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Campus living in the Arizona sunshine. The best of both worlds...higher learning and a wonderful quality of life. Arizona State University provides students of all ages with scholastic, athletic, and vocational choices that mirror life in the Valley Of The Sun-- limitless growth and sound investment.
The face of our local campus housing is amidst a transformation...
As of 2006, Arizona State University (ASU) provides the state with the largest college campus, with a student enrollment of approximately 60,000. However, student housing has not caught up to the growth of the student body, leaving ASU ranked as 2nd in the nation's University's housing shortage with only 5500 units available.
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The Numerology Of Investing
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The Arizona State University - Light Rail Connection.
A joining of communities, through passing of Proposition 400, private funding from Investors, and the commitment from Phoenix and Tempe Mayors and the collective governing body of ASU, an unprecedented expansion of the college campus was put forth. The long-standing campus is located in Tempe, but a new "Capitol Campus" stands in downtown Phoenix.
 
The thought behind the construction is to take the inherent charm and character of an existing historic sector well-planted in the downtown area, and blend today's architectural innovations within the hardscape-- creating a sought after dichotomy mirroring other college towns found in Georgia, Chicago, and Toronto.
Phoenix Light Rail - Bringing It All Together
In direct line with the Capitol Campus, Phoenix's Light Rail System will provide university students, urban professionals, enthusiasts of culture, and tourists easy access to education and entertainment venues between downtown Phoenix and Tempe, the first phase set to open in December of 2008.
The new model of rapid transit is like the L-Train in Chicago and Charlotte, and in theory should replace the need for a 6-lane freeway, carrying 12,000-15,000 people per hour. The Light Rail will operate 18-20 hours a day, with stops taking place every 10-20 minutes.
The $1.4 billion project from inception to completion will lay out 20 miles of track, connecting the downtown Phoenix area, joining Tempe, and Mesa with extensions to run West along the (I-10) Freeway to 79th Avenue, North to the Glendale Arena and Jobing.Com Football Stadium, in addition to the North Phoenix quadrant up to the Paradise Valley Mall near the (51) Freeway. |
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Close to the downtown college expansion are historically designated homes, duplexs, and triplexs. Along with university departments purchasing and renovating existing properties is the BioResearch Center along 7th Street and Central Avenue.
The Walter Kronkite School Of Journalism is expected to bring in 1000 additional undergraduates initially, with a total of 15,000 students taking part in courses taught downtown by the year 2015. Taylor Place Towers are currently under construction, with completion of both buildings set for 2009, housing a total of 1300 students.
Total ASU campus enrollment is projected to reach 90,000; the aforementioned student figures do NOT reflect the additional faculty, administrators, and other employees of the University.
The discrepancy in numbers is evident. The opportunity screams Common Sense.
Historic areas in downtown Phoenix are within 10 minutes of Sky Harbor Airport, the upscale Biltmore shopping area and golf resort, the Central and Camelback Corridors which are core business districts. Price points are between $130000*-$500000* depending on the location and amount of units therein. As an example, Rents are typically $1100 - $1800 for 2-3 bedroom homes, with historic district as a factor.
The timing for investment purchase here is optimum. Aside from the inherent benefits based on location and price, marketability is at a premium as more people are rethinking their residences in the outskirts of the city and desiring a move back to the center of town. With the housing crisis near bottom, more people are losing their current home ownership-- converting back to Tenants. These Tenants can rework their credit within and 18-month to 2 year period (should they choose) and be viable Buyers for your property... which fits into the mandatory minimum 1031 Exchange timeline.
For more information on investment opportunities surrounding ASU's expansion or the Central Corridor, feel free to contact me via email at MStern@RealtyOneAZ.com, or call (602) 692-8566.
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