Riverside, Calif.—Education Realty Trust Inc. has completed the full ownership purchase of University Village Towers, a 554-bed student housing community adjacent to the University of California, Riverside in Riverside, Calif. The company used cash on hand to purchase the 90 percent interest held by its joint venture partners on the property for approximately $34.3 million.
University Village Towers was built in 2005 and features a unit mix of furnished one-, two-, three- and four-bedroom apartments. Community amenities include a pool, fitness center, tanning beds, outdoor kitchen and internet access.
The asset is currently 87 percent pre-leased for the 2011-2012 school year. The purchase price represents a 6.3 percent cap rate expected on the next twelve month’s operating income. Enrollment at UC Riverside has grown more than 5 percent per year for the last three years.
NorthMarq Arranges $30.6M for Las Vegas Community
Las Vegas—NorthMarq Capital’s Los Angeles regional office has arranged permanent financing of $30.6 million for Coronado Bay Club Apartments. The 346-unit Class A community was built in 2005 and is located a few miles south of the Los Vegas Strip.
The sponsor, Watt Companies Inc., owns commercial and residential properties throughout the Southwest. The seven year fixed rate loan was arranged by NorthMarq senior directors Mike Elmore and Ory Schwartz with Freddie Mac. The note was fixed at 4.14 percent.
Greenwich Village 30-unit building hits sales block for $10.95M
New York–A prime West Greenwich Village apartment building at 227-29 Waverly Place, situated directly across from The Rudin family’s proposed mixed-use luxury development at St. Vincent’s, is on the market for sale jointly through Eastern Consolidated and Massey Knakal priced at $11million.
Eastern Consolidated’s Alan P. Miller, senior director, principal and Paul J. Nigido, financial services, with Massey Knakal’s James Nelson, partner, are offering the six-story, 17,000-square-foot, 30-unit residential property which also features two commercial units.
“Enhancing the value of this property is its close proximity to the proposed Rudin luxury development site, situated diagonally across from the 227-29 Waverly,” says Miller.
The Rudin development will be a $800+ million, 590,000-square-foot residential complex with 450 units, 10,000 square feet of ground floor retail, 20,000 square feet of medical office, 15,000 square feet of public spaces, and a 152-space on-site parking garage.
Offering very unusual protected natural light on all four sides of the building, the building is located between Perry Street and West 11th Street, on one of the Village’s most historic streets. The rear of the building is exposed as it fronts on Seventh Avenue South offering rare light into the back apartments. It is also in close proximity to a wide variety of public transportation options.