2162 W Speedway Blvd
Tucson, AZ 85745
View at Starr Pass · Multifamily Property For Sale · 205 Units

ORION Investment Real Estate is very pleased to offer this unique investment opportunity located just off the I-10 freeway and very near the city center of Tucson, Arizona. Historically, a student housing property with predominantly students from the University of Arizona, the property has undergone some reposition and renovation, so that the student population his been reduced to around 25% of the total tenancy on property. As a result, the tenancy is more stable, with longer term tenants requiring less hands on management intervention. The rent roll and financials continue positive trends with more upside yet to be realized by the new investor. This property is well-located and well-positioned for longer term, stable income generation. The Ledges at West Campus is a highly desirable, garden style multi-family community built in 1997 and situated on 16.39 acres with a very low unit density of only 12.51 units per acre. The units are very large with an average unit size of 1,123 square feet. The units feature gourmet kitchens, wood-style vinyl flooring, washers and dryers, walk-in closets, ceiling fans with lights, enclosed patios and balconies, and exterior storage. The community has two resort-style pools with modern deck furniture and a spa, outdoor entertainment areas with nearby gas fire pits and barbecues, a clubhouse, fitness center, business center, game room, oasis area with hammocks, sand volleyball court, and ample covered parking. The current owner and previous owner have injected more than five million dollars of both interior and exterior capital improvements, including upgraded appliance packages, which are currently being installed throughout the property. The current owner has begun transition of the tenancy to a more conventional apartment operation, away from the predominant student housing population. In the interim, this has affected the monthly financials, but there are positive trends emerging, both on the income generation and the expense mitigation side of the equation. As presented, the property represents a 5% plus cap rate on in place operating performance. The door is open to a new debt structure.