Chicago-based Campus Acquisitions has broken ground on a new student housing complex near the University of Arizona in Tucson, which will be built by Beal Derkenne Construction. The 13-story high-rise is slated for completion in August 2014.
Dubbed Park Avenue, the mixed-use development will comprise 165 units, 393 beds, 8,000 square feet of ground floor retail and 25,000 square feet of underground parking.
To be located at 1031 N. Park Ave., the tower will feature extensive conveniences, modern interiors, exercise rooms, private and collaborative study and technology rooms as well as a rooftop pool and outdoor terraces. Additional amenities include exclusive access to a tanning salon, sauna, clubroom and cyber cafe.
Campus Acquisitions is also developing a neighboring student housing complex called LEVEL, which broke ground in May 2012 at 1020 N. Tyndall Ave, as reported by the Arizona Daily Star. With full occupancy planned for August 2013, LEVEL will be a 14-story, 176-unit, 586-bed, upscale building, complete with modern amenities including a swimming pool, study and technology rooms, and on-site management by CA’s full service staff.
As one of the nation’s fastest growing developers, owners, and managers of student housing, with over 8,000 beds delivered in twelve university markets, Campus Acquisitions expects both Tucson projects to continue the company’s legacy and provide the best located, best furnished, best value, and best managed housing for today’s college students.
In other news, Variant Commercial Real Estate L.L.C., a private real estate investment firm focused on opportunistic commercial acquisitions in multifamily, self-storage, hospitality assets, and offices, announced acquisition of an off-market, Comfort Suites flagged hotel in Tucson.
Built in 1998, the three-story hotel enjoys a prime location in close proximity to the Tucson Mall and features 87 guestroom-suites covering 40,427 square feet.
Additionally, Variant is currently negotiating the purchase of five other hotels in the state of Arizona, according to company statements.
Photo credits: Campus Acquisitions