January 18, 2017
Core Campus Investment Partners, headquartered in Chicago, paid $8.4 million for properties in Tempe, AZ. The buyer struck the deal with Nevada-based seller 2015 Mill & Myrtle LLC for the assets at the southeast corner of Seventh Street and Mill Avenue, and the southwest corner of Seventh Street and Myrtle. Cliff Johnston and Brian Rosella of Cushman & Wakefield represented the seller in the transaction.
Core Campus’ goal is to build high-rise apartments at the Seventh and Myrtle spot, which are close enough to serve students who attend Arizona State University. Plans are still underway as to what the new owner will do with the property at Seventh and Mill.
Core Campus is no stranger to Tempe. In 2013, it delivered Hub on Campus, a 19-story, 269-unit/637-bed student housing property at 323 E. Veterans Way, adjacent to ASU. The asset was sold to Inland American Communities that same year for $103 million.
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