Pierce Education/Harrison Street JV Buys UC-Riverside Community for $43.5 Million

by Katie Sloan

The Palms on University is a Class A property containing 607 beds.

Riverside, Calif. — A joint venture between San Diego-based Pierce Education Properties and Chicago-based Harrison Street Real Estate Capital has purchased a student housing community near the University of California at Riverside for $43.5 million.

Developed in 2005, The Palms on University is a Class A apartment community located within walking distance of campus. It contains 152 two- and four-bedroom units along with 16,695 square feet of ground-floor retail space. Community amenities include a swimming pool, a spa, outdoor basketball, and volleyball courts, a fitness center, a computer lab, a game room, and a tanning salon.

The deal was financed with a $32.9 million loan provided by Freddie Mac. Pierce’s in-house management division, Pierce Property Management, will oversee the operation of the community.

Pierce and Harrison Street formed a joint venture last year that focuses on the acquisition and management of student housing properties. The partnership recently purchased the senior mortgage note secured by Crimson Park, a 792-unit student housing community located near the University of Oklahoma.

— Coleman Wood

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