Roosevelt Point

Arizona State University asked CEI to develop housing and retail for its expanding downtown campus. CEI acquired the site from a bankruptcy estate and served as general partner and developer in a venture with Education Realty Trust (EDR) as limited partner. CEI secured construction financing from US Bank (70/30) and obtained a Government Property Lease Excise Tax (GPLET) — a full property tax abatement for 8 years followed by a partial abatement tail. The property was delivered on time and on budget. Although considered a pioneering location at the time, this intersection is now the densest in downtown Phoenix. CEI exited at a 5.5% cap with a project value of $67M. EDR held its position until acquired by Greystar in 2018, who sold the property in September 2022 for $118M at $2.44 PSF and 99.7% occupancy.