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.
Arizona
Joint Venture Breaks Ground on 1 Million-Square-Foot Mixed-Use Project Near Arizona State University’s Phoenix Campus
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 …
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. …
Harrison Street Acquires 45 Percent Interest in ACC’s On-Campus Portfolio at Arizona State University
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 …
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. …
Tara Investment Group Buys The Mark Student Housing Property in Tempe for $36.1 Million
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 …
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. …
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 …
Taylor Street Advisors Arranges $2.4 Million Sale of Student Housing Property Near the University of Arizona
Tucson, Ariz. — Taylor Street Advisors has arranged the sale of Saratoga Apartments, a student housing property located at 901 N. First St. in Tucson. The property is situated about 1.3 miles west of the University of Arizona. An undisclosed buyer acquired the community for $2.4 million or $87,500 per unit. The Class B student housing property features 16 two-bedroom units and 12 one-bedroom units. The new ownership plans to renovate the property.
Toll Brothers, Harrison Street to Break Ground on 826-Bed Community Near Arizona State
Tempe, Ariz. — A joint venture between Toll Brothers Campus Living and Harrison Street is set to break ground on Canvas, an 826-bed community serving students attending Arizona State University in Tempe. The six-story property will offer units with bed-to-bath parity and modern furniture packages. Shared amenities are set to include a state-of-the-art fitness center, clubhouse, e-sports lounge, rooftop pool, business center, cafe, ground floor retail, grilling stations, a courtyard and fire pit, private study rooms, electronic package lockers and bike storage. Cardinal Group Management has been tapped to manage …