Arizona

Ruckus-on-Rio-Austin-Texas

Austin, Texas; Flagstaff, Ariz.; and Charleston, S.C. — Global Student Accommodation (GSA), in a joint venture with Morgan Stanley Real Estate Investing, has completed the acquisition of a five-property student housing portfolio totaling over 1,600 beds. The seller was Harrison Street, an investment management firm headquartered in Chicago. The portfolio includes three assets in Austin, one in Flagstaff and one in Charleston. The price and names of the specific properties were not disclosed. TSB Realty brokered the transaction. The three properties near the University of Texas at Austin — The Corner, Ruckus on Nueces …

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Central-Station

Phoenix — A CIM Group-managed fund has provided a $204 million construction loan to Medistar Corp., GMH Communities and a fund sponsored by CBRE Investment Management to finance the development of Central Station. The joint venture broke ground on the 1.1 million-square-foot mixed-use project in April, which is located adjacent to Arizona State University’s (ASU) Downtown Phoenix campus. The development will consist of 362 multifamily units; 435 student housing units; more than 100,000 square feet of office and retail space; and 427 subterranean parking spaces across two 22- and 23-story towers. …

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Commons-Sawmill

Flagstaff, Ariz. — A joint venture between Coastal Ridge Real Estate and Goldman Sachs Asset Management has acquired the Commons at Sawmill, a 448-bed student housing community near Northern Arizona University in Flagstaff. The property offers studio, two- and four-bedroom, fully furnished units. Shared amenities include a newly built clubhouse, fitness center, game area, theater, study lounge and outdoor courtyard. Jaclyn Fitts, Casey Schaefer, and William Vonderfecht with CBRE brokered the acquisition of the property from an undisclosed seller. The community will be managed by Coastal Ridge. 

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Central-Station

Phoenix — A joint venture between Medistar Corp., GMH Communities and CBRE Investment Management has broken ground on Central Station, a 1 million-square-foot mixed-use development located adjacent to Arizona State University’s Downtown Phoenix campus.  The project is being built through a public-private partnership with the City of Phoenix. Central Station will include a 22-story student housing tower, 33-story multifamily tower, 30,000 square feet of retail space, 70,000 square feet of flexible office space and a 430-stall below-grade parking structure.  The student housing component of the project will offer 655 beds …

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Canvas

Tempe, Ariz. — Interior design firm Mary Cook Associates (MCA) has completed the interiors at CANVAS, an 826-bed student housing development near Arizona State University in Tempe.  The project was delivered in August 2021 by Toll Brothers Campus Living. The property features amenities including social areas; study pods; ride-share lounges; cafe space with coffee service and cold brew on-tap; a courtyard; a think-tank with computer equipment; hammock lounge; resort-style deck; podcast recording studio; state-of-the-art gaming lounge; fitness center; and a spa with a nail bar, sauna and spray tan booth.  …

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Tempe and Glendale, Ariz. — Harrison Street has acquired a 45 percent interest in American Campus Communities’ (ACC) eight-property on-campus student housing portfolio at Arizona State University (ASU) through a joint venture partnership.  The portfolio includes 8,187 beds across seven buildings at ASU Tempe and one building at ASU’s West Campus in Glendale. The facilities feature amenities including retail space, cafés, fitness centers, dining halls, academic halls and outdoor recreation spaces.  The communities include first-year residence halls, honors college housing, Greek housing and upper division apartment-style housing. ACC will continue …

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Tempe Ariz. — Invesco Real Estate Income Trust Inc. (INREIT) has acquired an 833-bed student housing community located near Arizona State University in Tempe. Developed in 2017, the 13-story property offers 384 units. The community was fully leased at the time of sale. Further details on the property and the seller were undisclosed. “We are excited to acquire a high quality, 100 percent occupied student housing property at one of the nation’s largest universities and in a high-growth market like Tempe,” says R. Scott Dennis, president and CEO of INREIT. …

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The-Mark-Tempe-AZ

Tempe, Ariz. — Tara Investment Group has acquired The Mark, a 229-bed student housing community located near the University of Arizona in Tempe, from Nelson Partners for $36.1 million. The property offers furnished and unfurnished studio, one- and two-bedroom units with new appliances, quartz countertops and finished concrete flooring. Shared amenities include a resort-style swimming pool and sun deck, double-decker hot tubs, a water slide, gas grills, two elevators and a 24-hour fitness center. The property was built in 1970 and remodeled by Nelson Partners in 2014. At the time …

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Apollo Residences; Tempe, AZ; Gilbane Development; Darris Lee Harris Job#1570

Tempe, Ariz. — University Partners has acquired Apollo Tempe, a 943-bed student housing community located near the Arizona State University campus in Tempe. Gilbane Development Co. delivered the community in 2020, which offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. The property — which took home this year’s Innovator Award for Off Campus: Best Package and Offering of Amenities — features a rooftop oasis, ground-level outdoor swimming pools, state-of-the-art fitness centers, an outdoor lounge, two clubrooms, a basketball court, academic success centers and study lounges. …

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Chicago — CA Student Living has completed four student housing communities totaling 2,241 beds.  Deliveries include HERE Atlanta, a 784-bed property located near the Georgia Institute of Technology in Atlanta; Uncommon Flagstaff, a 587-bed community serving students attending Northern Arizona University in Flagstaff; HERE Tuscaloosa, a 430-bed property located near the University of Alabama campus; and IDENTITY Davis, a 440-bed community serving students attending the University of California, Davis.  HERE Atlanta offers studio through five-bedroom fully furnished units, alongside shared amenities including a study cafe, community kitchen, fitness center, game …

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