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Greystar Acquires Property Management Business of Alliance Residential, Including Future Business

by Katie Sloan

Charleston, S.C. and Phoenix — Multifamily and student housing development and management firm Greystar Real Estate Partners has acquired the property management business of competitor Alliance Residential Co., the fourth-largest apartment management firm in the United States. Financial terms of the transaction were not disclosed, but The Wall Street Journal reports that the all-cash deal totaled nearly $200 million. Phoenix-based Alliance Residential will shift its focus from property management to development, construction and acquisition across the multifamily spectrum, including workforce housing and seniors housing. As part of the deal, Greystar will …

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ArizonaInvestment SalesNews

IPA Negotiates $123 Million Sale of 625-Bed Student Housing Community Near Arizona State University

by Katie Sloan

Tempe, Ariz. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of West Sixth, a student housing community located steps from Arizona State University in Tempe. An undisclosed buyer acquired the asset for $123 million. Peter Katz, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the buyer in the transaction. Completed in 2011, the two-tower property offers 375 units totaling 625 beds. Shared amenities include a swimming pool, hot tub, business center with private conference rooms, a 24-hour fitness center, tanning beds, a …

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ArizonaDevelopmentNews

Construction Underway on 826-Bed Community Near Arizona State University

by Katie Sloan

Tempe, Ariz. — Construction is underway on Canvas, an 826-bed student housing community located near Arizona State University in Tempe. The property is being developed by Toll Brothers Campus Living and is scheduled for completion in fall 2021. The development will offer a mix of studio, one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a rooftop swimming pool, outdoor grills, a state-of-the-art fitness center, private study rooms, a clubroom and an e-sports lounge. 

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ArizonaDevelopmentNewsOn-campus

Arizona State, Capstone Development Break Ground on $118 Million Mixed-Use Development in Downtown Phoenix

by Katie Sloan

Phoenix — A public-private partnership between Arizona State University and Capstone Development Partners has broken ground on a $118 million mixed-use development located within the university’s downtown Phoenix campus. The project — titled the Downtown Phoenix Residence Hall and Entrepreneurial Center — will feature 75,000 square feet of academic space in the form of design studios, flexible classroom space, fashion studios, fabrication labs, music practice rooms, recording studios and live event space. The 207,000-square-foot residential component of the community will house 530 students in two- and four-bedroom, apartment-style units. The …

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ArizonaDevelopmentNews

Trinitas Acquires Development Site Near Arizona State University

by Katie Sloan

Tempe, Ariz. — Trinitas has acquired a development site located at 707 S. Forest Ave. near Arizona State University in Tempe. The company plans to develop a 530-bed, mixed-use community offering studio, one-, two-, three- and four-bedroom units alongside street level retail. Shared amenities at the development will include a swimming pool, fitness center, collaboration spaces and an open-air skydeck. Equity financing for the acquisition was provided by a joint venture between Trinitas and Harrison Street. Construction financing has been provided by PNC Bank. “We are pleased to continue our …

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ArizonaInvestment SalesNews

Nelson Partners Acquires 977-Bed Community Near the University of Arizona for $200 Million

by Katie Sloan

Tucson, Ariz. — Nelson Partners Student Housing has acquired Sol y Luna, a 977-bed student housing community serving the University of Arizona in Tucson, for $200 million. The 14-story property was developed in 2013, and features 341 units alongside 9,140 square feet of retail space. The community offers one-, two-, three-, four- and five-bedroom, fully furnished apartments. Shared amenities include an outdoor television lounge, a rooftop pool, hot tub, steam room, fitness center, yoga and dance studio, an outdoor study area, a computer lounge and private study spaces. TSB Realty …

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ArizonaDevelopmentNewsOn-campus

Construction Underway on 374-Bed Residence Hall at Arizona State University Polytechnic

by Katie Sloan

Mesa, Ariz. — Construction is underway on a 374-bed mixed-use community on the Arizona State University Polytechnic campus in Mesa. The $34.2 million community is being developed by a public-private partnership between the university, Capstone Development Partners and equity partner Harrison Street. The development will offer private- and shared-bedroom suites alongside shared amenities including a main floor lounge and common kitchen; study space and lounges on each floor; and 8,500 square feet of academic space including classrooms, offices and conference and meeting areas. The project is scheduled for completion in …

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ArizonaInvestment SalesNews

TSB Realty Arranges Sale of 775-Bed Community Near Arizona State University

by Katie Sloan

Tempe, Ariz. — TSB Realty has arranged the sale of Sterling 920 Terrace, a 775-bed student housing community located near Arizona State University in Tempe. The property offers studio, one-, two- and four-bedroom units. Shared amenities include a pet park; resort-style swimming pool and hot tub; a poolside lounge with hammocks and a television; a two-story fitness center, yoga area and boxing room; grilling stations; a fire pit; a business center; and private study rooms. Coastal Ridge Real Estate purchased the property in a joint venture with iA Financial Group …

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AlabamaArizonaDevelopmentFloridaIllinoisNewsNorth CarolinaOff-campusPennsylvaniaTexas

Landmark Properties Opens Nine Communities Totaling $950 Million

by Katie Sloan

Athens, Ga. — Landmark Properties has opened nine new student housing developments valued in excess of $950 million. The new deliveries total 6,166 beds and are located in North Carolina, Arizona, Alabama, Texas, Illinois, Florida and Pennsylvania. Openings include:  The Station at Raleigh, a 658-bed, cottage-style community serving students at North Carolina State University in Raleigh. The property offers one-, three- and four-bedroom units. Shared amenities include a 10,500-square-foot clubhouse, resort-style swimming pool, hot tub, 24-hour fitness center, sauna, study lounge, computer lab, yoga studio, sand volleyball court and an …

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ArizonaFinanceInvestment SalesNews

Berkadia Arranges $22 Million Acquisition Financing for 164-Unit Community Near Arizona State

by Katie Sloan

Tempe, Ariz. — Berkadia has arranged $22 million in acquisition financing for MarQ at 1st, a 164-unit community located one mile northwest of the Arizona State University campus in Tempe. Scott Holland and Jeremy Hammill of Berkadia Commercial Mortgage secured the loan through NXT Capital. Terms of the financing and the identity of the borrower were undisclosed. The community offers shared amenities including two swimming pools, a 24-hour fitness center and outdoor picnic and barbecue areas. 

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