Intercontinental Snags Portfolio for Under $43M

SANTA BARBARA, CA-Boston-based Intercontinental Real Estate Corp. has acquired Breakpointe and Coronado, a 151-unit student housing portfolio located in the community of Isla Vista, approximately three blocks from the main campus of the University of California, Santa Barbara. The acquisition, made on behalf of Intercontinental’s US Real Estate Investment Fund, was originated out of Intercontinental’s Los Angeles office and was led by Jessica Levin, director of acquisitions.

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.