With a name like "Pavilion LLC," you might think the owners of the 224-unit GrandMarc apartments on 15th Street are locals or lawn residents. Not so, to our knowledge: The Texas-based company first purchased the parcels near the Corner for $3.2 million in 1999 and developed one of the largest student apartment complexes in town, with more than 600 beds.
Now, after developing GrandMarc (currently assessed at $32 million), Pavilion LLC is ready to cash out. According to a news release, the Tennessee-based Education Realty Trust (ERT) purchased GrandMarc for $45.5 million. ERT plans to sell nine other college community holdings near Western Kentucky University, Clemson and Georgia Southern University, among others, during the next two fiscal quarters for a projected total of $84.8 million. The company, which manages more than 37,000 beds in college cities in 23 states, says the GrandMarc posted an occupancy rate of 90.8 percent at an average per-bed rental fee of $670 in September.
