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3/12/19
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Fifty Twenty-Five, a 260-unit/942-bed, Class A luxury student housing community serving San Diego State University, sold for $92.5 mil, or $98k/bed. The buyer was Denver-based Cardinal Group Investments LLC.
Completed in 2010, Fifty Twenty-Five is a LEED Gold-certified property offering a mix of studio, two- and four-bedroom floor plans averaging 951 sf in size. Amenities include flat-screen televisions, high-speed internet, modern furnishings, full-size washers and dryers, walk-in closets and fully-equipped kitchens.
The community also features a resort-style swimming pool, 24-hour fitness center, study rooms, 24-hour computer center, coffee bar, tanning bed, shuttle service and 598-space parking garage. The property is situated less than one mile from campus at 5025 Collwood Blvd.
Sean Deasy, Hunter Combs and ott Clifton with HFF represented the seller, FPA Multifamily LLC, and procured the buyer.
“The institutional quality of this asset coupled with strong market fundamentals and exceptional enrollment growth at SDSU led to robust activity on Fifty Twenty-Five,” Combs said. “SDSU currently receives more than 98,000 undergraduate and graduate applications per year and represents the third largest university in California, which creates a sustained demand for housing of this caliber. The property’s amenity package is student-tailored and will continue to command top-tier rents in the marketplace.”
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