Tempe – Consolidated Investment Group in Englewood, CO (David Merage, principal), Regents Tempe RE LLC and CWS 1949 LLC, a company formed by CWS Captial Partners LLC in Newport Beach, Calif. (Steve Sherwood, chairman) paid $38.7 million ($172,000 per unit) to acquire the 225-unit Block 1949 student housing property located east of ASU at 1949 E. University Drive in Tempe. All three tenant-in-common companies paid cash for ownership in the student housing project.
The 640-bed student housing project will be rebranded the Regents on University.
The seller was Block 1949 LLC of New York City, N.Y. That company was formed by German American Capital Corp., a subsidiary of Deutsche Bank. The Tempe property was sold through Hanover Street Capital, LLC, an advisor to Deutsche Bank.
Block 1949 LLC took title to the property through a trustee's sale after the previous owner defaulted on a loan that was secured by the 6.35-acre project.
Regents on University is the first direct investment in the Valley for Consolidated Investment Group and CWS Capital Partners, both privately-held companies. Consolidated Investment Group owns 30,000 + apartments and 24 + million sq. ft. of office and industrial buildings located across the U.S. and Europe.
John Cunningham and Charles Steele of JLL in Phoenix handled the transaction for seller and investors.
Tim Bertoch at Consolidated Investment Group can be reached at (303) 789-2664, ext. 202. Gary Carmell with CWS Capital Partners should be contacted at (949) 640-4200. Allen Hanson of Hanover Street Capital is at (212) 380-9358. Cunningham and Steele can be contacted at (602) 282-6300.