Invesco Real Estate Investment Trust has purchased Rise on Apache, an 833-bedroom luxury student housing community in Tempe, Ariz. The seller, CA Ventures, developed the property in 2017. At the time it changed hands the community was fully leased.
Located at 1000 E. Apache Blvd., the asset is within walking distance of the Arizona State University-Tempe campus. The 15-story property has three ground-floor retail spaces and a mix of studios, one-, two- and four-bedroom apartments. Floorplans range from 322 to 1,359 square feet. All units are fully furnished and include high-speed internet access as well as washers and dryers. Residents have access to a rooftop swimming pool, a gym with a rock-climbing wall, private study rooms and more than 400 parking spaces.
With no new student housing projects currently under development in Tempe—according to Yardi Matrix data—the university market has seen an increase in transaction activity. Just recently, Tara Investment Group, a division of Shefflin Investments, paid $36.1 million for The Mark, a 229-bedroom community less than a mile from the ASU-Tempe campus.
This is Invesco’s first student housing acquisition since September 2021, when the firm purchased The Bixby, a 656-bed asset in greater Atlanta. Gilbaine Development Co. received $78 million for the community serving students at the Kennesaw State University, Yardi Matrix data shows.