Boston, MA, February, 2017 – Intercontinental Real Estate Corporation (‘Intercontinental”) a national real estate investment, development, and management firm headquartered in Boston, MA, announced the disposition of Breakpointe and Coronado located in Santa Barbara, California. The sale was made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”).
Breakpointe and Coronado are two premier student housing properties in the community of Isla Vista. Situated just a short walk from the University of California, Santa Barbara (UCSB), the Properties serve the housing demand of over 35,000 local students. 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 also comprised of one, two and three-bedroom floor plans. Property amenities include swimming pools, gated parking, fitness center, and picnic areas.
Intercontinental originally purchased Breakpointe and Coronado in 2010. Peter Palandjian, CEO of Intercontinental, commented on the recent sale saying, “We are very pleased with the activity and entire sale process. Breakpointe and Coronado represented another strong exit for our team.” Tom Ball, Asset Manager in Intercontinental’s Los Angeles office represented the seller. Tom stated, “The properties have historically operated at a high level and generated substantial buyer interest. We are very pleased with the execution and timing of the sale.
Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decade’s long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $10 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $6 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add development projects.
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