Tempe – A site for a $50+ million student housing project near Arizona State University in Tempe has been sold to a company formed by Blue Vista Capital Management in Chicago, Ill. (Peter Stelian, CEO). Blue Atlantic Tempe LLC (Blue Vista entity) paid $6.5 million to acquire the 3.56-acre site, which is just east of ASU at the northwest corner of Lemon Street and Terrace Road. The seller was Oasis Indian Bend LLC, a company formed by IMH Financial Corp. in Scottsdale (Will Meris, pres.). In August 2013, BREW reported IMH forming a joint venture with Titan Investments LLC in Denver, Colo. to develop a 220-unit/600-bed student housing complex on the parcel. IMH took over ownership of the site after foreclosing on the previous owner of the land and was looking for an equity partner to develop the project. In stepped Blue Vista Capital Management, which acquired the land outright and will develop the property through a student housing investment fund it manages. Peak Campus Cos. in Atlanta, Ga., the affiliate of Blue Vista Capital Management, will now develop and manage the Tempe project. Titan Investments will no longer have an equity position in the development, but the company will serve as a consultant to the new owner. Continued
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