Student Housing

ORIX Provides $28M Construction Loan for 236-Bed Student Housing Property in Austin

by Taylor Williams May 23, 2018

AUSTIN, TEXAS — ORIX Real Estate Americas, a division of Dallas-based financial services firm ORIX Corp. USA, has provided a $28 million loan for the construction of a student housing community in Austin. The property will serve the University of Texas at Austin and total 236 beds across 66 units. Amenities will include a fitness center, rooftop deck, cyber lounge and conference rooms. Construction of the property began in April, with completion expected in time for the 2019-2020 school year. ORIX provided the loan on behalf of the undisclosed developer.

May 23, 2018

Georgia Loans Multifamily Southeast Student Housing

HFF Secures $30.4M Refinancing for Student Housing Property Near University of Georgia

by Camren Skelton May 23, 2018

ATHENS, GA. — HFF has arranged a $30.4 million loan for the refinancing of River Club Apartments and River Club Townhomes, two student housing assets located roughly two miles from the University of Georgia (UGA) campus in Athens. The adjacent communities operate as a single property, and include a total of 1,134 beds. David Keller and Mark Sixour of HFF arranged the seven-year, floating-rate loan through Freddie Mac’s Capital Markets Execution program on behalf of the borrower, an entity managed and controlled by The Scion Group. River Club Apartments includes a mix of two- to four-bedroom units with private bathrooms, hardwood-style plank flooring and flat screen TVs. The adjacent River Club Townhomes features three- and four-bedroom floor plans within two-story townhome units. Community amenities at both properties include swimming pools; volleyball, basketball and tennis courts; fitness centers; computer labs; car wash stations; private tanning salons; and on-site bus stops with service to the UGA campus.

May 23, 2018

Acquisitions Multifamily North Carolina Southeast Student Housing

Marcus & Millichap Brokers $20.9M Sale of Student Housing Portfolio Near Wake Forest University

by Camren Skelton May 23, 2018

WINSTOM-SALEM, N.C. — Marcus & Millichap has brokered the $20.9 million sale of Deacon Properties, a 64-home, 251-bed student housing portfolio located within walking distance of Wake Forest University in Winston-Salem. Nate McDaniel, Allen Smith and Ian Turnbull of Marcus & Millichap arranged the transaction on behalf of the seller, Deacon Rental Properties, and procured the buyer, Mission Bay Investments. The properties feature three- and four-bedroom units ranging from 1,800 to 2,100 square feet. The portfolio was 98 percent occupied at the time of sale.

May 23, 2018

Development Florida Multifamily Southeast Student Housing

Mallory & Evans to Break Ground on 376-Bed Student Housing Community in Daytona Beach

by Camren Skelton May 17, 2018

DAYTONA BEACH, FLA. — Mallory & Evans is set to break ground on Bellamy Daytona, a 376-bed student housing community located in Daytona Beach. The $26 million community will serve students at Embry-Riddle Aeronautical University, Daytona Beach; Daytona State College; The Florida State University College of Medicine, Daytona Beach; The University of Central Florida, Daytona Beach; Bethune-Cookman University; and Keiser University, Daytona Beach. The four-story property will offer three-, four- and five-bedroom, fully furnished apartments with bed-to-bath parity. Every unit will have “smart house” features including Amazon Alexa, thermostats and keyless entry locks operated through smartphone applications. Shared amenities will include a clubhouse, 24-hour fitness center, tanning studio and a resort-style pool. Construction and leasing are expected to begin this summer, with completion scheduled for fall 2019. Caliber Living will manage and lease the property upon completion.

May 17, 2018

California Development Multifamily Student Housing Western

American Campus Communities, UC Irvine Begin Construction of 1,441-Bed Residence Hall

by Amy Works May 17, 2018

IRVINE, CALIF. — American Campus Communities and the University of California, Irvine, have broken ground on a 1,441-bed, on-campus residential building and a bike storage facility. This marks the beginning of Phase IV of the partnership’s on-campus development plan. The past three phases of development have brought a total of 5,162 units to the campus. Benchmark Contractors, a subsidiary of Morley Builders, was the general contractor for the past three phases on UCI’s campus, and is moving forward with a design-assist approach for the new large development. KTGY is the architect for the project. The development is set to open at the end of summer 2019.

May 17, 2018

Acquisitions Multifamily Student Housing Texas

Marcus & Millichap Brokers Sale of 324-Bed Student Housing Asset in Tyler, Texas

by Taylor Williams May 15, 2018

TYLER, TEXAS — Marcus & Millichap has brokered the sale of The Reserve Apartments, a 324-bed student housing asset in Tyler, about 100 miles east of Dallas. The property is located approximately one mile from the University of Texas at Tyler and features amenities such as a pool, fitness center and study rooms. Evan Burke, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, an out-of-state private investor, in the transaction. The trio also procured the buyer, an undisclosed higher education system.

May 15, 2018

Acquisitions Idaho Multifamily Student Housing Western

Marcus & Millichap Negotiates Sale of 1,546-Bed Student Housing Portfolio in Idaho

by Amy Works May 15, 2018

REXBURG, IDAHO — Marcus & Millichap has arranged the sale of an eight-property student housing portfolio located in Rexburg. A Seattle-based firm sold the 1,546-bed portfolio to a Utah-based company for an undisclosed price. The portfolio includes the 288-bed Somerset; the 252-unit Alpine Chalet; the 146-bed Brookside Village; the 238-unit Rockland; the 120-bed Autumn Winds; the 72-bed Georgetown; the 24-bed Birchwood; and the 406-bed Birch Plaza. Although the affiliated school was not named, the small city of Rexburg is home to Brigham Young University Idaho. Danny Shin and Brock Zylstra of Marcus & Millichap represented the seller and procured the buyer in the deal.

May 15, 2018

Acquisitions Florida Multifamily Southeast Student Housing

FourPoint Arranges Sale of Two Student Housing Communities Near University of South Florida

by Camren Skelton May 14, 2018

TAMPA, FLA. — FourPoint Student Housing Investments has arranged the sale of Campus Club North and Campus Club South, two student housing properties located roughly one mile from University of South Florida’s campus in Tampa. Campus Club North offers 256 beds in fully furnished units, and Campus Club South offers 356 beds with shared amenities including a resort-style swimming pool, fitness center and movie theater. Chris Bancroft, Chris Epp and Meredith Wolff of FourPoint represented the seller, Realco Capital Partners, in the transaction. CF Real Estate Services acquired both properties for an undisclosed price. Walker & Dunlop assisted in securing an acquisition loan for the buyer.

May 14, 2018

Acquisitions Healthcare Illinois Midwest Multifamily Self-Storage Seniors Housing Student Housing Top Stories

Colliers to Acquire 75 Percent Stake in Harrison Street for $450M

by Taylor Williams May 14, 2018

TORONTO AND CHICAGO — In an effort to expand its global investment management platform, Colliers International Group Inc. (NASDAQ: CIGI) has agreed to acquire 75 percent of Harrison Street Real Estate Capital LLC for $450 million. Under the terms of the transaction, which is expected to close during the third quarter, the senior management team of Harrison Street will hold the remaining 25 percent of equity. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement certain performance targets. Chicago-based Harrison Street currently manages about $14.6 billion worth of assets, primarily in the seniors housing, student housing, medical office and self-storage sectors. The company’s senior management team will continue to handle its day-to-day operations. No changes to the company name have been announced at this time. According to CEO Christopher Merrill, Harrison Street was seeking an outside investment partner to assist with its global positioning strategy. Harrison Street was drawn to the depth of Colliers’ relationships on a global scale, as well as the brokerage firm’s decentralized management style and track record in investment sales. For its part, Toronto-based Colliers was in the market for a new platform that would enable global investment growth. …

May 14, 2018

Acquisitions Multifamily Student Housing Texas

PAC Acquires 808-Bed Student Housing Property in College Station

by Taylor Williams May 11, 2018

COLLEGE STATION, TEXAS — A subsidiary of Preferred Apartment Communities Inc. (PAC), a publicly traded multifamily investment firm, has acquired The Tradition, an 808-bed student housing property in College Station. The 427-unit community is located one block away from Texas A&M University and features amenities such as a pool, outdoor grilling areas, 24-hour fitness center, computer stations, Starbucks Coffee bar, theater room and a game room. PAC financed the acquisition with a $30 million first mortgage bridge loan from Macquarie Group, an Australian investment banking firm. The seller was not disclosed.

May 11, 2018

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