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’s Dan Cheyne, vice president; Mark Forrester, senior managing director; Ric Holway, managing director; and Kevin Larimer, managing director — student housing, closed the sale.
Nelson-Brothers of Aliso Viejo, Calif., is the buyer of the property. The seller, Sundance Bay of Salt Lake City, 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.