Transwestern Brokers $25M Tucson Land Sale for University of Arizona 19-Story Student Housing Tower
PHOENIX — Transwestern announced it brokered the $25 million sale of a 2.5-acre site at 1815 E. Speedway Blvd. in Tucson, Arizona, to Mortensen Development, Inc., clearing the way for a $250 million, 19-story student residence hall at the gateway to the University of Arizona campus. The announcement was dated March 17, 2026. The transaction was brokered by Transwestern Executive Managing Partner Jim Fijan and Director Jack Fijan, who represented the sellers, Triple SSS, LLC and Palm Shadows, LLC.
Deal Structure and University of Arizona Development Plans
Mortensen Development intends to sell the property to the Collegiate Housing Foundation (CHF), which will collaborate with the University of Arizona to develop the new dormitory on the site. According to the announcement, the planned project will provide housing to over 1,200 students and will include a dining hall and amenities, with completion targeted in time for fall 2028 move-in.
The total project cost is estimated at $250 million. Financing details were not disclosed in the announcement.
"This was a strategic transaction by the seller, buyer, and University of Arizona that will fill a critical gap in the supply-constrained market with modern, operationally efficient student housing," said Jim Fijan. "We're proud to help facilitate an elevated living experience for the next generation of leaders."
Market Context
According to Transwestern research, the planned dormitory will be the first new residence hall built on the University of Arizona's campus since 2019. The project supports the university's stated goal of housing all freshmen on campus. Demand for multifamily real estate within one mile of the site has remained strong, averaging over 90% occupancy over the past five years, with average asking rents climbing more than 17% during the same period — reflecting a 3.2% average annual growth rate, per Transwestern data.
The site at 1815 E. Speedway Blvd. is transit- and pedestrian-friendly, located within walking distance of the Helen Warren Streetcar station and along major SunTran bus routes and designated bike lanes. The property borders the Arizona Health Sciences Center and Banner-University Medical Center, with nearby retail stores, restaurants, and hotels.
About Transwestern
Transwestern operates 33 offices nationwide and oversees $57 billion in assets as of June 2025. The firm has completed or commenced development on more than $9 billion in real estate projects since 2012 across property types including multifamily, retail, office, logistics, and life sciences. The Southwest team, led by Jim Fijan and Jack Fijan, brokered the transaction from its Phoenix office.