Student-housing complex sells for $49M

BUYER: 13702 North 42nd Street LLC, Chicago

SELLER: USF 2 D/E/P LLC

PROPERTY: 13702 N. 42nd St. and 4201 Woodspring Lane, Tampa

PRICE: $49 million

PREVIOUS PRICE: $6 million, November 2010

LAW FIRM ON DEED: Slobin & Slobin PC, Houston

PLANS, DESCRIPTION: Chicago-based real estate investment manager RREEF Real Estate purchased the 206-unit Sterling North Campus development for $49 million.

The price equated to $237,864 per unit and $66,757 per bed.

The student-housing community was 95% occupied at the time of the sale. Built in 2010, the property features two pool plazas, an aqua lounge with several outdoor televisions, billiards, a clubhouse, cyber cafe, athletic center and computer center. The units are all fully furnished.

The seller was Sterling University Housing, the student housing division of The Dinerstein Cos.

CB Richard Ellis' National Student Housing Group handled the transaction.

RREEF Real Estate is the real estate investment business of Deutsche Asset Management. As of Sept. 30, the company had $53.58 billion in assets under management.