1/23/2008

LaSalle takes student housing portfolio for $148M

by

Cabana Beach Gainesville

Excelsior LaSalle Property Fund, a fund advised by LaSalle Investment Management, has purchased a portfolio of four student housing properties for $148.5 million from St. Augustine-based FortGroup Development Corp. The assets are located in Gainesville, Fla., San Marcos, Texas, Columbia, Mo., and Athens, Ga.

Peter Katz, Dorothy Jackman, Laurel Wallerstedt, John Brigel and Joe Dowdle of Marcus & Millichap brokered the deal.

The portfolio was developed between 2001 and 2007 and contains 1,212 units on 1.2 million square feet. It sold for $122,525 per unit, $43,561 per bed and $114.59 per square foot.

The portfolio consists of the 504-unit Cabana Beach in Gainesville, the 276-unit Cabana Beach in San Marcos, the 192-unit Campus Lodge in Columbia and the 240-unit Lodge of Athens in Athens.

Address: Cabana Beach at 1601 SW 51st Terrace, Gainesville, Fla.
- Cabana Beach at 1250 Sadler Dr., San Marcos, Texas
- Campus Lodge at 290 Old Highway 63 South, Columbia, Mo.
- Lodge of Athens at 211 North Ave., Athens, Ga.

Size: 1,212 units/1.3 million square feet

Built: 2001-2007

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Filed Under: Multi-Family

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