offers one-, two-, three- and four-bedroom floor plan options averaging 1.1k sf in size. Built in 2005, the property is comprised of 10, two-story residential buildings and two single-story common area buildings. Gateway at Tucson draws the majority of its residents from the University of Arizona and PCC.
Units are rented fully furnished and each bedroom at Gateway features a private bathroom and a full appliance package. Community amenities including a sparkling swimming pool and spa, basketball court, fitness center, business center, study rooms, tanning bed and shuttle service to University of Arizona and Pima Community College (PCC). Recent capital improvements have been made to the fitness center and study lounge.
Jim Crews from Cushman & Wakefield’s Phoenix office represented the seller and stated, “The Tucson-based buyer was intimately familiar with the asset and general market conditions in Tucson. They saw the outstanding long term investment potential of this lender owned asset.” The property was marketed via RealINSIGHT Marketplace.
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