Oak Brook, Ill. — The high-style HUB on campus was acquired for $103, Domain at Fayetteville for $42 million.
Oak Brook, Ill. — Inland American Communities Group, Inc. (IAC) has acquired two brand new communities in Arizona and Arkansas for a combined total of approximately $145 million. The properties include the HUB on Campus at Arizona State University (ASU) in Tempe, Ariz., purchased for approximately $103 million, and the Domain at Fayetteville at the University of Arkansas (UA) in Fayetteville, Ark., purchased for approximately $42 million. Both properties will be re-branded as University House. The HUB on Campus was developed by Core Campus, and The Domain was developed by Asset Plus Companies. Apartment Realty Advisors National Student Housing Group (ARA Student Housing) represented Core Campus, the HUB's developers and sellers. According to the group, the property is the fourth highest-price transaction of a single-asset, purpose-built student housing product in the United States. The HUB was sold after the issuance of certificate of occupancy and was priced off the fall 2013 rent roll.