DEAL OF THE DAY: National Investor Nabs Tempe Student Housing

Tempe, Ariz.—ApexOne, a national multifamily investor firm based out of Houston, has added one of the largest student housing assets serving Arizona State University to its portfolio. The firm picked up the property from a group of 33 tenant-in-common co-owners that were advised by SCI Properties. Service firm National Asset Services represented the sellers in the transaction.

“Gateway at Tempe is a unique asset in a very competitive student housing marketplace,” said Karen Kennedy, president & founder of National Asset Services. “Our clients and management team worked together to improve the Property’s living experience for students, while generating positive cash flow. We are delighted to have delivered a favorable outcome for our clients as well as providing a property with positive cash flow with economic upside to new ownership.”

Yardi Matrix records show the new owners dropping $56.8 million to acquire the 1998-built property. It features 918 beds situated into 288 units across a sprawling 19 acres. Amenities include a swimming pool, basketball court, two lighted tennis courts, a fire pavilion and a lighted sand volleyball court. The asset sits about one mile East of Arizona State University of East University Drive.