Tempe, Ariz. — An undisclosed buyer has acquired Sleep Inn, a 72-room hotel near the Arizona State University campus in Tempe, with plans to convert the property into student housing. The hotel will be transformed into a seven-story community offering 479 beds upon completion. Further details on the project were not disclosed. NewGen Advisory worked on the transaction.
Flagstaff, Ariz. — TSB Realty has arranged the sale of Elara at The Sawmill, an 804-bed student housing community located near the Northern Arizona University campus in Flagstaff. TSB represented the seller, a partnership between McGrath Real Estate Partners and Kayne Anderson Real Estate, in the disposition of the property to an undisclosed buyer. TSB Capital Advisors consulted on the buyer’s joint venture partnership and secured acquisition financing for the transaction. Built in 2022, the community offers studio through four-bedroom units. Shared amenities include a resort-style swimming pool and jumbotron, …
Tempe, Ariz. — Coastal Ridge has closed on a $130 million recapitalization for Nine20, a 775-bed student housing community located near the Arizona State University campus in Tempe. Through the transaction, Coastal Ridge will remain as owner of the property alongside Virtus Real Estate Capital. Previous, undisclosed investors in the property were bought out. Constructed in 2018, the community offers a mix of studio through five-bedroom units. Shared amenities include a resort-style swimming pool, two-story fitness center, poolside cabanas with hammocks, a grilling area, ‘muscle beach,’ outdoor green space and …
Tucson, Ariz. — A joint venture between Core Spaces, Up Campus Properties and Harrison Street has acquired a development site near the University of Arizona campus in Tucson. The site will be home to a 648-bed student housing community dubbed Hub Tucson V. TSB Capital Advisors acted as financial advisor to the joint venture in the acquisition. Set for delivery in fall 2025, the community will offer 161 units in a mix of studio, one-, two-, three-, four-, five- and six-bedroom configurations. Shared amenities will include a luxury rooftop deck …
Tempe, Ariz. — University Partners has acquired Canvas Tempe, an 826-bed student housing community located near the Arizona State University campus in Tempe. The property was acquired from a joint venture between Toll Brothers and Harrison Street for an undisclosed price. Built in 2021, the community offers a mix of studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a rooftop oasis, jumbotron, e-sports lounge, sauna room, spray tan facility and an innovation lab. Tim Bradley, Shawn Sweeney and Steve Hovanec of TSB Capital Advisors arranged …
Tucson, Ariz. — Gantry has secured $8.5 million in acquisition financing for The Zone Apartments, a 104-bed student housing community located near the University of Arizona campus in Tucson. Adam Parker and Chad Metzger of Gantry secured the financing through an undisclosed regional bank on behalf of the borrower, a private real estate investor. The loan features a five-year fixed rate with two years of interest-only payments. The borrower acquired the property through a reverse 1031 exchange. The Zone is master leased to operator Tripalink and offers four-bedroom units with …
Tucson, Ariz. — Vesper Holdings has acquired Sol y Luna, a 972-bed student housing community located near the University fo Arizona in Tucson, for $203 million. The acquisition ranks among the five largest single-asset purchases in student housing history and is the largest not involving institutional capital, according to Vesper. Brad Cooke of Colliers represented the seller, Nelson Partners Student Housing, in the transaction. Tim Bradley of TSB Capital Advisors provided guidance to Vesper on the acquisition. The property is composed of two 15- and 13-story towers, which were developed …
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 …
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. …
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.