What's in store for 385 McDonald Avenue? Will the former assisted living facility* continue to serve as student housing? Will it become a hotel? Are there other potential uses for it? Someone with $8.3 million--TerraCRG Commercial Realty Group's asking price (the previous owner, White Acres Equities, purchased it in 2007 for $12 million.)--will determine the future of University Place.
Located between Church Avenue and Albemarle Road (across from Foodtown), University Place is a 51,000-square-foot, four-story property with 128 beds in 64 units. It has over 14,000 square feet of community space and 2,500 square feet of amenities. Almost fully occupied, it was recently renovated at a cost of $500,000.
The annual rent for a full- furnished suite, depending on its size (Petite, Deluxe, Grand), ranges from $1,175 to $1,350 a month. The property brings in an average income of $120,000 per month.
* The Savoy at Kensington
