TEMPE, AZ – Safehold Inc. has closed its third ground lease in the Phoenix metropolitan area for $54 million at a class A student housing property near Arizona State University.
The lease facilitates the acquisition of the 384-unit property, Rise on Apache. The 15-story student housing community features a total of 833 beds and high-end in-unit finishes. The property offers outdoor amenities, such as an expansive rooftop deck, a pool, hot tub, outdoor grills, running track and a JumboTron. Rise on Apache also features a fitness center, golf/ski simulator, rock-climbing wall, game lounge and sauna.
The community is situated in the city's downtown neighborhood.
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The transaction serves as Safehold's second student housing ground lease in Tempe, AZ.
"We are gaining momentum in the Phoenix market," says Tim Doherty, head of investments at Safehold. "We are very excited to welcome high-quality sponsor Invesco as a new customer and we look forward to the opportunity to expand our relationship going forward."
The company additionally recently announced the closing of its fourth ground lease in Nashville, TN.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
