Investcorp pays $105M for luxe student housing in Boca RatonJanuary 20th, 2016
Rosemurgy Properties has sold three student housing communities in Boca Raton for a combined $105.25 million. Palm Beach County records show the Deerfield Beachbased commercial real estate firm sold University
Park, University View and University Square to Investcorp, a Bahrainbased investment manager with offices in New York, London, Abu Dhabi and Saudi Arabia. An affiliate of Investcorp paid $70 million for University Park, the newest of the three properties. The 11acre complex, at 135 Northwest 20th Street, has eight, four story buildings with 159 units.
The apartments, which have a total of 598 beds, are fully furnished and feature flat screen televisions, inunit washers and dryers, living rooms and private bathrooms. The development was completed last year and
features a 13,500squarefoot, twostory clubhouse with a lounge, juice bar, 24hour gym, gaming rooms, computer labs and more. Residents have access to a resortstyle pool, barbecue grills, fire pits, study
hammocks and free transportation to and from Florida Atlantic University and Palm Beach State College, both in Boca Raton.
HFF provided construction financing for the complex. A joint venture of Rosemurgy, Giles Capital Group and Lewis Rental Properties developed University Park, according to Rosemurgy’s website. Previous sales information for the land was not available. Investcorp also purchased University View, a 55townhome community adjacent to FAU. The 165bed development, at 2190 Northwest Fourth Court, sold for $20.25 million, which breaks down to $360,000 per townhouse. And the third property, a 90unit lowrise apartment complex at 200 Northeast 20th Street, sold for $15 million. University Square was originally built in 1969 and sits on 5.2 acres. Property records show that a Rosemurgy affiliate paid $8.7 million for the community in 2014.
Rosemurgy’s portfolio includes multifamily, retail, selfstorage, office and land properties, according to the company’s website. CEO Alexander S. Rosemurgy signed the deed transfers of ownership, records show.
Investcorp financed the Boca Raton purchases with a $58 million loan from Nationwide Life Insurance. The company’s U.S. commercial real estate arm, based in New York, has an average annual transaction volume of about $1 billion a year. Investcorp focuses on mid-market core and core-plus investments throughout the United States, according to its website. In December, it sold a shopping center in Coral Springs for $28 million.
Source: The Real Deal
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