Sol y Luna student housing complex near UArizona sells for $200M
Nelson Partners Student Housing has acquired its largest asset in its 12-year history for nearly $200 million. Sol y Luna is a modern student housing complex located just 38 feet from the University of Arizona in Tucson.
Built in 2013/2014 at 14-stories, Sol y Luna stands the tallest and boasts the most amenities along with the best 360 degree views in the entire Tuscon market. Given current construction and land costs coupled with its pedestrian location and structural layout, Sol y Luna has a substantial competitive advantage over its current and future competitors. The purpose-built student housing property is 341 units with 977-beds and 9,140 sq. ft of retail space. “Sol y Luna really changed the student housing game in Tucson as the first two off-campus high-rises in the market, with top-of-the-line amenities and unit finishes, located steps from a Tier 1, Power 5 conference school,” said Timothy S. Bradley of TSB Realty, who closed the transaction. “This is the cornerstone property in the market and this transaction marks a great beginning to the new year for Nelson Partners.”
This purchase for Nelson Partners surpasses its previous largest acquisition last spring- Skyloft in Austin, TX-by nearly $100 million. “We’re extremely excited to have acquired one of the most compelling and premier student housing properties not only in the Arizona market, but in the entire PAC 12,” said Patrick Nelson Founder and CEO of Nelson Partners. “Along with Skyloft, we now have the best student housing properties in the BIG 12 and PAC 12. It’s really an extraordinary time for Nelson Partners.” Sol y Luna comes just one month after the company completed a full cycle DST offering of the Auraria Student Lofts in Denver, Colorado that produced profits to investors in excess of 102%.
Nelson Partners is a fully vertically integrated student housing owner-operator with over a decade of hands-on acquisition, management and development experience in student housing. Nelson Partners consists of more than 35 properties across 13 states totaling over $800 million in assets under management and more than $400 million in development.