AUSTIN, TX— has learned EXCLUSIVELYthat Dobie Associates LLC has sold DobieCenter to Fowler Property Acquisitions.The largest privately owned student dormitory at the University ofTexas at Austin, Dobie Center has been owned by a CarltonGroup affiliate since 2005. Carlton StrategicVentures chairman Howard L. Michaels isthe managing member of Dobie Associates LLC, along with co-generalpartner Avery Modlin of the ModlinGroup.

The student housing property's ownership didnot disclose the sales price. A source familiar with thetransaction puts it at $73 million.

Michaels expressed mixed emotions in selling Dobie Center, afixture on the city's skyline for more than 40 years. “But ourinvestment cycle had run its course, and we are happy to see Fowlertake Dobie Center to its next level of success,” he says.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.