Cassidy Turley completed the sale of University Properties Lemon Street Portfolio, a three property, 232-unit student housing community just east of Arizona State University for $10.3M.

The buyer was Lemon Street 232, LLC of Los Angeles and the seller was Lemon Street Equity Partners, LLC of Scottsdale). Executive Vice Presidents David Fogler and Steven Nicoluzakis with Cassidy Turley Arizona’s Multi-Family Group brokered the transaction.

Built in 1964 and 1965, the 6.12-acre property included rental units at 919, 1011 and 1019 E. Lemon St. The new owner intends to continue operating the project as student housing rental units. In-place entitlements would allow for re-development of up to 478 units and/or 1,632 beds with an allowable height up to 180 feet.

In Tucson, Cassidy Turley completed the $5.6M sale of Arizona Commons II, an 88-unit /247 bed student housing community at 1920 N. 1st Ave.

The buyer was MCS Capital Partners, LLC of Phoenix and the seller was C-III Asset Management, LLC, acting as special servicer for Wells Fargo Bank, N.A., as trustee for the holder of Morgan Stanley I, Inc. commercial mortgage pass through certificates, series 2006 – 1st Quarter 2012. Executive Vice Presidents David Fogler and Steven Nicoluzakis with Cassidy Turley Arizona’s Multi-Family Group brokered the transaction.

Arizona Commons II has furnished two-, three- and four-bedroom apartments that are within walking distance to the University of Arizona campus. Built in 1972, and renovated in 2005/2006 and 2012, the complex features four swimming pools, four on-site laundry facilities, a fitness center and recreation room.