San Francisco Investor Pays $36.1M for Tempe Apartment Community
The Mark, an off-campus student housing community at 1115 E. Lemon St. in Tempe, has been sold to a San Francisco-based investor for $36,100,000.00. The property, which is located along the Valley Metro Rail line on the edge of Arizona State University’s Tempe campus, drew significant attention from investors.
“It is easy to get excited about the location and future advancement of The Mark,” says Brad Cooke, executive vice president with Colliers in Arizona. “Bustling with activity, this urban infill property sits right on the Valley Metro Rail and just on the edge of Arizona State University’s Tempe campus. The dynamic surrounding employment corridors give the ownership flexibility to transition from student to traditional housing.”
Cooke, Chris Roach, Cindy Cooke, and Matt Roach with Colliers in Arizona handled the sale transaction. Tara Investment Group, LLC of San Francisco purchased the property. Tara Investment Group is a division of Meier-Shefflin Multi-Family based in San Francisco and Montecito. The Mark acquisition was the final building of a three-property exchange totaling over $125mm in value. The seller was Nelson Partners, LLC of San Clemente, CA. providing a return for The Mark investors of 195% or 95% profit.
The Mark, which was built in 1970 and remodeled by Nelson Partners in 2014, was 97 percent occupied at the time of sale. The student housing community contains 153 units with a total of 229 beds. The Mark offers spacious furnished and unfurnished studio, one- and two-bedroom floor plans with brand new appliances, quartz countertops and finished concrete flooring. The four-story structure is situated on nearly four acres of land. The property also features exclusive community amenities including a resort-style pool and sun deck, double-decker hot tubs, water slide, gas grills, two elevators and a 24-hour fitness center.