Student Housing Portfolio Adjacent to ASU Sells for $10,381,000

Published on January 14, 2013

PHOENIX  – Cassidy Turley, a leading commercial real estate provider in the U.S., announced that it completed the sale of University Properties Lemon Street Portfolio, a three property, 232-unit student housing community just east of Arizona State University for $10,381,000 ($44,746 per unit/$38 per land foot). The buyer was Lemon Street 232, LLC (Los Angeles) and the seller was Lemon Street Equity Partners, LLC (Scottsdale). Executive Vice Presidents David Fogler and Steven Nicoluzakis with Cassidy Turley Arizona’s Multi-Family Group brokered the transaction.

Built in 1964 and 1965, the 6.12-acre property included rental units at 919, 1011 and 1019 E. Lemon Street. The new owner intends to continue operating the project as student housing rental units. In-place entitlements would allow for re-development of up to 478 units and/or 1,632 beds with an allowable height up to 180 feet.

For additional information contact Cassidy Turley Arizona at 602.954.9000 or visit

About Cassidy Turley

Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit for more information about Cassidy Turley.

Cassidy Turley provides regional real estate services with local market leader Cassidy Turley Arizona. The company offers brokerage investment and advisory services in office, industrial, retail, multi-family, land and property management. The firm has completed over $9.8 billion in transactions since 2003 and was the No. 1 ranked Commercial Real Estate Brokerage Company in the Phoenix Business Journal’s 2010 and 2012 Book of Lists. For more information on Cassidy Turley Arizona visit or call 602.954.9000. 


Alison Melnychenko


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