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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 Ann Arbor, Michigan Development Site
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Tuesday, July 19, 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 contract rights to a 5.42 acre development site adjacent to the North Campus of the University of Michigan in Ann Arbor, Michigan. The property, which is fully entitled for the development of a 376-unit student housing apartment, was acquired by Kensington Realty Advisors of Chicago.
The site has immediate access to the North Campus, which is home to the University’s Engineering, Music and Architecture schools, and is the last undeveloped piece of undeveloped land within the campus that is not already controlled by the University of Michigan.
The sale of the Ann Arbor site is the third transaction arranged by Sonnenblick-Goldman on behalf of Prudential’s United Campus Housing subsidiary. Previous transactions included the sale of Melrose Raleigh, a 600-bed garden-style student housing property, to a joint venture between The Preiss Company and Sterling Education Properties in April 2005 and the sale of four Melrose student housing apartments totaling 4,110 beds to Lowe Enterprises Investment Management in May 2005.
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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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