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9/08/16
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The University Corporation at Monterey Bay, an auxiliary Corporation of California State University Monterey Bay, has acquired The Promontory, a 579-bed student housing development adjacent to its campus, in a $68.5 mil ($118.3k/unit) deal. The property, located at 400 8th St, was purchased from AMCAL Equities LLC, a leading multi-family rental housing developer, and AMCAL’s partner Coleraine Capital Group Inc.
The Promontory was AMCAL’s first student housing development. Set on eight acres, it consists of three four-story buildings each surrounding a courtyard. Built to LEED certification, the project was completed in time for student occupancy in the 2015-2016 academic year.
Cal State Monterey Bay had a 20-year master lease with an option to purchase after the first 12 months that it chose to exercise. The university has more than 7,000 undergraduate and graduate students, 50 percent who live on campus. It is one of the most residential campuses in the California State University system.
“AMCAL designed and built this project from start to finish specifically to expand our student housing inventory. Students love it because it is completely state-of-the-art, the latest technology and safety systems as well as extensive recreational and community spaces,” said Kevin Saunders, VP Administration and Finance, CFO and Executive Director, University Corporation at Monterey Bay. “It was fully occupied on day one and we believe it will be a valuable asset for years to come.”
The Promontory is contiguous to campus, allowing its residents to walk or bike to school, eliminating the need for additional parking on campus. Its fire-life safety technology is integrated with the University’s emergency management plan and notification system. Facilities especially designed for the students include an Internet café, a basketball half-court, community clubroom, 24-hour study places, bicycle storage, fitness center, outdoor grills and seating areas.
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