Safehold Inc. is closing on its third ground lease in the Phoenix area for $54 million. The ground-lease is tied to the acquisition of Rise on Apache, a Class A student-housing property near Arizona State University in downtown Tempe, Ariz. (Go Sun Devils!)
Rise on Apache is a 15-story property with 384 units that include high-end finishes and a total of 833 beds. The property doesn’t hurt for outdoor amenities, either: expansive rooftop deck, pool, hot tub, outdoor grills, running track and JumboTron.
Indoors, students/tenants are offered a large fitness center, golf/ski simulator, rock-climbing wall, game lounge, and sauna. Rise on Apache is walking distance to the Arizona State University campus and is well located with nearby entertainment, retail, and restaurants.
Safehold also recently closed on the sale of 108,571 Caret Units and received a binding commitment for the purchase of 28,571 Caret Units for $24.0 million. Those 137,143 Caret Units equal 1.37% of the authorized Caret Units in Caret Ventures LLC, a subsidiary of Safehold, implying a total Caret Unit valuation of $1.75 billion, according to a news release.