Transwestern on Tuesday announced it brokered the sale of the Fontainebleu student housing community near the University of California, Santa Barbara, for $42.5 million.

A joint venture between JP Morgan Alternative Fund and Education Realty Trust purchased the 100-unit, 437-bed property from the Hammitt Family Trust.

Fontainebleu is located at 6525 El Colegio Road in the town of Isla Vista. Built in two phases during 1963 and 1967, the two-building, garden-style property comprises one three-story apartment building with 52 units and 257 beds and a second building, located a few blocks away, that rises two stories, and offers 48 units and 180 beds. The buildings provide tenants with 214 parking spaces, of which 40 are subterranean parking. A 1.38-acre parking lot adjacent to Fontainebleu’s three-story building provides a potential development opportunity.

Beginning in 2007, the buyer plans to invest in a substantial renovation to upgrade and reposition the student community, which includes two swimming pools, two clubhouse/social rooms, two game rooms and secured access.

Transwestern is a privately held commercial real estate firm operating nationwide.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Time is running out to secure your Connect Now tickets at the lowest price. Don't miss out on a chance to grow yourself and your business.Learn More×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription