An eye-popping sale of a Tucson 1n student housing complex for nearly $112 million is indicative of how hot that market is and why investor interest is so high in these projects, industry experts say.
New York-based Blackstone Real Estate Income Trust Inc. paid $536,780 per unit to acquire The District on 5th, a 208-unit complex at 550 N. Fifth Ave. It has 764 beds for rent in models with one, two, three and four bedrooms.
The purchase was part of a $1.2 billion buy that Blackstone made of EdR Student Housing Portfolio in a joint venture with Greystar Real Estate Partners.
