SCION ACQUIRES 959-BED COMMUNITY AT ARIZONA STATE UNIVERSITY

TEMPE, AZ. The Scion Group has announced the acquisition of a 959-bed student housing community serving the Arizona State University campus market, in a $65 million transaction. Scion purchased the property in a joint venture with a private equity fund.

The property, built in 2009, is located approximately one mile east of Arizona State University, steps from two stations on the Metro Valley light rail system that runs directly to the University campus, just five minutes away. The over 700,000 square-foot development includes five residential buildings containing 300 exceptionally large apartments in two-, three- and four-bedroom configurations, all with hardwood-style floors and 100% private bedroom-bathroom suites. The community features a multistory clubhouse with fitness center and lounge spaces, two swimming pools, a rooftop deck, a parking structure for residents and guests, elevators throughout the complex, and 14,000 square feet of storefront retail space on Apache Blvd.

Scion will rebrand the community, formerly called The Domain at Tempe, as “Boulevard 1900,” and will invest over $1.5 million in capital improvements, including a complete renovation of the property’s clubhouse.

Arizona State University has the highest single-campus enrollment in the United States, with over 60,000 students taking one or more classes on the Tempe campus. Additional information about the Boulevard 1900 property is available at blvd1900.com.

  • CHICAGO • DALLAS • IRVINE • TORONTO
    312-704-5100
© 2017 The Scion Group LLC