TUCSON, ARIZ. — Holualua Cos. has completed the disposition of Sonoran Reserve, a 272-unit apartment property located in Tucson. An undisclosed buyer acquired the asset for $61.6 million.
The seller originally purchased the property as Gateway Apartments, a 552-bed/188-unit student housing asset, in 2018. Holualua Cos. renovated the 12-acre property and converted the community to conventional housing. The $10 million renovation included splitting 83 four-bedroom units into one- and two-bedroom units and renovating and upgrading the resort-style pool, clubhouse, leasing office and fitness center.
The company also upgraded the landscaping, repaved the parking lot and painted the entire community. After the renovation was completed, the property was rebranded to Sonoran Reserve.
Jeff Casper and Tyler Anderson of CBRE represented Holualua Cos. in the transaction.