Tag Archives: student housing

Camelback_Vista_Apartments_12, WEB

Grand Canyon University buys Phoenix apartment complex

Marcus & Millichap announced the sale of Camelback Vista, a 200-unit apartment property located in Phoenix, according to Don Morrow, Regional Manager of the firms Phoenix office. The asset commanded a sales price of $5,125,000.

Rich Butler, Brian Tranetzki, Cliff David and Steve Gebing multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor based out of Texas. The buyer, La Fuente de la Comunidad, LLC, was represented by Todd Noel of Colliers International in Phoenix.

“Camelback Vista is located directly along Camelback Road and just blocks away from Grand Canyon University, a private for-profit institution established in 1949 which is quickly becoming one of Arizona’s preeminent Universities.” says Butler. “GCU has undergone significant expansion since 2010 with additions such as six new modern dorm buildings, a 55,000 square foot Student Recreation Center and the campus’s main attraction- the 5,000 seat Grand Canyon University Arena.”

Developed by Granada Construction in 1978, this 200-unit apartment community is constructed of block and stucco with a tile roof design. The subject property is composed of 96 studio apartments, 103 one-bedroom apartments, and one two-bedroom one-bath apartment.

“With the sale of Camelback Vista, we expect rapid improvements to occur on site as well as changing the landscape of the Camelback corridor just west of Interstate 17. This should continue to bolster dynamic growth for the submarket.” adds Tranetzki.

Campus Walk Apartments

Campus Walk and Campus View Apartments Sells For $5.6 Million in Tempe

Colliers International in Greater Phoenix negotiated the sale of the Campus Walk and Campus View Apartments in Tempe, Ariz., for approximately $5.58 million, or $50,718 per unit. The two communities consist of a combined 110 units.

The buyer was Renue on Orange, LLC, of Scottsdale, a company formed by Jay Chernikoff and Michael Christiansen. The seller was Steve Heimler of Calabasas, Calif. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily team represented both the buyer and seller.

“Chernikoff and Christiansen recognized the opportunity to acquire an older property with excellent potential to be repositioned as student housing to serve Arizona State University, located one-half mile west of the properties,” said Koskovich. “Due to the proximity to the Metro Light Rail, both assets are in the Transit Overlay District (TOD), which allows for future high-density redevelopment and provides a pedestrian-friendly environment.”

The 62-unit Campus Walk is a two-story community located at 1137 E. Orange Street; the 48-unit Campus View is a three-story community located directly across the street at 1140 E. Orange Street, in Tempe. Both properties were built in 1968.

Campus Walk consists of 28 one-bedroom, one-bath and 34 two-bedroom, two-bath units ranging from 820 to 935 square feet. Campus View consists of 24 one-bedroom, one-bath and 24 two-bedroom, two bath units ranging from 820 to 965 square feet. Common amenities include two swimming pools, two laundry facilities and 140 uncovered parking spaces with additional open parking along Orange Street.

The Phoenix team of Cohen Financial led by Brandon Harrington, partner-director, arranged acquisition financing at 85 percent loan-to-cost. The loan is interest only with a three-year term. “We were able to provide an attractive interest rate with high non-recourse leverage from a private equity firm for Renue Properties to reposition the asset while maximizing investment yield,” said Harrington.

Hahn, Sherman and Koskovich specialize in the sale of multifamily investment real estate in the Southwest. Colliers HSK Multifamily is positioned within the marketplace as a service-intensive operation serving the private and institutional capital markets. To view their current offerings, visit www.colliershskmultifamily.com.

About Colliers International

Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.

For the latest news from Colliers International, visit colliers.com/us/news or follow on Twitter: @ColliersIntl.

Colliers International in Greater Phoenix has served clients locally and globally for more than 30 years. 

rsz_park_ave_tucson

Beal | Derkenne Construction to Build Student Housing Project in Tucson

 

Beal | Derkenne Construction has entered a pre-construction agreement for a student housing project in Tucson.

The project, Park Avenue, is being developed by Campus Acquisitions (CA) of Chicago.

Work is scheduled to begin in 1Q 2013, with completion expected to be finalized by 3Q 2014.

Park Avenue is representing the second phase of a student housing project close to the University of Arizona.

Park Avenue, bordering the UA campus, will allow Beal | Derkenne to go beyond the realm of ordinary student living by being part of the extensive, high end, luxury, student housing project, which will be home to 386 student residents with 166 units in total.

“Campus Acquisitions is pleased to announce the start of its second high-rise, luxury student housing project at the University of Arizona, adding to CA’s legacy of building the premier buildings on campuses nationwide,” said Stephen G. Bus, VP Acquisitions & Development of Campus Acquisitions.

“We are looking forward to work with BDC on an exceptional project with a demanding schedule and trust BDC’s experience to deliver with their remarkable standards.”

 

downtown phoenix housing

Multi-Family: Downtown Phoenix Housing Project

Downtown Phoenix Housing Project

Developer: Concord Eastridge
General Contractor: hardison/downey
Architect: Ayers Saint Gross
Location: Roosevelt St. to the north; McKinley St. to the south; Fourth St. to the east; Third St. to the west
Size: 2.9-acre site comprising 2 parcels
The $52M, 2-building, mixed-use project is the first private investing supporting Downtown Phoenix student housing. Plans call for 325 apartment units and 5,000 SF of retail space. Subcontractors include Spectrum Engineers, Dibble Engineering, PK Associates and SmithGroupJJR (landscape architect). Expected completion is 3Q 2013.

AZRE Magazine May/June 2012

Hilltop And McConnell, AZRE September/October 2011

Education: Hilltop And McConnell, NAU


HILLTOP & MCCONNELL: PRIVATIZED STUDENT HOUSING AT NORTHERN ARIZONA UNIVERSITY

Developer: American Campus Communities
General contractor: Hardison/Downey Construction, Inc.
Architect: Todd & Associates
Location: NAU campus, Flagstaff
Size: 434,058 SF

Hilltop and McConnell are two student housing projects combine for 1,126 beds in 419 units. The $60.6M project will consist of two separate developments: a modern residence hall called McConnell (550 beds) and a student townhouse community called Hilltop (576 beds). Subcontractors include Hilty’s Electric, Dial Mechanical, Associated Cement Contractors and TKO. Expected completion is 3Q 2012.

AZRE Magazine, September/October 2011
University of Arizona Plaza Centro, AZRE July/August 2011

Education: Plaza Centro


PLAZA CENTRO

Developer: OasisTucson (Capstone Communities, operator)
General contractor: TBD
Architect: Aleks Instanbullu/SmithGroup
Location: 4th Ave. and Congress St. / 2 S. 4th Ave., Tucson
Size: 380,000 SF residential/25,000 SF retail

The University of Arizona student-housing project includes two 11-story towers and another site with 3 stories residential. The $50M project is expected to break ground in 1Q 2012 with completion expected in 3Q 2013.


AZRE Magazine, July/August 2011
PLAZA CENTRO
Prescott College Student Housing, AZRE January/February 2011

Education: Prescott College Student Housing


PRESCOTT COLLEGE STUDENT HOUSING

Developer: Prescott College
General contractor: Haley Construction, Inc.
Architect: Weddle Gilmore Architects
Location: 
 220 Grove Ave., Prescott
Size: 35,000 SF

Prescott College is developing a $7M housing project focused on providing on-campus independent living facilities for students. The project will consist of 3 multi-level townhome style buildings along the banks of Butte Creek. It is targeting a LEED Gold designation upon completion in 3Q 2012.

AZRE January/February 2011
922 Apache, AZRE July/August 2008

Education: 922 Apache


922 APACHE

Developer: Campus Acquisitions
General contractor: Nelson Cos.
Architect: Hartshorne Plunkard Architecture
Location: 922 E. Apache, Tempe
Size: 275,000 SF on 1.52 acres

The $35 million, 10-story mid-rise features 132 fully furnished units. The student-housing project includes 153,000 SF of residential space with the remainder comprising parking, a large common area and 5,000 SF of retail. Construction began May 2008 and is expected to finish August 2009.

AZRE July/August 2008