One of the largest student housing properties near ASU, the 918-bed Gateway at Tempe, traded hands. An undisclosed buyer acquired it from a group of 33 tenant-in-common (TIC) co-owners who were advised by National Asset Services during the deal. The TIC acquired the property in 2006 for more than $55M. According to National Asset Services president Karen Kennedy, aggressive leasing and "entrepreneurial management" maximized property value by increasing occupancy to its current level of over 95%, resulting in a $1M cash reserve and a 6% cash distribution to the co-owners.
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