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RICHMOND, VA-Kanye Anderson Real Estate Partners has acquired two student-housing buildings on the Virginia Commonwealth University campus here for $19.3 million. It acquired the buildings from ING Real Estate’s Community Living Fund, a multi-billion fund that operates out of Australia and owns mainly senior housing facilities in several countries.

Jones Lang LaSalle Managing Directors Alex Quintana, Jeff Morris and Jubeen Vaghefi, along with Vice President Javier Rivera represented ING Real Estate in the transaction. The properties are RAMZ Hall, located at 933 West Broad St., and Capital Garage, at 1301 West Broad St.

RAMZ Hall is a five-story building with 84 two-bedroom/one-bath units and four studio apartments. The ground floor has over 15,000 square feet of retail, which is 100% occupied. The property’s residential component will be fully leased for the next two years by VCU. There are 73 on-site parking spaces. Capital Garage is comprised of 36 loft-style units. The Capital Garage includes 21-space ground-level gated parking garage.

The master lease in RAMZ was one of the selling points for the two properties, Quintana tells GlobeSt.com. “The buyer saw it as an opportunity to ride out the recession and then implement a more focused leasing strategy when the recession is over in two years and the lease has burned off.” The current lease is per unit; the new owner will like to switch to a per bed structure when it can, he says.

Another positive attribute for the buyer was Virginia Commonwealth itself, Quintana says. It is one of the few public colleges still experiencing strong enrollment figures.

The properties also came encumbered with very attractive debt, a final–and perhaps most telling–positive attribute for Kanye Anderson. In fact, Quintana says he is currently marketing another student housing property for the ING Real Estate fund. This one is in Tallahassee, FL, whose enrollment numbers have declined over the last several months.

Still, though, he thinks the deal will go through precisely because–like the two properties at VCU–the debt is so attractive. “You cannot get the kind of financing that was assumed on these deals–you wouldn’t get the leverage or the interest rate,” he says.

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