The-Mark-Tempe-AZ

Tara Investment Group Buys The Mark Student Housing Property in Tempe for $36.1M

by Amy Works

TEMPE, ARIZ. — San Francisco-based Tara Investment Group, a division of Meier-Shefflin Multi-Family, has acquired The Mark, an off-campus student housing community located at 1115 E. Lemon St. in Tempe. San Clemente, Calif.-based Nelson Partners sold the asset for $36.1 million.

Located along the Valley Metro Rail line on the edge of Arizona State University’s Tempe campus, The Mark features 153 units with a total of 229 beds. The units offer furnished and unfurnished studio, one- and two-bedroom floor plans with new appliances, quartz countertops and finished concrete flooring. Community amenities include a resort-style pool and sun deck, double-decker hot tubs, a water slide, gas grills, two elevators and a 24-hour fitness center.

The property was built in 1970 and remodeled by Nelson Partners in 2014. At the time of sale, the community was 97 percent occupied.

You may also like