November 17, 2024 12:44 pm
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19-story residential tower on ASU campus sold for $103 million

The Hub
The Hub

By Joe Martin | Phoenix Business Journal

One of Tempe’s newest student-targeted housing developments, the 19-story Hub on Campus near Sun Devil Stadium, has been purchased for $103 million.

Inland American Communities Group Inc., a subsidiary of one of the largest real estate investment trusts in the country, Inland American Real Estate Trust Inc., bought the property from Core Campus Communities. Business Real Estate Weekly of Arizona first reported on the deal Wednesday.

Core Campus was shopping for a buyer since April, says Brad Goff, principal of Apartment Realty Advisors, one of the brokers in the deal. I spoke with him Wednesday to find out more, and he said one of the biggest reasons for Core Campus to sell the property after only owning it for a year was the opportunity to make an immense profit on the $42.6 million project.

Continued: http://www.bizjournals.com/phoenix/news/2013/08/15/19-story-residential-tower-on-asu.html?page=all

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