Safehold Inc. has closed its third Phoenix-area ground lease for $54 million. The Safehold ground lease facilitates Invesco Real Estate Investment Trust‘s acquisition of the Class A student housing property Rise on Apache, near the Arizona State University campus in Downtown Tempe.
The transaction is the second student housing ground lease in the city of Tempe for Safehold.
Standing 15 stories at 1000 E. Apache Blvd., Rise on Apache features 384 units. A total of 833 beds are offered. The property was completed in 2017. Rise on Apache is an elevator-served property built from multiple construction materials, and includes two buildings on a parcel whose net size measures 1.8 acres.
A large fitness center with golf and ski simulator and rock-climbing wall, game lounge and sauna represents one of the leading amenities. Units range in size from 452 square foot studios to 1,352-square-foot four-bedroom units with three and a half baths. Apartments offer high-end finishes that include in-unit washers and dryers, hardwood-style flooring, above-standard ceiling heights, microwave ovens and high-speed Internet access.
Situated within walking distance of the Arizona State University campus, Rise on Apache is also proximate to shopping, dining and nightlife. In addition to proximity to Arizona State University, the property is within 5 miles of Mesa Community College and within 6 miles of Gateway Community College. Rise on Apache is less than 1 mile to three different transit stations, and 1.3 miles from the Tempe Transportation Center.
In a statement, a Safehold official stated the company anticipates expanding its relationship with new customer Invesco and believes it is gaining momentum in the Phoenix MSA.