The University of Arizona will purchase a small apartment complex for $1.7 million, killing a developer’s plan to build private student housing on the property.
The property, at 1051-1055 N. Warren Ave., just south of Speedway, includes more than 13,300 square feet of land with a seven-unit, 3,633-square-foot building. It sits within the UA’s planning boundary, according to the Arizona Board of Regents, “in an area designated for future development of core research or educational facilities … with excellent connectivity to the UA Health Sciences Center,” as it is next to the Warren Avenue underpass.
The school acquired two appraisals, which valued the property at $1.8 million and $2 million, said Gregg Goldman, the UA’s senior vice president for business affairs and CFO.
