Apartment Realty Advisors' client services director Andrew Shih tells GlobeSt.com the asset attracted many offers, though escrow on the property at 4305 Duval St. lasted a year. The lengthy period from contract to close was due to the economy.

"Lending became very difficult, with capital markets frozen," says Shih, who partnered with ARA's National Student Housing Group Director Chris Bancroft on behalf of the seller. "We showed it to a lot of lenders." Fannie Mae finally came through with a loan, which was arranged by CapMark Financial Group, he adds.

The bright side of the whole deal was the asset itself. Though more than 40 years old, it was very well maintained. Also, because it's a vintage asset, it has a unique look about it, Shih explains. Furthermore, the asset is very popular among upper classmen and graduate students, as it's a mile from campus, in other words, a six-minute bus ride. "It's at full occupancy now and they're tracking very well from a pre-leasing perspective for 2009-2010," Shih comments.

Duval Villa consists of mainly one- and two-bedroom units in 14 buildings. Unit measurements range from 755 to 996 square feet.