STUDENT HOUSING PORTFOLIO SOLD FOR $148.5 MILLION

GAINESVILLE, FLA., AND ATHENS, GA. — St. Augustine-Fla.-based FortGroup Development sold four student housing properties, totaling 1.3 million square feet, 1,212 units and 3,409 beds, to Chicago-based Excelsior LaSalle Property Fund for $148.5 million. The portfolio includes two properties in the Southeast; the 504-unit Cabana Beach at 1601 SW 51st Terrace in Gainesville and the 240-unit Lodge of Athens at 211 North Ave. in Athens. Also, the sale involved a property in Texas and one in Missouri. Average prices for the portfolio were $122,525 per unit, $43,561 per bed and $114.59 per square foot. Marcus & Millichap’s Peter Katz, based in the Phoenix office, and Dorothy Jackman, of the Tampa office, represented both the seller and the buyer in conjunction with Kansas City, Mo.-based Laurel Wallerstedt, John Brigle in Tampa and Joe Dowdle of the Austin, Texas office.