Levin tells GlobeSt.com that the acquisition was approximately for $42.5 million and that the seller was Conquest Student Housing, which, since 1993, has been the premier housing provider for USC and UCSB students. Conquest Student Housing did not return GlobeSt.com queries by deadline.
Breakpointe consists of two buildings totaling 96 units, and is comprised of studio, one, two, and three-bedroom floor plans. Coronado consists of one building totaling 55 units, and is comprised of one, two, and three-bedroom floor plans. In total, the portfolio represents 113,815 rentable square feet and is currently 100% occupied for the 2009-2010 school year.
The properties were completely renovated in 2005 and 2007 and have had 100% occupancy each academic year since being upgraded, according to a prepared statement. The properties feature amenities including: swimming pools, secured/gated parking, fully renovated kitchens with upgraded appliance packages, state-of-the-art fitness centers at each property, key-card laundry facilities, and BBQ/picnic areas.
The properties are situated within walking distance of UCBS's main campus and less than 10 miles from Santa Barbara City College, resulting in, what the prepared release calls, "captive demand" of over 35,000 students. Intercontinental has retained Meridian Group as the property manager and leasing agent for the portfolio.
Levin points out that "The properties are well-positioned and demonstrate strong fundamentals due to a historic low market vacancy, limited developable land, increasing tenant demand and their close proximity to campus and amenities." She adds that it is an "attractive investment opportunity for US REIF and further expands our west coast presence."
Intercontinental has developed, managed and owned more than $6 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental owns and manages a portfolio in excess of $2.4 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
