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

Park Place Tempe, a 285-unit student housing complex, sold for $125 million near Arizona State University’s Tempe campus.

BY HELENA WEGNER/PHOENIX BUSINESS JOURNAL

Dec 5, 2025, 6:15 PM

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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.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.