Sold May 2022
Gateway at Tempe is a 288-unit Class-A student housing community serving Arizona State University in Tempe, Arizona. The site is on University Drive providing easy access to ASU and numerous employment centers and commercial and entertainment venues. Arizona State University is one of the largest tier 1 universities, serving over 76,000 students with 62,000 attending the Tempe campus.
JPI developed Gateway at Tempe in 1997. The property consists of 288 units and 918 beds, ranging from 477 square foot one-bedrooms to 1320 square foot four-bedroom floor plans. Amenities include a clubhouse, resort-style pool with sundeck, hot tub, outdoor fireplace, study lounge, fitness facility, basketball court, tennis courts, bike racks, and barbeque grills. Each floorplan includes leather-style furniture, private bathrooms, a full-size washer and dryer, a built-in entertainment center, and is fully furnished.
ApexOne Growth and Income Fund I purchased Gateway at Tempe and will hold long-term to capture growth and appreciation.