The Dinerstein Companies Acquires University Valley Student Housing In Tempe AZ For $38.5M

The property involved in the transaction is a 153-unit student housing community located at 1115 East Lemon Street in Tempe, AZ, with a transaction amount of $38.5 million. The asset is significant for its proximity to Arizona State University and was last renovated in 2014. Amenities include a pool, gym, and courts, and it was last sold in 2021 for $36.1 million.

Summary of transaction details:

• Property Type: Student Housing
• Transaction Amount: $38,500,000
• Buyer: The Dinerstein Companies
• Seller: Tara Investment Group
• Lender: Investar Bank
• Units: 153
• Price Per Unit: $251,634

The representatives involved in this transaction include The Dinerstein Companies, which acquired the property, and Tara Investment Group, the seller. Financing was facilitated through a loan from Investar Bank, which amounted to $28 million, contributing to the successful closing of the transaction.