The Mark's urban, infill location drawn residents and 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. Tara Investment Group, LLC of San Francisco purchased the property. Tara Investment Group is a division of Meier-Shefflin Multi-Family based in San Francisco and Montecito. The Mark acquisition was the final building of a three-property exchange totaling more than $125M in value. The seller was Nelson Partners, LLC of San Clemente, California, providing a return for The Mark investors of 195% or 95% profit.
The Mark was built in 1970 and remodeled by Nelson Partners in 2014. The student housing community contains 153 units with a total of 229 beds and was 97 percent occupied at the time of sale. The Mark offers spacious furnished and unfurnished studio, one- and two-bedroom floor plans with brand new appliances, quartz countertops and finished concrete flooring. The four-story structure is situated on nearly four acres of land. The property also features exclusive community amenities including a resort-style pool and sun deck, double-decker hot tubs, water slide, gas grills, two elevators and a 24-hour fitness center.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues to $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
Colliers in Arizona has served clients locally and globally for more than 40 years.