Tempe (February 1, 2024) — In a landmark transaction, the Sleep Inn, located in Tempe, AZ has been acquired by a prominent student housing developer, marking the beginning of an exciting new chapter for the property.
The 72-room hotel, strategically situated on 1.38 acres, has been sold to a visionary developer, who plans to demolish the existing structure and erect a state-of-the-art, 7-story student housing complex boasting 479 bedrooms. The property’s prime location, directly across from Arizona State University (ASU), underscores its potential to meet the growing demand for student accommodations in the thriving Tempe area.
ASU, one of the nation’s largest and most dynamic universities, continues to experience remarkable growth. With over 57,000 total enrolled students at ASU’s Tempe location, this strategic development aligns with the increasing demand for high-quality student housing options in proximity to the university, providing a convenient and modern living experience for the student population.
The culmination of this transformative deal required an extensive two-year effort, involving meticulous planning, patience, and collaboration among all stakeholders. The project navigated through zoning approval processes and addressed various complexities associated with the rezoning and vacating of the existing business. The removal of all furniture, fixtures, and equipment (FF&E) was executed with precision, allowing the new owners to commence demolition on schedule.
Ryan J. Bodine of NewGen Advisory, the driving force behind this successful transaction, expressed his satisfaction stating, “This deal has been in the works for 2 years and it required a lot of patience, diligence, and cooperation amongst everybody. A deal of this size with so many complications surrounding not only the rezoning process, but the vacating of the business and removal of all FF&E in time for the Buyers to begin demolition on time really took a team effort. Congrats to everyone involved!”
This conversion from a hotel to a student housing development stands as a testament to the resilience and adaptability of real estate in meeting the evolving needs of the community. The success of this venture underscores the importance of strategic planning and collaboration in navigating complex real estate transactions.
For further information or media inquiries, please contact us or Ryan J. Bodine at ryan.bodine@newgenadv.com.