Business Real Estate Weekly by Rose Law Group
Tempe – Three tenant-in-common entities paid $38.7 million ($172,000 per unit) to acquire the 225-unit Block 1949 student housing project at ASU. The new owners of the 640-bed complex just east of Arizona State University at 1949 E. University Drive in Tempe have renamed the project Regents on University. Two of the three buyers, accounting for 85 percent ownership, are companies formed by Consolidated Investment Group (CIG) in Englewood, Colo. (David Merage, principal). Maricopa County records show Regents Tempe RE LLC paid just under $21.382 million for 55.25 percent ownership interest and Regents Tempe RE II LLC paid $11.513 + million for a 29.75 percent interest. Both entities were formed by Consolidated Investment Group. The other 15 percent was acquired for $5.805 million by CWS 1949 LLC, a company formed by CWS Capital Partners LLC in Newport Beach, Calif. (Steve Sherwood, chairman). All three tenant-in-common companies paid cash for ownership in the student housing project. Continued
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