July 29, 2016
International Village, a 92-unit multifamily complex, purpose-built for student housing on the campus of UC Riverside, was sold by JKR Development for $20 million. The buyer was a private investment group based in the San Gabriel Valley.
Built on a 4.5-acre site in 2001, the property is on a ground lease from the UC Regents through 2049, making it exempt from property taxes. The asset contains 341-beds and generated multiple offers, ultimately selling at a record-setting price for similar properties in the area.
The Mogharebi Group’s Alex Mogharebi and Otto Ozen represented the seller.
Mogharebi says the UCR submarket is experiencing strong growth, noting “the shortage of student housing in this market has been so great that investors have started to convert traditional apartment complexes into student housing in order to meet the demand.”
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