| University Gateway at 3335 S. Figueroa St. (Urban Partners) |
November 18, 2012, 11:15 a.m.
University Gateway, high-end private student housing across the street from USC, has sold for more than $200 million to a Wisconsin public employees pension fund.The eight-story complex at 3335 S. Figueroa St. was completed in 2010 by Los Angeles developer Urban Partners, which owned it with real estate investors RCG Longview and Blackstone Real Estate Advisors. Its appraised value prior to the sale was $89 million, according to real estate data provider CoStar.
University Gateway has 421 units with 1,656 beds available for rent. The residences are 96% leased, according to real estate brokerage CBRE Group Inc., which helped arrange the deal. The complex also has shops and restaurants on the ground floor.
The price set a new national benchmark for the sale of a single student-housing complex, said Ryan Reid, head of student housing sales at CBRE. ?Urban Partners developed a high-quality asset in an irreplaceable location,? he said.
Students pay about $1,000 a month per bed to live at University Gateway. Amenities include a fitness center, rooftop terraces and a soundproof study room.
Chicago-based Blue Vista Capital purchased the property on behalf of the State of Wisconsin Investment Board.
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