Dinerstein Cos. sold the Sterling 920 Terrace student housing property near Arizona State University in Tempe, Ariz., for $115 million to Coastal Ridge Real Estate, the Phoenix Business Journal reported, citing the Vizzda LLC real estate database.
Coastal Ridge entered into a ground lease with iStar Financial for $39 million, the report added, citing Vizzda records.
The 775-room apartment complex at 920 S. Terrace Road was completed by Dinerstein in 2018. It encompasses 4.58 acres and has 470 parking spaces in a six-story parking garage, along with 4,087 square feet of ground-floor retail, the report noted, citing Vizzda.
Vizzda senior researcher Brian Kern told the publication that the ground lease expires Aug. 31, 2118, and iStar will pay yearly fees to Coastal Ridge.
