SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $92.5 million sale of Fifty Twenty-Five, a 260-unit/942-bed, Class A luxury student housing community serving San Diego State University.
HFF marketed the asset exclusively on behalf of FPA Multifamily, LLC, and procured the buyer, Denver-based Cardinal Group Investments, LLC.
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 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 included senior managing director Sean Deasy, senior director Hunter Combs and director Scott Clifton.
“The institutional quality of this asset coupled with strong market fundamentals and exceptional enrollment growth at SDSU led to robust activity on Fifty Twenty-Five,” Combs said. “SDSU currently receives more than 98,000 undergraduate and graduate applications per year and represents the third largest university in California, which creates a sustained demand for housing of this caliber. The property’s amenity package is student-tailored and will continue to command top-tier rents in the marketplace.”
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About FPA Multifamily, LLC: FPA Multifamily, LLC is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and workforce housing apartment communities. Founded in 1985, FPA has owned over 110,000 apartment units valued at over $12 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VI, which will acquire approximately $1.8 billion of assets, and its core plus focused FPA Core Plus Fund IV, which will acquire approximately $1.4 billion of assets. Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Minneapolis, Dallas and Atlanta.
About Cardinal Group: Cardinal Group Companies is a fully integrated real estate investment, construction, development and management firm specializing in opportunistic and value-added investments throughout the United States. The firm acts as a sponsor of private equity real estate partnerships and provides asset management services through its investment company Cardinal Group Investments, property management through its management affiliate Cardinal Group Management, and construction management through its affiliated construction management company, Highside Construction Management. Cardinal has earned a reputation for creating vibrant multifamily and mixed-use communities incorporating signature design, high-quality finishes and market leading amenities. The company combines a highly analytical approach with hands-on management to deliver superior risk-adjusted results for investors and clients.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.