Davis, Calif. — Crown Acquisitions Inc. has acquired College Square, a 486-bed student housing community located near the University of California, Davis, for $50.2 million.
The acquisition was financed with a new Freddie Mac loan secured by Peter Benedetto and Aaron Moll of Berkadia. The garden-style property offers shared amenities including three resort-style swimming pools with furnished sundecks, a fitness center, business center, study lounge, outdoor grills, picnic areas and two, 24-hour onsite laundry facilities.
Planned capital improvements for the community include fully furnished and renovated units; an expanded fitness center with state-of-the-art equipment; the addition of a new study lounge, fire pits and pool amenities; and landscaping improvements. The property is also currently being rebranded.