University of Chicago Lists 676 Units for Sale
- May 19, 2015
Chicago—HFF has landed a hefty marketing contract in Chicago. University of Chicago retained the firm to market a 19-property, 676-unit portfolio (plus two land sites) in Chicago. Offers will only be accepted for the portfolio it its entirety.
The properties consist of University of Chicago graduate student housing and faculty/staff buildings that are more than 95 percent occupied. In total there are 883 beds. The properties are in Hyde Park and Kenwood—within walking distance to campus and six miles south of Chicago’s CDB.
HFF’s managing director Brian Kelley and associate directors Michael Higgins and Wickliffe Kirby will lead up the sales initiative.
Bascom buys in Long Beach
Long Beach, Calif.—The Bascom Group has acquired Rose Villas Apartments, an 18-unit community located at 1207 Rose Avenue in Long Beach, Calif. A $2.7 million sales price equates to $150,321 per unit.
The transaction was the third acquisition under Bascom’s new private capital platform, which is focused on buying smaller, value-add assets in Southern California with accredited investors. Debt financing was provided by CTBC Bank Corp. (USA). Mashcole Property Management has been hired for third party property management. Kevin Kawaoka with NAI Capital represented both sides in the transaction.
Hamilton Point buys two properties for $41.2M
Old Lyme, Conn.—Hamilton Point Investments LLC announced the acquisition of two apartment properties for $41.2 million. Hunterstone Apartments, a 288-unit apartment community built in 2006, is located in Leland, N.C., a suburb of Wilmington, Del. Riverchase Apartments is a 216-unit apartment property that was built in 2001 and is located in Indianapolis. The company plans to complete modest interior upgrades at both properties over the coming year, as occupied units roll over.
The two properties were acquired by HPI Real Estate Opportunity Fund III LLC. The $80 million private equity fund closed to new investors in December 2014 and has acquired 11 multifamily apartment properties for $242 million. The fund is now fully invested and the Old Lyme, Conn.-based firm is currently raising the $100 million HPI Real Estate Opportunity Fund IV LLC. The company will begin investing that equity in June 2015, with two properties under contract.