OAK BROOK, Ill.--(BUSINESS WIRE)--Inland American Communities Group, Inc. (IAC), a wholly owned subsidiary of Inland American Real Estate Trust, Inc., announced today that it has acquired two brand new, purpose-built student housing communities in Arizona and Arkansas for a combined total of approximately $145 million. The properties include the HUB on Campus at Arizona State University (ASU) in Tempe, Ariz., purchased for approximately $103 million, and the Domain at Fayetteville at the University of Arkansas (UA) in Fayetteville, Ark., purchased for approximately $42 million.
“These two properties are great additions to our portfolio, and we are proud to introduce our University House brand to students at Arizona State University and the University of Arkansas,” said Travis Roberts, president of IAC. “As we expand into new markets, our continued strategy is to build our portfolio by breaking ground on new developments and purchasing recently opened properties at top-tier schools.”
HUB on Campus at Arizona State University
HUB on Campus, which will be rebranded as University House, is a 640-bed community that includes 21,842 square feet of ground-floor retail space and adjacent land for future development. Located along a high-traffic corridor at the north end of campus, across the street from Sun Devil Stadium and near the Mill Avenue entertainment district, the property’s prime location offers easy access to sports, entertainment and academics. In addition, its location on the light rail provides residents convenient access to classes at both the Tempe and downtown Phoenix campuses.
Outfitted with luxury amenities, the property features two resort-style pools, a clubroom with gaming systems, an indoor/outdoor fitness center, a 22-foot LED outdoor TV screen, a yoga and steam room, a tanning salon, outdoor grilling stations and indoor/outdoor study areas and conference rooms. The fully-furnished apartments include custom furniture, flat-screen TVs, stainless steel appliances, in-unit washer and dryer and private patios and balconies. The property is currently on schedule to be 100 percent occupied for the 2013/2014 school year.
Domain at Fayetteville at the University of Arkansas
The state-of-the-art, 654-bed Domain at Fayetteville community, which will be rebranded as University House, has completed construction and is 100 percent pre-leased for the 2013/2014 school year.
The new development is conveniently located within walking distance of the UA campus on the university shuttle route. Amenities include a luxury clubhouse with a game room, 24-hour fitness center, a resort-style pool, a theater room and outdoor kitchens with grilling stations. The fully-furnished apartments feature stainless steel appliances and flat-screen TVs, along with washers and dryers in every unit.
About Inland American Communities
Inland American Communities Group, Inc. (IAC) is a development, acquisition and management firm dedicated to the creation of authentic communities in university markets across the United States. IAC was formed in 2007 as a wholly-owned subsidiary of Inland American Real Estate Trust, Inc. The company is headquartered in Dallas. For more information on Inland American Communities, visit www.inlandac.com.
About University House Communities
Managed under the brand name of University House, Inland American Communities’ student housing communities serve residents in multiple markets across the country. University House Communities are dedicated exclusively to providing high quality, innovative living and learning solutions to college and university students. For more information, please visit www.universityhouse.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of March 31, 2013 Inland American owned 759 properties, representing approximately 45 million square feet of retail, industrial and office properties, 4,919 conventional multi-family units, 5,332 student housing beds and 16,407 hotel rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.