- For sale
Off-campus student housing community is offered for sale. The Mark is a 153-unit community at 1115 E Lemon Street in Tempe, Arizona, that is currently being rented by the bed (229 total beds).
Visit our property website to learn more and to request the offering memorandum.
All investors should base their offer on the “As Is, Where Is” conditions of the property. Property tours by appointment only. Qualified prospective purchasers will be given an opportunity to tour the property.
Located in the vibrant city of Tempe, The Mark is on the Valley Metro Rail. Composed of four-story construction on nearly four acres, The Mark offers spacious furnished and unfurnished studio, one- and two-bedroom floor plans that feature brand new appliances and exclusive community amenities, including a resort-style pool and sun deck, double-decker hot tubs, water slide, gas grills, two elevators and 24-hour fitness center. The interiors feature stainless-steel appliances, quartz countertops and finished concrete flooring throughout.
Due to the proximity of Arizona State University (four-minute walk), coupled with 317K+ jobs within a seven-mile radius of the property, there is a mix of student and traditional populations.
The new buyer can continue renting by the bed or make the transition to by the unit. The offering also comes with an adjacent vacant piece of land that has plans in place for 95 units with a total of 322 beds. If the new buyer moves forward with the current plans, there will be a total of 248 units consisting of 551 beds.
The Mark is conveniently located near Apache Boulevard and Rural Road in north Tempe. Many of Greater Phoenix’s major employment hubs are just minutes from the property, with nearly 20 percent (317k jobs) of all Phoenix Metro employment located within a seven-mile radius. Tempe added 3,000 new jobs in the most recent 12 months.
This dynamic growth is due not only to the impact of ASU and its ability to supply high-tech skilled labor to employers, but also the incredible transportation system surrounding Tempe.
There are five freeways surrounding the city, as well as the Metro Light Rail, easily connecting the downtowns of Phoenix, Tempe and Mesa. In addition, Phoenix Sky Harbor International Airport is less than 10 minutes away and employs over 51K people.
The driving forces of education and transportation have fueled the job creation and also made Tempe the gateway to the who’s who of corporate America.