Arizona

Canvas

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 …

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The-Zone

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 …

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Sol-Luna

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 …

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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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