Developer sells $148M student-housing portfolio

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Marcus & Millichap recently negotiated the sale of four class A student-housing assets spread across multiple states for $148.5 million. The approximately 1.3 million-square-foot portfolio comprises 1,212 units and 3,409 beds located in Gainesville, Fla.; San Marcos, Texas; Columbia, Mo.; and Athens, Ga. Excelsior LaSalle Property Fund purchased the properties from St. Augustine, Fla.-based FortGroup Development Corp. The assets were complete between 2001 and 2007, with unit prices for the portfolio averaging $122,525 per unit and $114.59 per square foot. The portfolio consists of the 504-unit Cabana Beach at 1601 SW 51st Terrace in Gainesville, Fla.; the 276-unit Cabana Beach at 1250 Sadler Drive in San Marcos, Texas; the 192-unit Campus Lodge at 2900 Old Highway 63 South in Columbia, Mo.; and the 240-unit Lodge of Athens at 211 North Ave. in Athens, Ga. All four properties are currently being operated on a bed-basis rental program, with individual leases for ...