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SAN LOUIS OBISPO, CA-The Denver-based student housing REIT Apartment Investment and Management Co. and the California State Teachers' Retirement System have acquired the Mustang Village apartment complex here for $70.75 million. The 514-unit property sits adjacent to California Polytechnic State University.
Mustang Village consists of 39 buildings on 21 acres. The unit mix ranges from studios to townhomes. Amenities include two heated pools with sun decks, a lighted basketball court, four separate fitness centers, an on-site convenience store and a 1.2-acre park.
Located at One Mustang Dr., the garden apartment-style community is not only adjacent to California Polytechnic but also sits near Cuesta College. The combined enrollment at the two schools is 28,150.
A source at Cal Poly tells GlobeSt.com its residence halls accommodate roughly 2,700 students in traditional dormitory-style units. The university plans to double that total with a project set to break ground this fall and completion in phases over the next four years.
The acquisition was made on behalf of a $225-million equity fund created by Aimco and CalSTRs that makes strategic investments in student-related properties. An Aimco executive could not be reached Wednesday afternoon for further comment on the fund.
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