TEMPE, Ariz., Aug. 18, 2015 — National Asset Services (NAS), one of the Country’s leading commercial real estate companies, today announced the sale of Gateway at Tempe, a college student housing property located approximately 1 mile East of Arizona State University on East University Drive in Tempe, Arizona. An undisclosed buyer purchased the Property 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 $55,756,000.
Gateway at Tempe is one of the largest student housing properties in theArizona 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. Consistent with offering a quality student lifestyle, the apartment community features a swimming pool, basketball court, two lighted tennis courts, a fire pavilion and a lighted sand volleyball court.