SAN DIEGO—FPA MultiFamily LLC, of San Francisco has agreed to pay $69.5 million for Fifty Twenty-Five, a 260-unit, 942-bed, class A luxury student housing community serving San Diego State University. Holliday Fenoglio Fowler, (HFF) which marketed for an undisclosed seller announced the sale on Thursday.
Completed in 2010, Fifty Twenty-Five is a LEED Gold-certified property offering a mix of studio, two- and four-bedroom floor plans averaging 951 square feet each with amenities including flat-screen televisions, high-speed internet, modern furnishings, full-size washers and dryers, walk-in closets and fully-equipped kitchens. The community also features a resort-style swimming pool, 24-hour fitness center, study rooms, 24-hour computer center, coffee bar, tanning bed, shuttle service and 598-space parking garage. The property is situated less than one mile from campus at 5025 Collwood Boulevard.
The HFF team was led by directors Hunter Combs and Zack Holderman.
"This closing represents yet another successful transaction for HFF's national student housing team, which is led by managing director Brian Kelly and associate director Mike Higgins from HFF's Chicago office. In addition to California, HFF has closed deals in locations such as Kansas, Illinois, Ohio, Michigan, Louisiana and Florida during the past year," said Combs.
Founded in 1985, FPA (Fowler Property Associates) MultiFamily, LLC (FPA) is a real estate investment firm utilizing institutional private equity for apartment investments. The firm has transacted on approximately 75,000 apartment units valued in excess of $6 billion and realized investments on more than 260 buildings in excess of 48,000 units for more than $3 billion. FPA and its affiliated management and general contracting companies employ more than 95 professionals and 680 onsite employees who together operate a portfolio of approximately 25,000 apartment units valued at $2.6 billion.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
