Royal Properties, a national owner, developer and manager of multi-family student housing, plans to break ground this month on a 232-bed student housing project in Tucson’s Iron Horse neighborhood.
The company purchased the 2.43-acre tract in June 2012 through one of its affiliates, The Junction at Iron Horse LLC. Roy Drachman of Roy Drachman Realty represented the buyer in the transaction. Peter Douglas and Patrick Welchert of Cushman & Wakefield / Picor Commercial Real Estate Services represented the seller, Crescent Realty Corp.
The area has tremendous development potential due to its proximity to both University of Arizona Campus and the 4th Avenue Business District which is home to many shopping and entertainment destinations.
Dubbed The Junction at Iron Horse, the off-campus transit-oriented development will be located at 504 E 9th Street, within 850 feet of a Sun Tran bus stop on Toole Avenue and 400 feet from the Tucson Modern Street Car stop at 4th Avenue and 9th Street. It is also located within 800 feet from two new public parking structures near 4th Avenue and Toole Avenue, with pedestrian and bike routes prevalent in the area and a Walk Score of 90, the highest in the Tucson area, according to the Real Estate Daily News.
Construction is expected to start this month with an official opening projected for 2014.
Chicago-based The John Buck Company (JBC) teamed with the developer to handle the management oversight of the project.
In transaction news, Westmoreland Apartments LLC sold the Colonia De Tucson Apartments, an 84-unit multifamily community in Tucson, to a private investor for $2,400,000. Natan Jacobs and Les Litwin of Vestis Group represented the buyer in the sale. Jeff Sherman, Trevor Koskovich and Bill Hahn of Colliers International represented the seller.
Built in 1983, the apartment complex is situated at 335 & 1351 West St. Mary’s Road.
The new owner plans to give the property an extensive makeover, to include refreshed interiors and several exterior improvements.
Photo credits: Arizona Apartment Management