La Verne, Calif.—KTGY Group Inc. is providing the design for a new 103,255-square-foot mixed-use retail and student housing building at the University of La Verne. Hanover Pacific LLC is developing the property, which will be erected on the former site of the campus parking lot. The new building will add 378 beds and approximately 8,300 square feet of ground floor retail for a new university bookstore. A groundbreaking ceremony is planned for the end of March.
“This project will be an asset to ULV well into the future not only because it will bring new student housing to the campus, but also because of KTGY’s design and attention to building function,” says Robert Y. Kim, managing director of Hanover Pacific LLC. “Both the unit and building design encourages student interaction within the units but also among different floors with the use of shared common areas, differently programmed lounges and ample study areas on each floor.”
The unit layout includes a combination of single- and double-occupancy bedrooms and a living space. The majority of the 68 units are four-bedroom units that serve six students. David Senden, a principal with KTGY Group Inc, is the project’s lead designer.
Education Realty Trust grabs two communities next to UVA
Charlottesville, Va.—Education Realty Trust Inc. has purchased two student housing communities next to the University of Virginia from Wade Apartments, one of the largest owners of student housing in Charlottesville. The properties, Wertland Square and Jefferson Commons, are currently 100 percent occupied and 100 percent pre-leased for the 2011/2012 school year. The aggregate purchase price was $23 million.
“We are pleased to be further investing at a dynamic university such as UVA,” says Randy Churchey, president and chief executive officer of Education Realty Trust. “These properties have formidable barriers to entry which should yield long-term value for our shareholders. We hope to collaborate with Wade Apartments on other opportunities, including possible future development projects.”
Werrtland Square is a 50-unit mid-rise apartment complex with two- and four-bedroom apartments. The property opened in 2006 and has 152 beds. Jefferson Commons opened in 2007 with 82 beds in 22 unfurnished apartments. Both communities are within walking distance to campus.
Education Realty Trust and Wade Apartments are tinkering with the idea of developing a piece of land owned by Wade Apartments next to campus that could yield more than 300 beds for student housing.
NorthMarq Capital arranges $15.5M mortgage for apartment property in San Diego
San Diego, Calif.–Bill Johnson, senior vice president and managing director of NorthMarq Capital’s Boca Raton Regional office, arranged first mortgage financing of $15.5 million for The Hills Apartments, a 224-unit multifamily property located at 15095 Via Hondonado in San Diego.
Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.