Originally built in the 1960’s, the 278-unit Downtown hotel will be transformed into a modern, 212-unit apartment complex featuring luxury unit interiors and updated amenities. The site is located adjacent to the historic El Presidio neighborhood of downtown Tucson. Its proximity to Downtown and direct access to the I-10 make the property highly accessible to nearby employment and entertainment hubs. Residences will consist of luxury studio and one-bedroom units ranging from 300 to 700 square feet. Site amenities will be updated during the conversion with upgrades budgeted for the pool area, fitness room, clubhouse, conference room, dog park, and outdoor lounge. Upon completion, the apartments will offer low gross rents with luxury interior finishes to support the high demand for quality and affordable housing in the Downtown submarket. This acquisition marks the first adaptive reuse project undertaken by Sterling.