Tempe Student Housing Complex Sold For $16.8M

Berkadia closes sale of Tempe's multifamily property The Mark between seller Sundance Bay and buyer Nelson-Brothers.

Tempe—Sundance Bay of Salt Lake City recently sold The Mark, a student housing complex, for $16.8 million or at $104,280 per unit. The property located within walking distance from Arizona State University (ASU) was acquired by national student housing firm Nelson Brothers of Aliso Viejo, in a deal negotiated by Berkadia.

The Mark

The Mark

Located at 1115 E. Lemon St. near Loops 101 and 202, The Mark is situated near downtown Tempe and Tempe Town Lake. Top employers in the area include Arizona State University, State Farm, Wells Fargo and United States Postal Service.

The Mark features 161 apartments with studio, one- and two-bedroom floor plans. At the time of the sale, The Mark was 98 percent occupied and master-metered for HVAC. Renters here have access to a list of amenities including a swimming pool, sundeck, student lounge, fitness center, courtyard with barbecue grills and elevator access.

Vice President Dan Cheyne, Senior Managing Director Mark Forrester and Managing Director Ric Holway of the Phoenix office, as well as Managing Director – Student Housing Kevin Larimer of the Detroit office, closed the sale on November 23.

“Nelson-Brothers was attracted to the area’s rent-growth potential, as well as the asset’s strong location near ASU and directly on the Valley Metro Light Rail,” said Cheyne in prepared remarks. “Nelson-Brothers plans to strengthen the student housing community by upgrading amenities and eventually developing and expanding onto the vacant one-acre lot that was included in the sale.”

Image courtesy of The Mark