Multifamily
Midtown on 1st
1920 N 1st Ave, Tucson, AZ 85719
Listing Price: Request For Offer
Investment Overview
Midtown on 1st is a 94-unit multifamily asset offering investors a partially renovated (54%) multifamily housing option that appeals to the budget-conscious UArizona student, graduate student, non-traditional student, or staff member, by providing prospective residents a high-quality housing alternative without compromising the lifestyle they desire.
Formerly operated as a by-the-bed student property, current ownership has successfully transitioned Midtown on 1st into a market rate asset with traditional 12-month leases and normalized expenses. Rents at Midtown on 1st are lower than similar sized vintage student properties in the submarket and are significantly below core-student mid-rise assets. Accordingly, the Property has minimized the risk associated with annual school year lease ups and established a sizeable delta in market rents that should sustain moderate to aggressive rent growth in comparison with projected rent growth over 10% for purpose-built student properties for the 2024-2025 academic year.
Midtown on 1st
Investment Highlights
- Midtown on 1st is an affordable alternative to by-the-bed University of Arizona student housing positioned less that one-mile north of UArizona.
- Midtown on 1st has a strategic position within Southern Arizona's growing population and job engine, surrounded by ±120,000 employees and ±5,000 jobs.
- The Property is in proximity to UArizona and all Downtown Tucson's offerings, easily accessible via walking or riding , or residents can take the advantageto nearby access to the Sun Link Streetcar.
Exclusively Listed By
Investment Highlights
- Midtown on 1st is an affordable alternative to by-the-bed University of Arizona student housing positioned less that one-mile north of UArizona.
- Midtown on 1st has a strategic position within Southern Arizona's growing population and job engine, surrounded by ±120,000 employees and ±5,000 jobs.
- The Property is in proximity to UArizona and all Downtown Tucson's offerings, easily accessible via walking or riding , or residents can take the advantageto nearby access to the Sun Link Streetcar.
Investment Overview
Midtown on 1st is a 94-unit multifamily asset offering investors a partially renovated (54%) multifamily housing option that appeals to the budget-conscious UArizona student, graduate student, non-traditional student, or staff member, by providing prospective residents a high-quality housing alternative without compromising the lifestyle they desire. Formerly operated as a by-the-bed student property, current ownership has successfully transitioned Midtown on 1st into a market rate asset with traditional 12-month leases and normalized expenses. Rents at Midtown on 1st are lower than similar sized vintage student properties in the submarket and are significantly below core-student mid-rise assets. Accordingly, the Property has minimized the risk associated with annual school year lease ups and established a sizeable delta in market rents that should sustain moderate to aggressive rent growth in comparison with projected rent growth over 10% for purpose-built student properties for the 2024-2025 academic year.
Exclusively Listed By
