NEW YORK CITY — New York City-based private equity firm KKR has entered into an agreement to acquire a national portfolio of 19 student housing properties totaling more than 10,000 beds. The names and the locations were not disclosed, but the properties collectively serve 14 four-year public universities across 10 states. Blackstone Real Estate Income Trust (BREIT) sold the portfolio to KKR after acquiring it in 2018 in a joint venture with South Carolina-based Greystar. University Partners, an affiliate of KKR, will manage the portfolio. TSB Capital Advisors and J.P. Morgan Securities LLC served as financial advisors to BREIT on the transaction, which is expected to close during the third quarter.
BINGHAMTON, N.Y. — TSB Capital Advisors has arranged a loan of an undisclosed amount for the refinancing of Twin River Commons, a 371-bed student housing property located near the State University of New York (SUNY) at Binghamton campus. The floating-rate loan was secured on behalf of the borrower, Chicago-based Harrison Street. The community offers units in studio through four-bedroom configurations with bed-to-bath parity. Shared amenities include a fitness center, clubhouse, fireplace lounge with billiards and games, package lockers and an outdoor courtyard and kitchen. The direct lender was not disclosed.
CONWAY, ARK. — Cushman & Wakefield has brokered the sale of The Edge at Donaghey, a 432-bed student housing community situated adjacent to the University of Central Arkansas. Located at 530 S Donaghey Ave. in Conway, the 120-unit property was built in 2013. Sundance Real Estate purchased the community from an entity doing business as Azalea Holdings II LLC for an undisclosed price. Travis Prince, Victoria Marks and Shawn Lubic of Cushman & Wakefield’s Student Housing Capital Markets team, along with Martin Bynum of the firm’s Sunbelt Multifamily Advisory Group, represented both the seller and buyer in the transaction. The new buyer plans to bolster The Edge at Donaghey’s amenity package, which currently includes a business center, fitness studio, study areas, resort-style pool and a clubhouse.
KNOXVILLE, TENN. — A partnership between Villas Student Housing and Student Quarters has broken ground on a 605-bed student housing development across from the University of Tennessee campus in Knoxville. The 235,000-square-foot community will be located at the intersection of 1425 Rocky Shore Lane and 1440 Cityview Lane. The property will offer units in studio through five-bedroom configurations across two six-story buildings. Shared amenities will include a resort-style swimming pool, basketball court, fitness center and study spaces. The design-build team for the project includes Rhode Partners, Southern Building Group, DCI Engineers, Cannon & Cannon and V3 Consulting Engineers. The development is anticipated for completion in summer 2026.
NEW BRUNSWICK, N.J. — TSB Capital Advisors has arranged a loan of an undisclosed amount for the refinancing for VERVE, a 696-unit student housing community located near Rutgers University’s main campus in New Brunswick. Constructed in 2020, the community offers single- and double-occupancy units in studio through five-bedroom configurations. Shared amenities include a fitness center, private and group study lounges, gaming spaces, a private parking garage and indoor bike storage. The community also houses ground-floor retail space. An affiliate of QuadReal Property Group provided the fixed-rate loan, which features a future funding component, to the borrower, a joint venture between The Scion Group and PGIM Real Estate.
MICHIGAN — District Capital has arranged a $7.7 million loan for the refinancing of a 108-bed student housing scattered site portfolio located on a Big Ten campus in Michigan. A life insurance company provided the 30-year loan, which features a 30-year amortization schedule. Dave Dismondy of District Capital arranged the loan on behalf of the undisclosed borrower.
JONESBORO, ARK. — Hillcrest Acquisitions has acquired Wolf Creek, a 192-unit student housing community located at 500 N. Caraway Road near the Arkansas State University campus in Jonesboro. The seller and sales price were not disclosed. The community is set to undergo $4.4 million in renovations and will be converted into conventional multifamily. Marc Tropp of Eastern Union secured $12.1 million in acquisition financing through Bay Vanguard on behalf of Hillcrest. The five-year loan features interest-only payments for 24 months during renovations and lease-up. Once the property is stabilized, the mortgage will convert to principal and interest payments based on an amortization period of 25 years. The transaction carries a 65 percent loan-to-cost ratio. Built in 2008, Wolf Creek offers two- and three-bedroom units on a 13-acre parcel.
LONG BEACH, CALIF. — California State University, Long Beach (CSULB) has broken ground on La Playa Residence Hall, a 108,000-square-foot student housing project in Long Beach, located on the coast south of Los Angeles. Designed by Perkins&Will, the project is part of the State of California’s Higher Education Student Housing Grant Program, which aims to increase below-rate rental options for students living on campus. La Playa Residence Hall will add 424 beds to CSULB’s Hillside Housing village. The $115 million project will consist of three five-story buildings each surrounded by outdoor amenities, including patios, dining areas, a welcome plaza and central lawn. Upon completion, the community will offer a mix of single- and double-occupancy student rooms with lounges, study areas and maintenance facilities on every floor. Each building will feature a kitchen on the ground floor, three apartments for staff or faculty, a 2,000-square-foot multipurpose room and music practice rooms. Additionally, the residence hall will feature two dedicated offices that will expand the University’s Counseling and Psychological Services program to provide support for students in need. Completion is slated for summer 2026, with first occupancy for students for 2026 fall semester.
TUCSON, ARIZ. — Inland Real Estate Acquisitions has purchased The Parker, a student housing community in Tucson. Mark Cosenza of Inland Acquisition, with assistance from Brett Smith of The Inland Real Estate Group law department, completed the transaction on behalf of an Inland affiliate. The seller and price were not disclosed. Developed in 2021, The Parker features 131 units in a mix of 13 studio, 52 two-bedroom, seven three-bedroom, 46 four-bedroom, 20 five-bedroom and 19 six-bedroom units. Each unit is fully furnished with wood-style flooring, modern furniture, memory foam mattresses, TVs, private locks on bedroom doors, granite countertops, a full-size washer/dryer, valet trash service and electronic key card access. Community amenities include private and group study rooms; a fitness center with a yoga studio; gated resident parking garage; modern clubhouse; an on-site Chase bank; a rooftop deck with pool, hot tub and poolside cabanas; an outdoor fitness center; fully equipped outdoor kitchen; and a courtyard with a fire pit, lounge seating and games. The property is currently 99.5 percent occupied and is 78 percent pre-leased for the 2024/2025 school year. Core Spaces will manage the property. The Parker is immediately adjacent to the west side of the University of Arizona.
SEATTLE — PGIM Real Estate has provided a $53.5 million floating-rate loan to Blue Vista Capital Management for the refinancing of Theory U District, a student housing community in Seattle. Serving the students at University of Washington, the seven-story property features 171 units totaling 441 beds. Loan proceeds will be used to refinance the construction loan, covering closing costs and repatriating sponsor equity. Craig Foreman of PGIM Real Estate closed the financing.
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