REBusinessOnline

PEP Acquires 713-Bed Student Housing Community Near Indiana University

BLOOMINGTON, IND. — Pierce Education Properties (PEP) has acquired Smallwood Plaza near Bloomington’s Indiana University. The 713-bed student housing community is located a half-mile from the university. Amenities include laundry rooms, study lounges and a fitness center. The new ownership plans to upgrade unit interiors with new flooring, 50-inch televisions and furniture. The seller was not

CA Ventures, Focus Break Ground on 241-Unit Apartment Building Near Northwestern University

EVANSTON, ILL. — Developers CA Ventures and Focus have broken ground on 811 Emerson, an apartment building near Northwestern University in Evanston, Ill. The nine-story, 241-unit transit-oriented development is located at 811 Emerson St. One-, two- and three-bedroom floor plans will range in size from 400 to 1,100 square feet. Outdoor amenities will include a courtyard with a pool, fire pit and grilling stations. Indoor amenities will include a social lounge, business center and fitness …

Student Housing Developers Infiltrate Secondary Markets

The National Center for Education Statistics (NCES) reports that about 20.4 million students attended American colleges and universities in 2017. That figure represents an increase of 5.1 million students from 2000 and is expected to exceed 22 million by 2023. As this enrollment growth carries forward, developers of student housing properties have been holding steady volumes of new product on their books. According to CoStar Group, developers have added about 22,000 new units each year since …

MJW Investments Acquires Student Housing Community Near Arizona State

TEMPE, ARIZ. — MJW Investments has acquired ReNUE on Orange, a 110-unit student housing community located near Arizona State University in Tempe. The price was not disclosed. The property offers one- and two-bedroom units with shared amenities including a swimming pool, sundeck and courtyard. The company plans to make improvements to the property, including upgrading unit interiors and common areas, addressing deferred maintenance issues and rebranding the property as “Thrive Tempe,” …

Alliant Credit Union Closes $8M Refinancing for Student Housing Community in San Marcos

SAN MARCOS, TEXAS — Chicago-based Alliant Credit Union has closed an $8 million loan for the cash-out refinancing of Treehouse Apartments, a 138-unit student housing community serving Texas State University in San Marcos. The property is located within a mile of campus and features amenities such as a pool, picnic area, coffee bar and on-site laundry facilities. The loan features a 25-year amortization schedule and three years of interest-only payments. The borrower was not

Continued Industry Growth, High Investor Interest Lift Student Housing Sector

AUSTIN, TEXAS — Sunny skies continue to be the forecast for the student housing sector, with investor interest in this property niche continuing to increase, more institutional capital flooding into the space and a continued demand seen for new development. Each of these points of growth was highlighted extensively during last week’s InterFace Student Housing conference in Austin. The conference’s first general session, titled “The Power Panel,” brought together a consortium of …

CBRE Brokers Sale of 316-Bed Student Housing Community Near Texas State University in San Marcos

SAN MARCOS, TEXAS — CBRE has brokered the sale of Dakota Ranch, a 316-bed student housing community located roughly one mile from Texas State University in San Marcos. Built in 2002, the property offers one-, two- and three-bedroom units ranging in size from 523 to 1,111 square feet. Amenities include a pool, fitness center, outdoor kitchen, volleyball court, a dog park and a business center. An affiliate of New York-based Alden Street Capital purchased the asset from an affiliate of Alex. …

Wellington Arranges Sale of 180-Unit Student Housing Property Near Baylor University in Waco

WACO, TEXAS — Wellington Realty has arranged the sale of West Campus Lofts, a student housing community located near Baylor University in Waco. The property, which offers 180 two- and three-bedroom units, was redeveloped in 2017. Shared amenities include a swimming pool with a cabana, 24-hour fitness center, game room and a study lounge. David Shaffer, Caleb Jones, Tammy Shaffer and William Hubbard of Wellington brokered the transaction. The buyer, seller and sales price were not

Berkadia Arranges Sale of 896-Bed Student Housing Property Near the University of Michigan

ANN ARBOR, MICH. — Berkadia has arranged the sale of The Courtyards Apartments in Ann Arbor for an undisclosed price. The 896-bed student housing property features 320 units ranging from one- to four-bedroom floor plans. Amenities include a game room, movie theater, fitness center, picnic area, study room and bike storage. The property is situated near the University of Michigan’s North Campus. Kevin Larimer and Greg Gonzalez of Berkadia represented the seller, Chicago-based Kensington …

Capital One Provides $19.3M Fannie Mae Loan for Student Housing Acquisition in Savannah

SAVANNAH, GA. — Capital One Multifamily Finance has provided a $19.3 million Fannie Mae loan for the acquisition of The Blake, a 270-bed student housing community located less than a half-mile from the Savannah College of Art and Design in Savannah. Tim Smits of Capital One originated the 10-year loan with four years of interest-only payments and a 30-year amortization schedule on behalf of the buyer, Maryland-based Hopkins Holding. The seller, which developed the property in 2016, was a …