IRVINE, CA – HFF announced today that it has been named to market for sale University Gateway (top left photo), a 1,656-bed student housing community with ground floor retail space adjacent to the University of Southern California (USC) in Los Angeles.
HFF is marketing the property on behalf of the seller, University Gateway Owner, LLC.
Completed in 2010, University Gateway has 421 units that are 82 percent pre-leased for the 2011-2012 school year. The eight-story building includes 79,209 square feet of ground floor retail space that is 98 percent leased to tenants including CVS, Chase Bank and a national grocer. The property has 770 on-site parking spaces and 440 additional exclusive spaces located in close proximity off-site. University Gateway is located at 3335 South Figueroa Street across Jefferson Boulevard from USC’s main campus.
The HFF team representing the seller is led by co-head of HFF’s national multi-housing group Sean Deasy (middle right photo) and managing director Mark Petersen. Also integral to HFF’s team is managing director Brian Kelly (bottom left photo), who oversees HFF’s student housing platform.
“The sale of University Gateway represents not only the largest single student housing project to hit the market both in terms of size/beds and estimated sales price, but it’s also a unique opportunity to acquire a core, urban infill multi-housing property located in coastal Southern California,” said Deasy.
University Gateway Owner, LLC, is a partnership among Urban Partners LLC, Real Estate Capital Partners, Blackstone Real Estate Advisors (BREA, an affiliate of the Blackstone Group), and RCG Longview Equity Fund, L.P.
Contacts:
Sean P. Deasy, Ca. Lic. # 00914616, HFF Co-Head, National Multi-Housing, (949) 253-8800, sdeasy@hfflp.com
Brian J. Kelly, HFF Managing Director, (317) 630-3191, bkelly@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 8523500 krmurphy@hfflp.com
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