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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