Cal State University, Monterey Bay Acquires 579-Bed Student Housing Community for $68.5 Million

Seaside, Calif. — The University Corporation at Monterey Bay — an auxiliary corporation of California State University, Monterey Bay — has acquired a 579-bed student housing community located adjacent to the university’s campus in Seaside for $68.5 million.

The project, called The Promontory, was acquired from AMCAL Equities LLC. The university had a 20-year master lease on the community with an option to purchase after the first 12 months, which it chose to exercise. Community amenities at the property include an internet café; a basketball half-court; a community clubroom; 24-hour study areas; bicycle storage; a fitness center; and outdoor grills and seating areas.