Tempe, Ariz. — National Asset Services has arranged the sale of Gateway at Tempe, a student housing property located approximately one mile east of Arizona State University in Tempe.
An undisclosed buyer purchased Gateway from a group of 33 tenant-in-common (TIC) co-owners that were advised by NAS during the transaction process. Built in 1998, Gateway at Tempe was purchased by the TIC group in December 2006 for $55.8 million.
NAS assumed asset management responsibilities for the property in 2010.
Gateway at Tempe is one of the largest student housing properties in the Arizona State University area, with 918 beds and 288 units. Situated on approximately 19 acres, the garden-style student living community consists of 19 two- and three-story wood-frame residential buildings and a single-story clubhouse/leasing building.
The residential buildings contain 289,704 square feet of net rentable area, which equates to an average unit size of 1,006 square feet. The apartment community features a swimming pool, basketball court, two lighted tennis courts, a fire pavilion and a lighted sand volleyball court.