Arizona Commons II, a student housing complex near the University of Arizona, has been sold to a Phoenix investor for $5.6 million. The property, located at 1920 N. First Ave., was a financially distressed property held by affiliated entities of banks Wells Fargo Bank and Morgan Stanley.
The complex features 247 student beds in 88 units, four swimming pools, a fitness center, recreation room and on-site laundry facilities. It was built in 1972 and last renovated in 2012.
The buyer was MCS Capital Partners LLC of Phoenix. The seller was C-III Asset Management LLC, acting as special servicer for Wells Fargo Bank, as trustee for the holder of Morgan Stanley I Inc. commercial mortgage pass through certificates, series 2006 - 1st Quarter 2012.
The sale represents a value of $63,636 per unit and $22,672 per bed. The transaction was handled by David Fogler and Steven Nicoluzakis, both of whom are executive vice presidents with Cassidy Turley Arizona’s Multi-Family Group.