Tara Investment Group Acquires Student Housing In Tempe For $36.1M
1115 East Lemon Street, Tempe, Arizona 85281, United States
$36,100,000
$1,556/SF
Building Size
23,200 SF
Asset Type
—
Closing
Jan 3, 2022
About this deal
AI
The student housing property located at 1115 E. Lemon St. in Tempe, AZ has been sold for a total price of $36,100,000. The asset consists of 153 units with a per unit price of $235,948. The transaction took place on 01/03/2022.
Summary of transation details
- Property Type: Student Housing
- Transaction Amount: $36,100,000
- Beds: 229
Tara Investment Group purchased the property from Nelson Partners, with Patrick Nelson representing the seller. The sale of this student housing asset presents a significant investment opportunity in the Tempe market.
Players
Tempe CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93