Intercontinental Acquires Santa Barbara Student Housing Portfolio on Behalf of U.S. Real Estate Investment Fund, LLC
Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of Breakpointe and Coronado, a 151-unit student housing portfolio located in the community of Isla Vista, approximately three blocks from the main campus of the University of California, Santa Barbara. The acquisition, made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, was originated out of Intercontinental’s Los Angeles office and was led by Jessica Levin Director, Acquisitions.
Breakpointe consists of two buildings totaling 96 units, and is comprised of studio, one, two, and three-bedroom floor plans. Coronado consists of one building totaling 55 units, and is comprised of one, two, and three-bedroom floor plans. In total, the portfolio represents 113,815 rentable square feet and is currently 100% occupied for the 2009-2010 school year. The properties were completely renovated in 2005 and 2007 and have enjoyed 100% occupancy each academic year since being upgraded. The properties feature numerous amenities which are atypical to the student housing market of Isla Vista, including: swimming pools, secured/gated parking, fully renovated kitchens with upgraded appliance packages, state-of-the-art fitness centers at each property, key-card laundry facilities, and BBQ/picnic areas. The properties are situated within walking distance of UCBS’s main campus and less than ten miles from Santa Barbara City College (SBCC), resulting in “captive demand” of over 35,000 students. Intercontinental has retained Meridian Group as the property manager and leasing agent for the portfolio.
Jessica Levin director, acquisitions at Intercontinental commented, “The properties are well-positioned and demonstrate strong fundamentals due to a historic low market vacancy, limited developable land, increasing tenant demand and their close proximity to campus and amenities. It is an attractive investment opportunity for U.S. REIF and further expands our west coast presence.
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $6 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental owns and manages a portfolio in excess of $2.4 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.