Tempe, AZ (PRWEB) July 15, 2014
Denver-based Consolidated Investment Group (CIG), a privately held investment company focusing on real estate, capital markets and philanthropic initiatives, recently acquired a 225-unit, 640-bedroom student housing property that was built in 2010 and is located near Arizona State University in Tempe, Arizona. Formerly known as Block 1949, CIG has already renamed the property to Regents on University.
The facility already includes a pool, fitness room, and coffee bar with lounge area. CIG’s Vice President of Real Estate, Tim Bertoch says, “This property presents a unique opportunity for us to add value through improved management, capital improvements, and a complete re-branding of the building.” Bertoch added, “We are focused on immediately implementing our improvement plan which will establish Regents on University as one of the premier student living experiences in Tempe.”
This improvement plan includes new pool furniture with a full outdoor kitchen/bar area and cabana seating space, a new game room that includes a shuffleboard table and 80 inch television with full gaming capabilities, an added study room with all new computer and printing stations, a new tanning bed area, a community fire pit with seating area, an additional fitness room with all new equipment as well as completing updates to the leasing center and coffee bar and lounge area.
Regents on University’s management plans to have the building leased-up in conjunction with the start of ASU’s fall semester. The acquisition is part of a joint venture between CIG and CWS Capital Partners which comprises a portfolio of over 5,000 units and includes the Regents branded student living communities serving the UT campus in Austin, Texas.
About Consolidated Investment Company
Consolidated Investment Group (CIG) is an entrepreneurial investment company that manages a diverse portfolio valued in excess of $1.5 billion. Since 2003, CIG has actively invested in private equity, capital markets, real estate, and philanthropy. The company’s mission is to preserve and grow its shareholders’ capital for current and future generations and to support their philanthropic endeavors. It accomplishes this through innovative processes and a results-oriented team. CIG is committed to an environment founded on high ethical standards that puts its people first, fosters collaboration, and inspires dedication. CIG invests domestically and internationally through operating partners, direct investment, and opportunistic funds. To learn more about CIG, visit http://www.ciginvest.com.