By Alex Girda, Associate Editor
A garden-style student housing complex in San Luis Obispo was recently acquired, following a successful financing operation. Buyer Reliant Group received acquisition financing totaling $65.5 million for the purchase of Mustang Village, arranged by CBRE Capital Markets’ Debt & Structured Finance.
Led by Andrew Behrens and Jesse Webber of CBRE’s San Francisco office, the team arranged the 10-year, floating rate loan with the help of Fannie Mae.
Located at 1 Mustang Drive in San Luis Obispo, the multifamily property consists of 514 units, or 1,006 beds. The asset offers village-inspired community amenities such as barbecue areas with grills and tables, two swimming pools, fitness facilities, computer lab, and TV room.
Like most student housing markets, the area is “supply constricted” and there is “an extreme shortage of viable student housing,” Jesse Weber pointed out.
Image courtesy of cbre.us