May 9, 2017
GrandMarc at University Village, a 212-unit luxury student housing community in Riverside, CA was acquired by Maryland-based Harmonia Hopkins for $44.1 million. CBRE Group, Inc.’s Cray Carlson and Jaclyn Fitts represented the seller.
“One of our competitors took the property to market through auction in early 2016, and was unsuccessful in closing escrow, partly due to the challenging ground lease on the property that had only 34 years remaining,” said Carlson. “Once we took on the listing, we were able to bring six premier investors to the auction. A lively bidding war ensued and ultimately, Harmonia Hopkins bought this prime asset.”
Located at 3549 Iowa Rd., near the UCR Campus, GrandMarc at University Village includes fully-furnished apartments, equipped with a full-size washer/dryer and individual bathrooms. Harmonia Hopkins, a foreign student housing investor, partnered with the Preiss Co. to manage the property.
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