Tempe, Ariz. — Berkadia has arranged the $16.8 million sale of The Mark, a student housing community within walking distance of Arizona State University in Tempe.
The Mark features 161 units with studio, one- and two-bedroom floor plans. Built in 1970, the property is currently 98 percent occupied and master-metered for HVAC.
Community amenities include a swimming pool, sundeck, student lounge, fitness center, courtyard with barbecue grills, and elevator access.
Berkadia Vice President Dan Cheyne, Senior Managing Director Mark Forrester and Managing Director Ric Holway of the Phoenix office, as well as Managing Director – Student Housing Kevin Larimer of the Detroit office, closed the sale on Nov. 23.
Nelson-Brothers of Aliso Viejo, California, is the buyer of the property. The seller, Sundance Bay of Salt Lake City, had purchased the property as a distressed asset and completed a full renovation and rebranding.
The purchase price reflects a per-unit price of $104,280.