Scottsdale-based Sterling Real Estate Partners recently started construction on their award-winning 212-unit hotel to apartment conversion project in Downtown Tucson. The newly branded ‘Presidio Palms Apartments’ places residents within walking distance of the highest concentration of restaurants, bars, cafés, nightlife destinations, and entertainment venues that Tucson has to offer. The project’s first units are expected to be delivered by Summer of 2023.
Sterling has been working on the project since January of 2021 to change the zoning to allow residential use. The 10-acre property has been entitled and permitted to convert the underperforming and functionally obsolete hotel to 212 apartment units and allow for development of an additional 154 units. “Affordable housing is in all the headlines; we are excited to re-activate this property and deliver high quality housing at an affordable cost for residents. We have assembled an all Tucson legal, design, and construction team to make this happen.” said Sterling’s President, David Zeff. “I think the residents of Tucson will be proud of this adaptive re-use project and its affordability. Residents can qualify to live in the lowest cost units with just $29,000 of annual income.”
Presidio Palms delivers a modern, market rate, low-cost rent option in the Downtown Tucson submarket. The property has a mix of various sized studio and one-bedroom units with a wide range of luxury resident amenities. The apartments have been reconstructed with all new plumbing, electrical, HVAC units, outdoor patios, and finished with new cabinets, quartz countertops, stainless steel appliances, flooring, washer and dryers, and modern fixtures. Resident amenities will include a full-service coffee bar with café seating, resident lounge, private business center, arcade nook, gym and yoga studio, expansive resort style pool, sand volleyball court, outdoor kitchen area, dog park, and the community will be gated.
The first units will be ready for occupancy in the Summer of 2023, and the lease up will span up to 12 months. The property is located at 475 N Granada Ave, and reservations for apartments will be released in early Spring on the property’s website www.presidiopalms.com.
About Sterling Real Estate Partners
Sterling Real Estate Partners is a vertically integrated real estate investment company that specializes in multifamily value-add, development, and adaptive reuse projects throughout the Southwestern United States. Sterling is actively pursuing multifamily opportunities in Arizona and Texas. For more information, you can visit Sterling’s website at www.sterling-partners.com to contact David Zeff or Caleb Augustyn.
