SAN DIEGO-New York City-based AIG Global Real Estate Investment Corp. has acquired a $56 million refinancing loan for the 260-unit Sterling Collwood student housing community here. Houston-based Dinerstein Cos. removed a former apartment complex in 2010, built a new complex and sold the property to AIG last year.
HFF placed a seven-year, 4.57% fixed-rate loan on the property through M&T, a refinance of Dinerstein’s construction loan. Dinerstein had purchased the former 163-unit Collwood Pines Apartments, a vacant property that was built in the 1970s on Collwood Boulevard, for $25.6 million in August 2008.
Now, the property is 99% leased as a luxury student housing complex, Zach Koucos with HFF tells GlobeSt.com. He says demand for the off-campus housing at San Diego State University is about 15,000 units more than what the area is providing. “The footprint of the campus is relatively small compared to student population,” Koucos says. “A lot of students want to live close to the campus, but there’s just not a lot of new product yet.”
He says the property has top-of-the-line amenities, including a resort-style pool, a fitness center, onsite bicycle storage and shuttle service to the college. The property is three residential buildings with studio, two- and four-bedroom furnished and unfurnished units averaging just more than 1,400 square feet each. Koucos was joined on the deal by HFF managing director Matthew Schoenfeldt and Zack Holderman.
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