MARINA, Calif.--(BUSINESS WIRE)--The University Corporation at Monterey Bay, an auxiliary Corporation of California State University Monterey Bay, has purchased a 579-bed student housing development adjacent to its campus from AMCAL Equities LLC, a leading multi-family rental housing developer, and AMCAL’s partner Coleraine Capital Group, Inc. The team completed the project in time for student occupancy in the 2015-2016 academic year. Called The Promontory, the project at 400 8th Street sold for $68.5 million.
Cal State Monterey Bay has more than 7,000 undergraduate and graduate students, 50 percent who live on campus. It is one of the most residential campuses in the California State University system.
“AMCAL designed and built this project from start to finish specifically to expand our student housing inventory. Students love it because it is completely state-of-the-art, the latest technology and safety systems as well as extensive recreational and community spaces,” said Kevin Saunders, VP Administration and Finance, CFO and Executive Director, University Corporation at Monterey Bay. “It was fully occupied on Day 1 and we believe it will be a valuable asset for years to come.”
The Promontory was AMCAL’s first student housing development. Set on eight acres, it consists of three four-story buildings each surrounding a courtyard. It was built to LEED certification.
“The university had a 20-year master lease with an option to purchase after the first 12 months that it chose to exercise,” said Percival Vaz, CEO of AMCAL.
“Over four decades we have learned that our insistence on good design, sustainability, technology and quality construction results in projects that improve the community and make lives better for our tenants,” Vaz noted. “We cross pollinated all we have learned into The Promontory, our first student housing project, and it’s gratifying to see it so well received.”
The Promontory is contiguous to campus, allowing its residents to walk or bike to school, eliminating the need for additional parking on campus. Its fire-life safety technology is integrated with the University’s emergency management plan and notification system. Facilities especially designed for the students include an Internet café, a basketball half-court, community clubroom, 24-hour study places, bicycle storage, fitness center, outdoor grills and seating areas.
California State University, Monterey Bay (CSUMB) is a public university in the 23-campus California State University system, located in Marina and Seaside, in Monterey County, California.
AMCAL is a leading developer of multi-family rental housing, primarily affordable and market-rate apartments that frequently are honored with awards for excellence. Since 1978, it has concentrated in California, building in over 33 cities. It is known for delivering projects on time and on budget and for outstanding efficiency and quality, building with its own in-house construction company. The company entered the student housing field in California in 2013 and now has seven developments under construction or in entitlement stages.