(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
LOS ANGELES-University Gateway Owner LLC has placed its 1,656-bed University Gateway mixed-use student housing and retail project adjacent to USC up for sale and has named HFF to market the property. The owner is a joint venture of Los Angeles-based Urban Partners, Real Estate Capital Partners, Blackstone Real Estate Advisors and RCG Longview Equity Fund.
Completed in 2010, University Gateway comprises 421 units that are 82% pre-leased for the 2011-2012 school year. The eight-story building includes 79,209 square feet of ground floor retail space that is 98% leased to tenants including CVS, Chase Bank and a national grocer. The property has 770 on-site parking spaces and 440 additional exclusive spaces located off-site. The property is at 3335 S. Figueroa St., across Jefferson Boulevard from USC’s main campus.
The HFF team representing the seller is led by co-head of HFF’s national multi-housing group Sean Deasy and managing director Mark Petersen. Also on HFF’s team is managing director Brian Kelly, who oversees HFF’s student housing platform.
Deasy, in HFF’s announcement regarding the listing, commented: “The sale of University Gateway represents not only the largest single student housing project to hit the market both in terms of size/beds and estimated sales price, but it’s also a unique opportunity to acquire a core, urban infill multi-housing property located in coastal Southern California.”
HFF did not name an asking price for the property, for which the Los Angeles office of HFF arranged financing of $167.5 million, according to a GlobeSt.com report in 2008. That report said that the $167.5 million included a construction loan and joint venture equity for the project.
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