San Diego Student Housing Changes Ownership
- Mar 13, 2019
HFF has secured the sale of Fifty Twenty-Five, a 942-bed student housing community in San Diego. The company worked on behalf of FPA Multifamily LLC and procured the buyer, Cardinal Group Investments LLC, which acquired the asset for $92.5 million. According to Yardi Matrix data, FPA purchased the property in 2015 for $69.5 million, from AIG Global Real Estate.
The three four-story buildings sit on approximately 7 acres at 5015 Collwood Blvd. Serving San Diego State University (SDSU), the community offers convenient access to the college, situated 1.2 miles away. Various dining, shopping and entertainment venues including McDonald’s, Aztec Tennis Center, Tony, Gwynn Stadium, Clay Park and Vons are nearby.
Built in 2010, Fifty Twenty-Five features a mix of 260 studio, two- and four-bedroom units ranging from 398 to 1,476 square feet. In-unit amenities include full-size washer/dryer, walk-in closets and fully-equipped kitchens. Students can make use of common-area amenities including free Wi-Fi, a resort-style swimming pool, fitness center, business center, study rooms, computer center, coffee bar, tanning bed, clubhouse and basketball court. Additionally, a shuttle service and 598 parking spaces are available.
Senior Managing Director Sean Deasy, Senior Director Hunter Combs and Director Scott Clifton were part of the team that represented the seller. In February, Deasy and Combs represented LaSalle Investment Management in the sale of a 333-unit apartment community in La Jolla, Calif.
“The institutional quality of this asset coupled with strong market fundamentals and exceptional enrollment growth at SDSU led to robust activity on Fifty Twenty-Five,” Combs said in a prepared statement. “SDSU currently receives more than 98,000 undergraduate and graduate applications per year and represents the third largest university in California, which creates a sustained demand for housing of this caliber. The property’s amenity package is student-tailored and will continue to command top-tier rents in the marketplace.”
Image courtesy of Yardi Matrix