$108 Million Florida Deal
Commercial Observer
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An affordable housing complex a few miles from Disneyland has sold for $108 million in a further example of the demand for the asset class. Also for today — and speaking of niche asset classes — an interview with Core Spaces President Dan Goldberg about student housing and build-to-rent projects.
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Affordable Housing Complex Near Disneyland Sells for $108M
An affordable housing complex just a few miles from the happiest place on Earth has traded hands for over $100 million. Who wouldn’t want to live near Disneyland? Beverly Hills-based investment firm Bldg Partners has closed a deal for the 392-unit Park Vista Apartment Homes, paying Bethesda Holdings $108 million for the affordable multifamily property, or about $275,500 per unit, according to Traded. Bldg Partners CEO Matthew Ellis along with colleagues Matt Jacobs, Sam Kuiumdjian and Guy Penini arranged the deal, while Scott Melnick of Melnick Real Estate Advisors represented the seller. Melnick and a spokesperson for Bldg Partners did not immediately respond to a request for comment.
The Dean of Student Housing: Why Core Spaces’ Dan Goldberg Invests in Niche Markets
Dan Goldberg has charted an unlikely path to become top of his class in the student housing market. A neuroscience major at Brown University, Goldberg fell into a career on Wall Street by accident after teaching tennis to hedge fund legend Marc Lasry, who gave him an internship at Avenue Capital. From there, Goldberg spent 14 years in high finance, splitting his time between Goldman Sachs and Blackstone, where he acquired $1 billion student housing portfolios and oversaw U.S. core-plus real estate investing. Now Goldberg serves as president of Chicago-based Core Spaces, a vertically integrated real estate investment firm and property manager that specializes in student housing and build-to-rent communities. Core Spaces has a portfolio of more than 38,000 student housing beds and 3,000 single-family, build-to-rent homes, with a business plan committed to innovation and outside-the-box thinking.
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