Inland American Pays $103M for Student Housing Project in Tempe
By Amalia Otet, Associate Editor
In a $103 million deal, Inland American Communities Group Inc. has acquired Hub on Campus, a 640-bed student housing community near Arizona State University in Tempe, from Core Campus L.L.C., the property’s developer.
Brad Goff, a principal of Apartment Realty Advisors who worked on the transaction, told the Phoenix Business Journal that Core Campus will reap significant proceeds from the sale of the $42.6 million project.
Inland American Communities, an affiliate of Inland American Real Estate Trust Inc., is re-branding the 19-story property University House. Additionally, the project includes 21,842 square feet of ground-floor retail space and adjacent land for future development.
Located on a high-traffic corridor at the north end of campus, across the street from Sun Devil Stadium and near the Mill Avenue entertainment district, University House will provide residents with access to ASU’s Tempe and downtown Phoenix campuses.
Units feature custom furniture, flat-screen TVs, stainless steel appliances, in-unit washesr and dryers, private patios and balconies.
Common amenities include two resort-style pools, a clubroom with gaming systems, an indoor/outdoor fitness center, a 22-foot LED outdoor TV screen, a yoga and steam room, a tanning salon, outdoor grilling stations as well as indoor/outdoor study areas and conference rooms.
Renderings courtesy of Hub On Campus