Capstone Collegiate Lands $76M for Luxury Student Housing Project
The project is on track for completion in 2027.
Capstone Collegiate Communities has obtained a financing package for the construction of a 165-unit, 532-bed student housing community in Tucson, Ariz. Completion is expected in fall 2027, before the academic year starts.
The developer took out a $75.5 million loan from Cadence Bank, according to public records. The firm also obtained equity financing from an insurance company, in a transaction arranged by TSB Capital Advisors. Other partners on the project include architecture firm and interior designer Ankrom Moisan.
The project will rise on the former site of five historic homes that were previously moved to another location. Capstone acquired the land for $10.2 million in March, same records show.
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Located at 818 E. Speedway Blvd. in the Main Gate Square submarket, the development’s site is within walking distance of the University of Arizona at Tucson campus and Arizona Stadium. Downtown Tucson is more than 2 miles away.
The community will rise four and six stories, according to Yardi Matrix information, and will encompass one- to six-bedroom floorplans. Common-area amenities are set to include a swimming pool with sun deck and courtyard, grilling stations, an outdoor kitchen, a dining area and a hammock lounge.
Indoor amenities at property will include a fitness center, a cold plunge, a sauna, tanning rooms and a clubhouse with games and social areas. It will also feature private and group study lounges, a multimedia room and a coffee bar.
Capstone Collegiate’s portfolio comprises 48 student housing communities with more than $2.6 billion in project costs. The firm recently completed the third phase of Residence Hall in Lakeland, Fla., featuring 430 beds.
