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| Photo by Adrian Tiemens Fifty Twenty-Five Student Housing Project, San Diego, CA |
SAN DIEGO, CA -– HFF
announces it has closed the $92.5 million sale of Fifty Twenty-Five, a
260-unit/942-bed, Class A luxury student housing community serving San Diego
State University.
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| Sean Deasy |
HFF marketed the asset exclusively on behalf of FPA Multifamily, LLC,
and procured the buyer, Denver-based Cardinal Group Investments, LLC.
Completed in 2010, Fifty Twenty-Five is a LEED Gold-certified property
offering a mix of studio, two- and four-bedroom floor plans averaging 951
square feet with amenities, including
flat-screen televisions, high-speed internet, modern furnishings, full-size
washers and dryers, walk-in closets and fully-equipped kitchens.
The
community also features a resort-style swimming pool, 24-hour fitness center,
study rooms, 24-hour computer center, coffee bar, tanning bed, shuttle service
and 598-space parking garage. The property is situated less than one mile
from campus at 5025 Collwood Boulevard.
The HFF team included senior managing director Sean Deasy, senior
director Hunter Combs and director Scott Clifton.
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| Hunter Combs |
“The institutional quality of this asset coupled with
strong market fundamentals and exceptional enrollment growth at SDSU led to
robust activity on Fifty
Twenty-Five,” Combs said.
“SDSU currently receives more than 98,000
undergraduate and graduate applications per year and represents the third
largest university in California, which creates a sustained demand for housing
of this caliber.
"The property’s amenity package is student-tailored and
will continue to command top-tier rents in the marketplace.”
Holliday GP Corp. (“HFF”) is a
real estate broker licensed with the California Department of Real Estate,
License Number 01385740.
About FPA Multifamily, LLC
FPA Multifamily, LLC is a private equity real estate firm
focused on the acquisition, renovation and management of both core plus and
workforce housing apartment communities.
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| Scott Clifton |
Founded in 1985, FPA has owned
over 110,000 apartment units valued at over $12 billion.
FPA is currently
investing through its value-add focused FPA Apartment Opportunity Fund VI,
which will acquire approximately $1.8 billion of assets, and its core plus
focused FPA Core Plus Fund IV, which will acquire approximately $1.4 billion of
assets.
Headquartered in San Francisco, FPA also has offices in Irvine,
Portland, Denver, Minneapolis, Dallas and Atlanta.
CONTACTS:
HUNTER COMBS
CA Lic. #01771662
HFF Senior Director
(858) 812-2346
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403
