Park Place Tempe, a 285-unit student housing complex near Arizona State University, was acquired by StonePeak for $125 million.
The Phoenix Business Journal reports the seller was Park7 Group, an investor that also owns a student housing project in Flagstraff.
The Tempe off-campus housing complex was built in 2020 on about 4 acres of land at 1317 S. Terrace Road, less than a mile from ASU’s campus and near the light rail. The complex has a study lounge, pool, grill area, movie theater, fitness room and golf simulator.
Park Place Tempe is among the latest large apartment complex sales in the Valley this year.
A 332-unit apartment complex in downtown Phoenix, Camden Copper Square Apartments, sold last month for $77 million. In Scottsdale, The Quincy at Kierland from Embrey was acquired by Los Angeles-based Stockdale Capital Partners LLC for $110.25 million. The deal for the luxury property with 266 units closed Oct. 31.
