Los Angeles — CBRE: Transaction will set a new benchmark for a single asset sale in the student housing industry.
Los Angeles — Blue Vista has purchased University Gateway near the University of Southern California from RCG Longview, Blackstone Real Estate Advisors and Urban Partners.
CBRE's National Student Housing Group Director Ryan Reid and Associate Director Jaclyn Fitts based in Dallas, as well as Tyler Anderson and Laurie Lustig-Bower with CBRE in Southern California, represented the sellers in the sale. CBRE's Debt and Equity Executive Vice President Mike Bryant and Vice President Jon Wooton handled the debt placement with Fannie Mae, on behalf of Blue Vista Capital LLC.
University Gateway is a 421-unit, 1,656-bed, student-housing community and includes more than 77,000 square feet of retail. The residential and retail were 96 percent and 100 percent occupied, respectively, at closing. Peak Campus Management will take over property management.