Block 1949 is a 640-bed community located 1.5 miles from the school’s Tempe campus.
Tempe, Ariz. — A joint venture between San Diego-based Pierce Education Properties and a Switzerland-based investment management firm has purchased a Class A student housing community near Arizona State University in Tempe for $52 million. The seller’s name was not released.
Block 1949 was constructed in 2010 and is located approximately 1.5 miles from campus. It contains 640 beds in a mix of 225 studio, two-bedroom, three-bedroom and four-bedroom units. The residences are fully furnished and feature top-of-the-line appliances and finishes. Property amenities include a resort-style swimming pool with open-air cabanas and misters; a fitness center; a computer lounge; study rooms; a sand volleyball court; an Internet café with a coffee bar; a media room with a 60-inch plasma-screen TV; a game room with foosball, billiards and pin pong tables; a putting green; and a dog park. The community also contains 10 live-work loft units.
The purchase was financed with a $38.5 million CMBS loan provided by Deutsche Bank Securities. Holliday Fenoglio Fowler arranged the loan. Pierce’s in-house management division, Pierce Property Management, will oversee day-to-day operations at the community.
— Coleman Wood