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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Company Arranges Sale Of Melrose Student Apartment Portfolio
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Friday, June 10, 2005
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New York, NY
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Sonnenblick-Goldman Company, acting as an advisor to an affiliate of Prudential Real Estate Investors, has arranged the sale of the Melrose student apartment portfolio. The portfolio consists of four garden style apartment properties totaling 1,297 units and 4,110 beds located near major state universities in the following markets: Gainesville, Florida; Jacksonville, Florida; College Station, Texas and Minneapolis, Minnesota.
The portfolio was purchased by a joint venture between a subsidiary of Lowe Enterprises Investment Management of Los Angeles and United Campus Housing, based in Austin, Texas, the previous management team of the Melrose student apartment portfolio. United Campus Housing will continue to operate and manage the assets for the new joint venture.
“The combination of Lowe and the existing management team at UCH was determined to be the best buyer in order to continue implementing UCH’s repositioning and leasing program and realize the upside potential of the assets,” said Richard B. Swartz, Managing Director and Principal of Sonnenblick-Goldman Company. “The new joint venture will also look to expand the Melrose brand through future acquisitions and new developments as opportunities arise.”
“The sale of the Melrose student housing portfolio is the culmination of a successful marketing campaign that resulted in offers from a number of institutional capital sources and student housing operators that were seeking to establish or enhance their presence in the rapidly growing student housing market,” adds Steven A. Kohn, President of Sonnenblick-Goldman Company.
The sale to the Lowe/UCH team concludes Sonnenblick-Goldman’s marketing efforts on the Melrose portfolio, which also included the sale of Melrose Raleigh, a 600-bed garden-style property, to a joint venture between The Preiss Company and Sterling Education Properties in April 2005.
Over the past year, the sale of student housing properties have increased dramatically as student housing operators, such as American Campus Communities and GMH Communities, have gone public and aggressively sought to add to their portfolios. The market is also being driven by the strong projected demand for off-campus student housing in the future, as the children of baby boomers approaching college age is projected to substantially increase over the next 10 to 20 years.
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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