Texas firm pays $21.2 million for I.C's The Lodge apartments

A Texas company has acquired Iowa City's largest rent-by-room apartment complexes for $21.2 million.

The Lodge in Iowa City, has been sold for $21.2 million to CCal 100 Hawk Ridge Drive LLC, based in Austin, Texas.

The sale closed Friday, Oct. 28, according to Southgate Development Services LLC of Iowa City and Hendricks and Partners of Troy, Mich., which jointly brokered the deal.

The five-building complex, built in 2004, includes 561 one, two and four-bedroom apartments with bedrooms leased individually. The per-bedroom leasing arrangement caters primarily to the needs of University of Iowa students.

Occupancy has climbed from 70 percent when SouthGate took over management of the property in January 2010 to 100 percent in August 2011, according to a statement released by the Iowa City company.

The complex also features a heated spa and sauna, indoor basketball gym, 24-hour fitness center, conference center, and student cyber-lounge.

The seller of the complex was another Texas-based company, San Antonio-based RayCal Iowa LLC.