GRANDMARC AT UNIVERSITY VILLAGES SELLS FOR $45 MILLION

RIVERSIDE, CALIF. — Kayne Anderson, a Los Angeles-based investment company, has acquired GrandMarc at University Village for $45 million. Located in Riverside, the 212-unit apartment complex consists of eight four-story buildings and one single-story leasing/clubhouse building. The 760-bed property features one-bedroom/one-bath, two-bedroom/two-bath, three-bedroom/three-bath and four-bedroom/four-bath units with an average size of 1,310 square feet. The property also features a resort-style pool and spa, a fitness center and outdoor track, an entertainment room, a computer lab, a study center, a multimedia room, a tanning booth, gas grills and a paved half-court basketball area. Dave Forrest, Bill Tourtellotte, Randall Calvert and Tom Haak provided in-house representation for the seller, GMH Capital Partners.