Mark Acquisition Provides Return of 195% or 95% Profit
The Mark, an off-campus student housing community at 1115 E. Lemon St. in Tempe, has been sold to a San Francisco-based investor, Tara Investment Group LLC, for $36.1 million. The Mark acquisition, providing a return for The Mark investors of 195 percent or 95 percent profit, was the final building of a three-property exchange totaling more than $125 million in value.
The seller was Nelson Partners LLC of San Clemente. The property, which is located along the Valley Metro Rail line on the edge of Arizona State University’s Tempe campus, drew significant attention from investors.
“It is easy to get excited about the location and future advancement of The Mark,” says Brad Cooke, executive vice president with Colliers in Arizona. “Bustling with activity, this urban infill property sits right on the Valley Metro Rail and just on the edge of Arizona State University’s Tempe campus. The dynamic surrounding employment corridors give the ownership flexibility to transition from student to traditional housing.”
Cooke, Chris Roach, Cindy Cooke and Matt Roach with Colliers in Arizona handled the sale transaction. The Mark, which was built in 1970 and remodeled by Nelson Partners in 2014, was 97 percent occupied at the time of sale. The student housing community contains 153 units with a total of 229 beds.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.