June 28, 2012—Campus Acquisitions Pays $3.4M for Student Housing Tower Site

COSTAR GROUP
By: Karen Schutte
June 15, 2012

Campus Acquisitions Holdings purchased the 29,495-square-foot lot at 1020 – 1042 N. Tyndall for $3.39 million, or about $5 million per acre. The lot previously had a 12,000-square-foot apartment building that was constructed in 1943, and that had been razed prior to the sale for development of the 586-bed, 14-story student-housing tower.

The property was rezoned to allow for the mid-rise construction while in escrow. This will be a redevelopment of the property to accommodate the new building, which is expected to open in August 2013.

The seller was the Marshall Foundation. Both buyer and seller were self-represented.

The buyer was attracted to the property because of its location near the University. The buyer is in planning stages to construct a second tower on North Park Avenue south of Speedway for fall 2014.