QuatroVest Banks $11M From Portfolio Break-Up

TUCSON-QuatroVest Inc. has sold a three-property, student-housing portfolio in two separate deals for a combined $11.18 million. The fully leased assets have ended up with a local buyer and one from Woodland Hills, CA.

Southern California-based Beau Star LLC bought the 12-unit GlennStarr Apartments at 133-93 E. Glenn St. and 24-unit StoneWood Apartments at 2621 N. Estrella Ave. Both complexes were built in 1998. The 20-unit SahuaroPoint Villas at the Park, built in 2005 at 2326-66 N. 6th Ave., was sold to a local partnership, led by Rodman Marymor.

All three complexes are near the University of Arizona’s main campus and are within a one-mile radius of each other. “We originally introduced this as a portfolio, but split it up because Beau Star decided they only wanted the two,” Hamid Panahi, senior associate in Marcus & Millichap Real Estate Investment Services’ Tucson office, tells GlobeSt.com. He adds that the buyers, who aren’t planning any major upgrades, plan to hold the assets for five to seven years.