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Pierce Grows with $52M Student Housing Asset

TEMPE, AZ-Pierce Education Properties buys Block 1949, a 640-bed, off-campus housing community serving ASU students.

By Jennifer Duell Popovec | Updated on March 23, 2011

TEMPE, AZ-Pierce Education Properties has made its third acquisition in just seven months, buying Block 1949, a 640-bed, off-campus housing community serving Arizona State University students.

The San Diego-based company teamed with Partners Group to buy the $52 million property, which was sold by Dallas-based student housing developer JLB Partners. The deal marks PEP’s first time to partner with Partners Group, an investment management firm based in Switzerland, according to Frederick W. Pierce IV, president and CEO of PEP.

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