Inland American Breaks Ground on Arizona Student Housing
- Jan 30, 2012
Mesa, Ariz.—Inland American Communities Group Inc. has broken ground on the first phase of Innovation Academic Village, a 318-bed development located on Arizona State University’s Polytechnic Campus in Mesa, Ariz. The state-of-the-art student housing community and dining facility will be located next to the campus core, the newly constructed Student Recreation Center and recreational sports filed. The asset is scheduled to open for the fall 2012 semester.
The housing facility is comprised of an 85,000-square foot, three-story structure on land leased from ASU. The Innovation Academic Village project will ultimately provide housing for 1,200 students. The cost of the first phase of construction is approximately $13.5 million.
“IAC always takes a customized and student-focused approach to each of its university developments across the country,” says Travis Roberts, executive vice president/managing director at Inland American Communities. “In this instance, our collaborative and multi-disciplined planning, design and financial structuring efforts with Arizona State University will result in a top quality environment for local students to live and learn.”
EdR buys collegiate community near the University of Oklahoma
Norman, Okla.—EdR has completed the full ownership purchase of The Reserve on Stinson, a student housing community near the University of Oklahoma in Norman, Okla. The company purchased the 90 percent interest held by its joint venture partner based on a total asset value of $22.9 million.
Built in 2004, the 612-bed community is less than a mile from the school’s campus and offers furnished two-, three- and four-bedroom units. Amenities include a pool, fitness center, covered parking, shuttle service to campus and community-wide internet access.
The Reserve on Stinson opened the 2011-2012 academic year at 97.5 percent occupancy, a net rental rate improvement of 13 percent versus the previous year. EdR is projecting a 7 percent cap rate on the asset for the next twelve months of operating income.
NorthMarq arranges $19.159M FHA-insured mortgage in short time frame
Chicago—Sue Blumberg, senior vice president and managing director of NorthMarq Capital’s Chicago Regional office, arranged first mortgage refinancing of $19.2 million for Woodlands on Green Bay, a 201-unit multifamily property located at 3500 Green Bay Road in North Chicago.
Financing was based on a 35-year term and a 35-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Mortgage Finance LLC, a FHA mortgage lender.
According to Blumberg, the transaction was a refinance of the property for long-term fixed-rate loan at a historically low interest rate. She states, “FHA closed the loan within a very short time frame. During the process, rates continued to drop so that a commitment borrower was able to lock at the lowest rate available.”