– Second student housing property managed in the Tucson market –
Tucson, AZ (December 28, 2012) – Continuing their expansion into off-campus student housing, Homestead U (HU) and has added The Reserve at Star Pass to its owned/managed portfolio; a 336 unit (1,020 bed) resort style student apartment property in Tucson, Arizona, 5.6 miles west of the University of Arizona (UA) for $26 million.
The Reserve at Star Pass, built in 2000, has been well maintained, with distressed occupancy at 65% at the time of closing. The property will receive a new bus for improved campus transportation, upgraded on-site programming, and a responsive, professional management team. The property will be rebranded as The Ranch at Star Pass, delivering a cool western vibe with a resort feel.
Residents have embraced the changes, providing positive feedback via the social media site (Facebook) and via email. Their biggest demands address the initiatives being implemented, such as enhanced onsite transportation, updated property amenities, and improved overall customer service. These improvements will allow for a steady increase in rents and occupancy to reflect the increased demand in UA’s student housing market.
With 5,545 beds in their growing portfolio, HU continues its growth into off-campus student housing. The company’s first venture began in August of 2011 with the acquisition of University Village near Ohio State University, and now owns/manages projects at Ohio University, University of Arizona, and Texas Tech University.