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. …
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 …
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.
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 …
Phoenix — The availability of financing for student housing projects has been the subject of much discussion over the past several months, but according to TSB Capital Advisors Founder Tim Bradley, there is capital available for the right deal. The company consulted on 15 deals during the third quarter, totaling nearly 3,700 units and more than 9,300 combined student housing beds. Deals ranged from joint venture partnership and construction financing, to senior permanent financing and a closed sale. “It’s a testament to our industry-leading clients and our long-standing relationships in …
Providence, R.I. — Gilbane Development Co. has completed four student housing projects totaling over 3,000 beds. Properties include: Altus, a 720-bed community serving students attending Towson University in Maryland. The community — located within the Towson Row mixed-use development — offers shared amenities including a fitness center, computer lounge, study rooms, a game room, swimming pool, grilling area, fire pit, bocce court and pet park. Apollo, a mixed-use community offering 943 beds of student housing, 64 units of traditional multifamily housing and 12,000 square feet of retail space near Arizona …
Tucson, Ariz. — A joint venture between Pebb Student Living and Coastal Ridge Real Estate has acquired The Cadence Tucson, a 456-bed student housing community located near the University of Arizona. The community offers studio, one-, two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, hot tub, rooftop fire pit and grilling station, on-site retail space, a fitness center, tanning salon, sauna, gaming lounge and a coffee bar. The seller in the transaction was undisclosed.
Tempe, Ariz. — University Partners has acquired Vertex, a 600-bed student housing community located near Arizona State University in Tempe. The property was built in 2015 and offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include 7,700 square feet of retail space, a resort-style swimming pool, two-story fitness center with a rock climbing wall, a clubhouse, private study rooms and a cycle room. University Partners plans to upgrade and refresh community common areas and will oversee management of the property. The seller and …