TEMPE, AZ-In what is being called the fourth highest pricedtransaction of a single asset, purpose-built student housingproperty in US history, Inland American Communities Group Inc.acquired the 637-bed Hub on Campus student housing project, whichserves Arizona State University. The Dallas-based buyer paid sellerand developer Core Campus LLC $103 million for the property, whichhad opened in time for the 2013-2014 school year.

Located at 323 E. Veterans Way, Hub on Campus is a 19-story,269-unit core housing property with many amenities including afitness center, steam room, study lounges and penthouse suites withprivate hot tubs.

“Hub on Campus is hands down the most extraordinary piece ofreal estate we've had an opportunity to sell,” saysApartment Realty Advisors National Student Housing Group'sChristopher Epp, who negotiated the transaction on behalf of theseller. “Our client nailed all aspects of what constitutes aperfect student housing development. The combination of anirreplaceable location, groundbreaking architecture, substantial advalorem tax abatement and additional land for significant futuredevelopment led to one of the most picture-perfect sales storieswe've ever worked with.”

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