TSB Realty closes sale of Sol y Luna, 977-bed student housing property located adjacent to the University of Arizona
ALISO VIEJO, CALIF — TSB Realty completed the sale of Sol y Luna, a modern student housing complex located just 38 feet from the University of Arizona in Tucson. Nelson Partners Student Housing announced the acquisition today, noting it’s the largest asset in its 12-year history at nearly $200 million.
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. This is the cornerstone property in the market and this transaction marks a great beginning to the new year for Nelson Partners.”Timothy S. Bradley, principal of TSB Realty
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.”