Landmark Properties, Harrison Street Expand Portfolio

by Katie Sloan
Tucson, Ariz. — Cottages open fall 2013 near U of A.

Tucson, Ariz. —  Construction has begun on The Retreat at Tucson, a 774-bed student cottage development serving the University of Arizona. The project is a the ninth joint venture between Landmark Properties and Harrison Street Real Estate Capital. The Retreat at Tucson is the first of several 2013 deliveries the partnership has planned. Currently 2,818 beds are under construction, with approximately 5,000 additional beds in the pipeline.

Collegiate Construction, an affiliated entity of Landmark Properties, is the general contractor for the new development. Construction financing is being provided by Wells Fargo.

The 21-acre parcel is one mile south of campus. According to a released statement, the barriers to entry in the Tucson market indicate that additional supply close to campus will be more vertical in nature.

“The only opportunities for a garden-style or cottage development at a comparable basis will be significantly further from campus,” said Wes Rogers, Landmark Properties’ CEO.

The development will offer two-, three-, four-, five-, and six-bedroom cottages — the first of its kind to offer the six/six pairing in a student cottage, according to the companies’ release.  The community will be comprised of 183 residential units with 774 beds for individual leasing.  Sixteen different floor plans will be offered, featuring kitchens with granite countertops and stainless steel appliances, large bedrooms with walk-in closets, built-in bookshelves and outdoor decks.

Residents will also have access to several amenities, including the largest pool of any student community in Tucson, which will include tanning ledges and cabanas. Adjacent to the pool, a roughly 10,000-square-foot clubhouse with a private spa, will include treatments such as massage, facials, nail care, and spray tanning. Students can also use the fitness center, equipped with separate strength and cardio rooms, a Zumba/yoga center, and a spinning studio.

You may also like