DEAL OF THE DAY: Student Housing on West Coast Sold for $45M

By Anuradha Kher, Online News Editor Riverside, Calif.–GMH Capital Partners recently arranged the sale of the GrandMarc at University Village, a 212-unit, Class A apartment complex in Riverside, Calif., for $45 million.Kayne Anderson, a Los Angeles-based investment company, purchased GrandMarc at University Village. The property consists of eight four-story apartment buildings and one single story leasing office/clubhouse. It includes 212 units with 760 beds, totaling 277,724 sq. ft. of net rentable area. GrandMarc at University Village was completed in 2001 to house students at The University of California, Riverside. The community features one-bedroom/one-bathroom, two-bedroom/two-bathroom, three-bedroom/three-bathroom and four-bedroom/four-bathroom apartments with an average unit size of 1,310 sq. ft.”GrandMarc’s proximity to The University of California, Riverside is ideal,” says Bill Tourtellotte, senior vice president of Investment Services for GMH Capital Partners. “Due to the property’s prime location, high functionality and attractive design with great tenant amenities, the buyer saw GrandMarc as a rare opportunity to purchase a top-quality property with a substantial upside.”Other community features include a resort style pool with sundeck and spa, fitness center and outdoor track, entertainment room, computer lab, study center, multimedia room, tanning booth, gas grills and paved half-court basketball. Each unit is fully furnished and contains washer and dryer, kitchen appliances, balcony/porch, private bedrooms and bathrooms, Internet connection, digital satellite TV and individual leasing.