Crown Acquisitions Secures $50M CA Student Housing
- Mar 15, 2018
Crown Acquisitions Inc. has acquired College Square, a 486-bed student housing community, for $50.3 million. The property is about a mile from the University of California, Davis, just west of Sacramento.
College Square is a garden-style community originally developed in phases during the 1960s, totaling 240 units. Common amenities include three resort-style swimming pools with furnished sundecks, fitness center, business center with Wi-Fi, a study lounge, outdoor grills and picnic areas. There are also two 24-hour onsite laundry facilities.
The Orange County, Calif.-based Crown Acquisitions says it plans capital improvements to College Square. These include, but are not limited to, fully furnished and renovated units, an expanded fitness center, a new study lounge, fire pits, pool amenities, and landscaping improvements, with a focus on water conservation. The community is currently undergoing a rebrand.
The deal marks the second student housing purchase by Crown Acquisitions within the last six months, adding 791 beds to its student housing portfolio. “The opportunity allows us to further enhance and diversify our product offerings, while continuing to expand our relationships within the real estate community,” said Crown Acquisitions CEO Chris Mitchell.
The buyer has selected Campus Advantage, a major student housing operator in the United States, to manage the asset. The deal was financed with a new Freddie Mac loan secured by Berkadia Student Housing senior managing director Peter Benedetto and associate director Aaron Moll.