Friday, September 19, 2014

Tempe Resort Style Student Housing at Rural & Apache Comes Online, Sells to REIT

By: Daniel Alpers | Vizzda
Another lavish student-housing complex in Tempe has come online near the Tempe ASU campus. The District on Apache is a 900-bed development that is located ±350 ft from the southeast corner of Rural Road and Apache Boulevard, which is the intersection that marks the southeast corner of campus. The Education Realty Trust REIT purchased the property from Residential Housing Development, a Houston, Texas & West Palm Beach, Florida based developer for $91m or $101,111 per bed. This is just one of many large student housing that have been built in the booming Tempe urban market.
Photo of Streetscape on Apache
The six-story single-building property was built in 2013, totals ±365,225 SF, and wraps a 6-tiered 770 unit parking structure. The property features 1,044 square feet of ground floor retail space that is divided by the parking structure entrance. The property's 279 units consist of a mix of studio, one-bedroom, two-bedroom, three-bedroom, four-bedroom, and five-bedroom living spaces. These units surround the very unique lazy river style pool and Jacuzzi. Another notable feature is the 2-story workout facility.

In their press release, Education Realty Trust REIT describes The District on Apache property to be “laden with the high-end amenities that are fast becoming the prerequisite among the student population”. This property enters the resort style Tempe student housing submarket with the likes of 922 Place (across Apache Boulevard to north), Vista Del Sol (±700 feet west of southwest corner of Rural & Apache), & The Villas at Vista Del Sol (±1,400 feet west of southwest corner of Rural & Apache), University House, and Grigio at Tempe Town Lake, most of which have been built in the last few years.
Rural & Apache vicinity map
This project, entitled with high intensity mixed use & residential zoning (MU-4 & R-5) contributes to the Apache Boulevard urban streetscape with the vertical 6-story building street-wall regulated to just 5-foot setbacks. This dense and walkability-prioritized urban mixed-use building design compliments the surrounding southeast campus student community that also includes a recently built dense cluster of ASU dorms at the northwest corner of the intersection. Altogether, this relatively new southeast-campus student living cluster has created a beehive of pedestrian activity at the intersection of Rural Road and Apache Boulevard.

The majority of the land for the District on Apache project (4.36 acres) was assembled in 2010 by Rockbridge Capital through three transactions. Residential Housing Development bought that 4.36 acre piece in 2011, the 28-unit “Spence Ave Apartments” with the sale, and traded land with Kevin Baer of Baers Den Bar, all concurrently on November 1st, 2011, to assemble the 5.25 acres that the District on Apache sits on today. Baers Den Bar relocated to the west side of the property.

1 comment:

  1. i am agree with your thought, because many students wants their accommodation perfect , and it can be possible when they will see their apartment before arrived ?
    its better way to check this apartments .

    Liberty Park | Unite


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