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5/10/17
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Grandmarc at University Village, a 212-unit luxury student-housing community in Riverside, was purchased by Maryland-based foreign student-housing investor Harmonia Hopkins for $44.1 mil, or $208k/unit. The property is located at 3549 Iowa Rd, a short walk from the UCR Campus in Riverside.
Each fully furnished apartment Grandmarc at University Village is equipped with a full-size washer/dryer and individual bathrooms. In addition, the property’s amenities include a resort-style pool and spa, a BBQ area, a basketball court, a movie theater, a 24-hour fitness center, tanning beds, and a large game room.
CBRE’s Cray Carlson and Jaclyn Fitts represented the seller in the transaction. A $33 mil, 10-year loan was acquired by Starwood Mortgage Capital LLC with 25-year amortization.
Harmonia Hopkins has partnered with the Preiss Co, which specialize in off-campus student housing, to manage the property. The company plans on implementing cutting-edge technology improvements and is reviewing opportunities to further enhance the property and students’ experience.
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