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Excelsior LaSalle Takes $200M Student Housing

CHICAGO-Excelsior LaSalle Property Fund has closed on four student housing properties for $148.5 million and will close on the fifth in the next few weeks.

By Gina Kenny | Updated on January 17, 2008

(Read more on the multifamily market.)

CHICAGO-Excelsior LaSalle Property Fund, based here, is buying a five-property student housing portfolio. The fund, which is advised by Chicago-based LaSalle Investment Management, is acquiring the portfolio from FortGroup Development Corp., based in St. Augustine, FL. The fund has already closed on four of the properties with a total acquisition price of $148.5 million. Once the fund closes on the fifth property, the total portfolio acquisition price will be almost $200 million, says Dorothy Jackman, a senior associate in Marcus & Millichap Real Estate Investment Services’ Tampa office. Sources say the yet-to-be-closed property is the 312-unit Campus Lodge in Lutz, FL.

The portfolio has a total of 1,524 units and more than 4,500 beds. Besides the Lutz property, the portfolio includes the 504-unit Cabana Beach at 1601 SW 51st Terrace, Gainesville, FL; the 276-unit Cabana Beach at 1250 Sadler Dr., San Marcos, TX; the 192-unit Campus Lodge at 2900 Old Highway 63 South, Columbia, MO; and the 240-unit Lodge of Athens at 211 North Ave., Athens, GA. Campus Lodge is 85% occupied, Cabana Beach – San Marcos is 90% occupied, and the Athens property is 95% occupied, according to sources. Analysis for the other two properties was unavailable.

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