September 7, 2016
The University Corporation at Monterey Bay purchased The Promontory from Agoura Hills, CA-based AMCAL Equities LLC and partner Monterey, CA-based Coleraine Capital Group, Inc. for $68.5 million. The auxiliary Corporation of California State University, Monterey Bay acquired the 579-bed student housing development adjacent to its campus.
University Corporation at Monterey Bay’s Kevin Saunders says, “AMCAL designed and built this project from start to finish specifically to expand our student housing inventory.” The project was completed in time for student occupancy in the 2015-2016 academic year.
The Promontory, AMCAL’s first student housing development, is set on eight acres of the former Fort Ord Motor Pool. The project consists of three four-story buildings, each surrounding a courtyard. The university had a 20-year master lease with an option to purchase after the first 12 months that it chose to exercise.
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