S-G takes Prudential to school with new sale.Sonnenblick-Goldman Company, acting as an advisor to an affiliate of Prudential Real Estate Investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. , 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, Fla.; Jacksonville, Fla.; College Station, Texas College Station is a city in Brazos County, Texas, situated in Central Texas. It is located in the heart of the Brazos Valley. The city is located within the most populated region of Texas, near to three of the 10 largest cities in the United States - Houston, Dallas, and San and Minneapolis, Minn. The portfolio was purchased by a joint venture between a subsidiary of Lowe Enterprises Investment Management of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. 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 UCH Universidad de Chile UCH University College Hospital UCH Ubiquitin C-Terminal Hydrolase UCH University Community Health UCH University of California, Hastings College of the Law UCH Underground Coffee House (Hartford, CT) was determined to be the best buyer in order to continue implementing UCH's repositioning and leasing program and realize the upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar 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," noted 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 of The Preiss Company and Sterling Education Properties in April 2005. Over the past year, sales of student housing properties have increased dramatically as student housing operators, such as American Campus Communities and GMH GMH General Motors Holden's 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 number of children of baby boomers See generation X. approaching college age is projected to substantially increase over the next 10 to 20 years. |
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