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.

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