New York firm scoops up Tempe student housing complex in $125M deal

Article originally posted on Phoenix Business Journal on December 5, 2025

A 285-unit student housing complex has sold for $125 million near Arizona State University’s Tempe campus.

Park Place Tempe was acquired by SP Cardinal Tempe Owner LLC, an entity connected to New York-based investment firm Stonepeak, according to Tempe-based real estate database Vizzda LLC.

The seller was New York-based Park7 Group, a real estate development company with a portfolio of student housing communities, including Park Place Flagstaff.

Neither Stonepeak or Park7Group responded to a request for comment.

The Tempe off-campus housing complex was built in 2020 on about 4 acres of land at 1317 S. Terrace Road, less than a mile from ASU’s campus and near the light rail, according to Vizzda.

Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2025/12/05/off-campus-student-asu-apartments-sale.html