Transforming Market-Rate to Student Housing
- Feb 26, 2015
Tempe, Ariz.—MIG Real Estate has completed renovations on 12Fifty5 On University Apartments in Tempe, Ariz., converting the former conventional apartments known as Quadrangles Village into a 756-bed student housing development.
Located at 1255 University Drive, 12Fifty5 is situated in a bike-friendly neighborhood within walking distance to the campus of Arizona State University and local Metro light rail and bus routes.
“The property’s location relative to ASU is tremendous and the renovation provides an attractive amenity package at a discount to other properties in the area,” Marc Venegas, MIG Real Estate’s director of multifamily investments, told MHN. “With the assistance of Greystar’s Student Living team, we implemented a full renovation of the clubhouse, leasing center, fitness room, laundry facilities and the unit interiors to provide the common area amenities and unit features that our residents were looking for at an attractive rental rate.”
Greystar Student Living manages the community, which offers studios, one- and two-bedroom apartment homes ranging in size from 493 to 848 square feet. Upgrades to the apartment homes included the addition of wood-style flooring, modern carpeting, white cabinetry, new appliances and designer lighting fixtures.
Community-wide, the clubhouse has been fully remodeled with contemporary furnishings, a new game room with billiard tables and private study lounges. Multiple computer stations have also been added, as well as an upgraded fitness center. There are also three swimming pools, two spas, tanning beds, four laundry centers with new “smart” washers and dryers, covered parking and grilling stations.
According to Venegas, the property’s profile is a perfect fit for MIG’s investment philosophy, which is to acquire well-located properties that can be repositioned to maximize value through common area and unit interior renovations.
“12Fifty5 has been redesigned with contemporary upgrades and features to meet the needs of today’s students,” Venegas said. “Our goal was to create a positive, upbeat environment that enhances the overall living experience.”
The community is close by Tempe Town Lake, Tempe Marketplace and is only minutes away from the Loop 202 and Sky Harbor Airport.
“The property’s location on University Drive offers a short walk or bike ride to campus and to downtown Tempe,” Vengas said. “It provides a great place to live, work and play in the heart of Tempe.”