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Campus Acquisitions Eyes $30M Project Near ASU

TEMPE, AZ-A shortage of student housing attracts Campus Acquisitions to the market. The door will open with a $5-million purchase of a 1.5-acre tract zoned for luxury condos.

By John McCloud | Updated on April 14, 2008

TEMPE, AZ-A company formed by Campus Acquisitions Inc. expects to close May 1 on the $5 million-purchase of a 1.5-acre parcel near Arizona State University. The Chicago-based developer plans to start immediately on construction of a $30-million, high-end student housing complex.

The development site at 922 and 936 E. Apache Blvd. formerly held a Taco Bell restaurant and Texaco station, respectively. The land was sold by the Nelson Cos. of Des Moines, which acquired it last year to build a 100-unit condominium project with ground-floor retail. When the bottom fell out of the condo market, Nelson offered the property to Campus Acquisitions, which it had worked with on projects in Des Moines. The seller will stay on as general contractor.

The 10-story project, which will have 132 rental units, is located near the Tempe campus of Arizona State University. J.J. Smith, project director for Campus Acquisitions, calls the area the best market in the country for student housing. “There’s a severe shortage of student housing near the university,” he tells GlobeSt.com. “It has one of the lowest housing to student ratios in the nation.”

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