Transwestern found a buyer for University Village Towers, a newly developed student housing community located adjacent to the University of California at Riverside.
A joint venture between Sequoia Equities and R.D. Olson Development sold the 149-unit, 525-bed facility to Education Realty Trust for $45 million.
Built in 2005, University Village Towers is an eight-story, 217,000-square-foot building featuring tiered architecture in three structures: The Towers, the Garden Building and the THX Building.
“Transwestern is moving aggressively into the student housing market, which is booming thanks to the rising demand for residences for a large generation of young people beginning to enter college,” said Curtis Palmer, a managing director at Transwestern.
Transwestern is a privately held commercial real estate firm operating nationwide.