Safehold Closes Third Ground Lease in Phoenix Area for $54 million
Safehold Inc. (NYSE: SAFE) has successfully closed its third ground lease in the Phoenix MSA for $54 million, facilitating the acquisition of Rise on Apache, a Class A student housing property located near Arizona State University. This transaction, completed in December 2021, is Safehold's second student housing ground lease in Tempe, AZ. Rise on Apache is a 15-story building featuring 384 units and 833 beds, with high-end amenities. Tim Doherty, Head of Investments, expressed excitement over the partnership with Invesco as a new customer.
- Closed a $54 million ground lease in Phoenix, enhancing market presence.
- Second ground lease for student housing in Tempe, indicating growth in that sector.
- Rise on Apache features high-end amenities, potentially attracting quality tenants.
- None.
NEW YORK, Feb. 11, 2022 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, announced the closing of its third ground lease in the Phoenix MSA for
"We are gaining momentum in the Phoenix market," said Tim Doherty, Head of Investments. "We are very excited to welcome high quality sponsor Invesco as a new customer and we look forward to the opportunity to expand our relationship going forward."
Rise on Apache is a 15-story property comprised of 384 units with high-end finishes and a total of 833 beds. The property features top of market outdoor amenities including an expansive rooftop deck, pool, hot tub, outdoor grills, running track, and JumboTron. Additionally, best in class indoor amenities include a large fitness center, golf/ski simulator, rock-climbing wall, game lounge, and sauna. Rise on Apache is walking distance to the Arizona State University campus and is well located with nearby entertainment, retail, and restaurants.
About Safehold:
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.
Client Contacts:
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SOURCE Safehold
