HFF closes $69.5 million sale of Class A student housing community serving San Diego State University
SAN DIEGO, CA – December 17, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $69.5 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 an undisclosed seller. FPA MultiFamily, LLC purchased the asset for $69.5 million free and clear of existing debt.
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.
About FPA MultiFamily, LLC
Founded in 1985, FPA 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. The firm is a manager of equity capital for endowments, foundations, foreign and domestic pension funds and high net-worth individuals. Currently, the firm is investing through its FPA Apartment Opportunity Fund V, L.P., which will acquire approximately $1.4 billion of assets. The firm has also been recognized on the National Multifamily Housing Council’s (NMHC) Top 50 Apartment Owners in the United States in 2015. For more information on FPA, please visit www.fpamf.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
CA Lic. #01771662
HFF PR Coordinator, Marketing