March 20, 2018
College Square, a 486-bed, 240-unit off-campus student housing property in Davis, CA, was acquired by Crown Acquisitions Inc. of San Clemente, CA. The buyer paid seller Green Leaf Capital Partners $50.6 million for the 1960s-delivered asset, which serves students attending University of California-Davis.
The garden-style property at 801 J. St. includes three resort-style swimming pools, a fitness and business center, study lounge, outdoor grills, picnic areas and two 24-hour on-site laundry facilities. Crown Acquisitions is planning upgrades to unit interiors, an expanded fitness center and landscaping improvements, along with re-branding.
The buyer is on the lookout for Class B, Class C and Class D student and multifamily housing, built from the 1960s to new construction, with capital improvement plans in place. The focus is on submarkets with high barriers to entry and/or properties available below replacement costs.
For comments, questions or concerns, please contact Amy Sorter