A Columbus-based owner and manager of off-campus student housing has acquired its second apartment complex in Tucson, Ariz.
Homestead U purchased the 336-apartment Reserve at Star Pass for its investment and management portfolio. The property is less than 6 miles from the University of Arizona, with an enrollment of about 40,000.
Homestead U and equity partner Columbus Pacific Properties of California paid seller Education Realty Trust Inc. (NYSE:EDR) $25.5 million for the student housing complex. The 12-year-old property includes 1,020 beds for students but has a “distressed” occupancy level at 65 percent.