$45M financing secured for Garden Village student housing in Berkeley

LOS ANGELES, Nov. 8, 2024 –  JLL Capital Markets announced today that it has secured a $45 million acquisition financing for Garden Village, a 77-unit student housing community in Berkeley, California.

JLL represented the borrower, Hawkins Way Capital, in securing the two-year, floating-rate loan through Limekiln Real Estate Investment Management, LP. The property will be operated as the FOUND Study Southside Berkeley and will be managed by FCL Management, as an operator of successful properties across select cities in the U.S., aligning with Hawkins Way Capital’s strategy to maximize value in prime student housing markets. The financing package includes an initial funding of $36 million, with an additional $9 million available for future funding.

Garden Village, situated just three blocks from the University of California, Berkeley campus at 2201 Dwight Way, offers a prime location for students. The community provides convenient access to the Bay Area Rapid Transit line and is within walking distance of local shops, restaurants and nightlife options.

Berkeley's robust student housing market, driven by UC Berkeley's large enrollment and limited on-campus housing options, continues to attract investment. The city's proximity to San Francisco and the greater Bay Area further enhances its appeal for real estate investors seeking stable, high-performing assets.

Built in 2016, the mid-rise urban apartments offer a mix of two- and four-bedroom floor plans. The community boasts a range of amenities tailored to student life including a rooftop farm and flower garden, secured access, outdoor patios, indoor lounge, laundry room, fitness center and bike storage. Spanning 64,301 square feet, the property comprises 18 buildings across 0.62 acres.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Directors Brandon Smith and Annie Rice and Director Gyasi Edmondson.

"We are thrilled to have secured financing for Garden Village, a prime student housing asset in one of the nation's most competitive real estate markets. This acquisition, marking our company's second adjacent to UC Berkeley, aligns perfectly with our strategy to create strategic value in markets where student housing demands continue to grow,” said Ross Walker, Managing Partner of Hawkins Way Capital. “We're confident that FCL Management's expertise will help us unlock the full potential of this high-performing property as we continue to expand our portfolio."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.