Jefferson Commons SOLD!
I'm sure you all found a note on your door today saying that the property is under a new management firm, College Park Communities. I looked into it, and this is what I found:
Investor buys student housing near CSUS
Adam Weintraub
Staff writer
A Pennsylvania-based real estate investment trust has purchased the 288-unit Jefferson Commons, a newly opened student housing complex near California State University Sacramento, for about $51.4 million, the trust said Monday.
The property at 6730 4th Avenue, near 65th Street and Broadway and within a mile of the CSUS campus, is advertised as a "resort-style" student complex with a pool, fitness center, game lounge with billiards table and other amenities for students who choose to live there. It opened in the fall of 2004.
GMH Communities Trust, based in Newtown Square, Pa., had a letter of intent to acquire the property that was cited when the trust released its final prospectus before it went public late last year. The purchase price, GMH said, included the placement of more than $31 million in new fixed-rate debt.
GMH's College Park Communities arm, which targets off-campus student housing, made the acquisition, the trust (NYSE: GCT) said in a prepared statement. The trust also focuses on military housing and property management services for third-party owners of student housing.
The three-story building has units of from one to four bedrooms -- GMH called it a "792-bed Class A" property. It had been offered by JPI Student Living of Irving, Texas, on a lease-by-the-bed basis, where each bedroom in a multi-bedroom unit has a separate lease and all roommates in the unit share responsibility for common areas and utilities.
"We bought Jefferson Commons because of its excellent location and luxury status for students in the area," said Kathleen Grim, VP of marketing for GMH. "An opportunity to purchase such an up-to-date, modern facility couldn't be passed up." JPI was the seller.
Grim noted that the property, open less than a year, was 98 percent occupied
That's funny that the company who built it sold it to another company, maybe because it was too much of a burden because they couldn't get their act together and their residents were pissed? So look out for a name change, and maybe some changes for the better...or worse.
Investor buys student housing near CSUS
Adam Weintraub
Staff writer
A Pennsylvania-based real estate investment trust has purchased the 288-unit Jefferson Commons, a newly opened student housing complex near California State University Sacramento, for about $51.4 million, the trust said Monday.
The property at 6730 4th Avenue, near 65th Street and Broadway and within a mile of the CSUS campus, is advertised as a "resort-style" student complex with a pool, fitness center, game lounge with billiards table and other amenities for students who choose to live there. It opened in the fall of 2004.
GMH Communities Trust, based in Newtown Square, Pa., had a letter of intent to acquire the property that was cited when the trust released its final prospectus before it went public late last year. The purchase price, GMH said, included the placement of more than $31 million in new fixed-rate debt.
GMH's College Park Communities arm, which targets off-campus student housing, made the acquisition, the trust (NYSE: GCT) said in a prepared statement. The trust also focuses on military housing and property management services for third-party owners of student housing.
The three-story building has units of from one to four bedrooms -- GMH called it a "792-bed Class A" property. It had been offered by JPI Student Living of Irving, Texas, on a lease-by-the-bed basis, where each bedroom in a multi-bedroom unit has a separate lease and all roommates in the unit share responsibility for common areas and utilities.
"We bought Jefferson Commons because of its excellent location and luxury status for students in the area," said Kathleen Grim, VP of marketing for GMH. "An opportunity to purchase such an up-to-date, modern facility couldn't be passed up." JPI was the seller.
Grim noted that the property, open less than a year, was 98 percent occupied
That's funny that the company who built it sold it to another company, maybe because it was too much of a burden because they couldn't get their act together and their residents were pissed? So look out for a name change, and maybe some changes for the better...or worse.