Warmington Properties acquires PRISMA Student Housing in San Diego
On September 30th, Warmington Properties closed escrow on PRISMA, its third student housing project within the San Diego State University market. Warmington Properties purchased the property directly from the developer for $6.0 million, with equity funded through its Friends & Family program.
PRISMA joins Warmington Properties’ other two student housing projects, CERCA and ZUMA for a portfolio totaling 232-beds/49-units and fits neatly within the W Student Housing brand.
The property is extremely well located within the market, just one block from campus and a short walk to local area amenities. PRISMA is comprised of 42 beds within eight 4-bedroom units ranging in size from 1,232 to 1,592 sq. ft. Community amenities include fully-furnished units, onsite management and maintenance staff, gated garage, controlled-access entries, high-speed Internet and Wi-Fi, lounge with TV, printer, coffee bar, study rooms and deck.