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| Annie Rice |
LOS ANGELES, CA – JLL Capital Markets has secured a $36 million acquisition financing for Varsity Berkeley, a mid-rise student housing complex.
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| Varsity Berkeley, Berkeley, CA |
JLL worked on behalf of the borrower, Hawkins Way Capital LLC, in acquiring the two-year, floating-rate loan through Limekiln Real Estate Investment Management.
JLL Capital Market’s Debt Advisory team representing
the borrower was led by Managing Directors Brandon Smith
and Annie
Rice and Director Gyasi Edmondson.
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| Brandon Smith |
The property will be operated as the FOUND Study
Downtown Berkeley and will be managed by FCL Management, an operator of
successful properties across select cities in the U.S., aligning with Hawkins
Way Capital's strategy to maximize value in prime student housing markets.
Varsity Berkeley, located at 2024 Durant Ave., is
situated just two blocks from UC Berkeley, a thriving campus with over 45,000
students and a recent 26.2% surge in enrollment.
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Gyasi Edmondson
|
This prime location offers exceptional accessibility to a diverse array of shops, galleries, restaurants, theaters and community venues, boasting both a Walk Score and Bike Score of 96. The property's convenient setting also places residents only 15 miles from San Francisco, easily accessible via BART.
Berkeley's real estate market is characterized by high
demand and limited supply, with over 60% of households renting and average home
prices reaching $1.5 million.
This competitive environment, coupled with Berkeley's
proximity to major employment hubs and the prestigious UC Berkeley campus, has
resulted in consistently low vacancy rates below 5% and strong annual rent
growth exceeding 3.5% since 2018, making it an attractive location for real
estate investment.
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| Ross Walker |
"We are thrilled to have secured financing for
Varsity Berkeley, a prime student housing asset in one of the nation's most
competitive real estate markets. This acquisition, marking our company's fifth
in Northen California, aligns perfectly with our strategy to create strategic
value in markets where student housing demands continue to grow,” said Ross
Walker, Managing Partner of Hawkins Way Capital. “We're confident that FCL
Management's expertise will help us unlock the full potential of this
high-performing property as we continue to expand our portfolio."
For more news, videos and research resources, please
visit JLL’s newsroom.
Jones
Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed
with the California Department of Real Estate, license #01223413.
CONTACT:
Gréta Kieras,
Senior
Associate
Public
Relations
Phone: +1 949 930 8498
Email: greta.kieras@jll.com
