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TPG Real Estate Claims Tempe MF from Preferred for $58M

An entity affiliated with San Francisco-based TPG Real Estate acquired Regents on University in Tempe from Atlanta-based Preferred Apartment Communities for nearly $57.5 million. The 225-unit apartment/student housing asset is located at 1949 E. University Dr.

The 640-bedroom property was built in 2009 on 6.35-acres at McClintock and University Drives. The four-story building totals 264,555 square feet and the property has a five-level wrapped parking garage with 702 spaces. The floor plan includes a mix of studios, live-work units, as well as two-bedroom to four-bedroom configurations. Community amenities include in-unit washers and dryers, a pool, and sand volleyball court.

The asset sale was part of a larger $478.7-million portfolio deal between TPG and Preferred encompassing 6,095 beds spread across eight assets in Arizona, Florida, Georgia, North Carolina and Texas.

KeyBank delivered $36,243,000 in new Freddie Mac debt for the Tempe deal.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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