Student Housing Daily - July 24 - Dinerstein acquires Tempe complex for $38.5M

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NEWS ROUNDUP

ACQUISITION: Dinerstein acquires Tempe complex for $38.5 million. The Dinerstein Cos. has acquired University Valley, a 153-unit, 229-bed student housing community in Tempe, Arizona, for $38.5 million. The seller was Tara Investment Group, a division of Shefflin Investments. To finance the deal, Dinerstein secured a $28 million loan from Investar Bank. This marks the property's second trade in under four years, following its $36.1 million sale from Nelson Partners to Tara Investment Group in December 2021.

DISPOSITION: CBRE arranges sale of 72 units. CBRE has arranged the sale of Campus View Apartments, a 72-unit student housing property on the DMACC campus in Ankey, Iowa. CBRE’s Cy Fox, Ray Hamilton, Clark Matthews, and Matt Bukhshtaber handled the sale.

DEVELOPMENT: Deven and Castle Lanterra break ground on $95 million project near UCF. Development Group Ventures has partnered with Castle Lanterra to break ground on a 631-bed student housing development near the University of Central Florida (UCF) in Orlando. The estimated $95 million project is expected to be completed by summer 2027. The five-story, 304,969-square-foot development will rise within the Quadrangle Business Park and feature 177 units in layouts ranging from one- to six-bedroom configurations. Financing for the project was provided by PLT America Corp. and Sumitomo Mitsui Trust Bank.

EXPANSION: Cardinal Group surpasses 100,000 beds under management. Cardinal Group has crossed the 100,000-bed threshold in its national property management portfolio. “We never measured success on our bed count; we measured success on living out our mission: being the best place to work so that we can create amazing experiences for our residents,” said Alex O’Brien, CEO of Cardinal Group. “When you lead with values, invest in people, and never stop evolving, scale becomes a byproduct of doing things the right way.” To commemorate the achievement, Cardinal announced a $100,000 donation to the Hi, How Are You Project through the College Student Mental Health Coalition, furthering its commitment to community well-being and student mental health. “Reaching this milestone of 100,000 beds fuels our aspiration to create environments where future leaders not only reside but thrive,” added Jenn Cassidy, president of property operations and experience.

READ: Q2 2025 student housing report.

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STUDENT HOUSING FOR SALE

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435 Beds | 46.2% Pre-Lease Occupancy | 28.7% Current Occupancy | Avg. Unit Size: 1,132 SF

7 Buildings | 46 Units | NOI: $204,780 | Auction | Starting Bid: $500,000

Fully Stabilized For the ‘25-’26 AY | 100% Pre-Leased | 100% Bed-to-Bath Parity

114 Beds | 97% Occupied | 98.3% Preleased for AY ‘25-’26 | Built in 2019

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