VILLAS ON APACHE STUDENT HOUSING COMPLEX AT ASU SOLD FOR $14.756 MILLION

Business Real Estate Weekly

Published:   April 8, 2011
Volume:   XVII    Number:   13

Tempe – A company formed by University Communities LLC in Denver, Colo. (Lee Ryder, et al., principals) paid $14.756 million ($132,937 per unit) to acquire the 111-unit Villas on Apache apartments located near Arizona State University at 1111 E. Apache Boulevard in Tempe. The seller was SHP-Commons on Apache LLC, a company formed by American Campus Communities in Austin, Tex. (NYSE:ACC, William Bayless, Jr., pres.). The cash sale was brokered through Ryan Reid of CB Richard Ellis in Dallas, Tex., and Tyler Anderson and Sean Cunningham of CBRE in Phoenix. Villas on Apache, which was built in 1987 and renovated in 2006, is comprised of two-bedroom units. The privately-held University Communities owns multiple student housing communities across the country. The capital to purchase the properties comes from institutional investors. Ryder says the company is looking for more student housing investment opportunities close to major universities in Arizona. University Communities also owns the 76-unit Sky View apartments at 1050 E. Eighth Street near the University of Arizona in Tucson. In June 1999, BREW reported American Campus Communities paying $9.5 million ($85,586 per unit) to buy Villas on Apache.