Student Housing

CREI Sells 574-Bed Student Housing Community Near Auburn University

by Camren Skelton February 14, 2018

AUBURN, ALA. — Capstone Real Estate Investments LLC (CREI) has sold Eagles South Apartments, a 574-bed student housing community located roughly two miles from the Auburn University campus in Alabama. Aspen Heights acquired the property for an undisclosed price. The community offers one- and two-bedroom units with bed-to-bath parity. Shared amenities include a 24-hour fitness center, barbecue grills and picnic areas, a pool, computer lab, outdoor fireplace, clubhouse, sand volleyball courts and a dog park.

February 14, 2018

Multifamily South Carolina Southeast Student Housing

SmartStop Acquires Student Housing Asset Near University of South Carolina for $64.5M

by Camren Skelton February 8, 2018

COLUMBIA, S.C. — SmartStop Asset Management LLC has acquired Aspyre at Assembly Station, a 760-bed student housing community located near the University of South Carolina in Columbia, for $64.5 million. The property offers one-, two- and three-bedroom units. Community amenities include a 24-hour fitness center, business center, computer lab, resort and lap pools, a sauna and various outdoor recreational areas. The seller in the transaction was not disclosed.

February 8, 2018

Loans Michigan Midwest Student Housing

KeyBank Provides $27.7M Acquisition Loan for Student Housing Property in Ann Arbor, Michigan

by Kristin Harlow February 6, 2018

ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $27.7 million Fannie Mae loan for the acquisition of 411 Lofts in Ann Arbor. The student housing property is located less than a quarter-mile from the University of Michigan campus. Built in 2009, the 97-unit property features 4,264 square feet of ground-floor retail space. Caleb Marten and Chris Black of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

February 6, 2018

Indiana Loans Midwest Student Housing

Pillar Provides $14.1M Loan to Refinance Student Housing Property in Bloomington, Indiana

by Kristin Harlow February 5, 2018

BLOOMINGTON, IND. — Pillar Financial has provided a $14.1 million Fannie Mae loan for the refinancing of Urban Station in Bloomington. The permanent financing will replace a construction loan. The 53-unit student housing property opened in August 2017. The four-story property was developed on the original site of The Chocolate Moose, an ice cream parlor dating back to 1933. The Chocolate Moose now occupies all of the property’s first-floor retail space. Joe Markech of Pillar originated the 12-year loan, which features a 30-year amortization schedule. Mike Dury of PR Mortgage & Investments arranged the loan. The borrower is a Bloomington-based developer and manger of student housing and multifamily properties throughout Indiana.

February 5, 2018

Multifamily Student Housing Texas

SRE Purchases 384-Bed Student Housing Property Near Sam Houston State University

by Taylor Williams February 2, 2018

HUNTSVILLE, TEXAS — Saban Real Estate (SRE) has purchased Midtown Sam Houston, a 384-bed student housing property in Huntsville that serves Sam Houston State University students. The pet-friendly property offers two- and four-bedroom units and amenities such as a pool, fitness center and a resident clubhouse. Will Baker and William Shell of Walker & Dunlop provided an undisclosed amount of Fannie Mae financing for the acquisition. Chris Epp and Chris Bancroft of FourPoint Student Housing Investments represented the seller in the deal. SRE’s student housing portfolio now exceeds 20,000 beds across 17 university markets.

February 2, 2018

Maryland Multifamily Southeast Student Housing

Safanad Limited, Vie Holdings Acquire Student Housing Community in Metro D.C. for $69.5M

by Camren Skelton January 31, 2018

HYATTSVILLE, MD. — Dubai-based Safanad Limited, in partnership with Miami-based Vie Holdings, has acquired The Towers at University Town Center, a student housing community in Hyattsville, for $69.5 million. The name of the seller was not disclosed. The community is located roughly seven miles northeast of Washington, D.C., and caters to students attending Howard University, the University of Maryland and other colleges and universities in the metro D.C. area. The new ownership will invest $5 million to renovate the property with new rooftop finishes, expanded services, upgraded units and additional facilities. The Towers comprises two 16- and 17-story buildings and includes two-, three- and four-bedroom units. In addition, the community is located within walking distance to two Metro subway stations and its amenities include a pool, business center, 24-hour security services and garage parking.

January 31, 2018

Illinois Midwest Student Housing

Harrison Street Forms Joint Venture to Develop Student Housing Properties Across Europe

by Kristin Harlow January 31, 2018

CHICAGO — Harrison Street Real Estate Capital LLC, based in Chicago, has formed a joint venture with Crosslane Property Group UK Limited to develop a portfolio of four student housing properties totaling 1,267 beds. The properties will be located in Leeds, Coventry, Portsmouth and Swansea, which are cities in the United Kingdom that have a combined enrollment of more than 131,000 students. Gross development value for the four properties is approximately $175 million. Harrison Street’s European student housing portfolio comprises more than 7,000 beds in ownership or under construction across Ireland, France, Germany and the United Kingdom.

January 31, 2018

Evo-at-Cira-Centre-South-Philadelphia-PA

Multifamily Northeast Pennsylvania Student Housing

Harrison Street, Brandywine Realty Sell 850-Bed Community in Philadelphia’s University City for $197.5 Million

by Amy Works January 29, 2018

PHILADELPHIA — A joint venture between Harrison Street Real Estate Capital and Brandywine Realty Trust has sold Evo at Cira Centre South, an 850-bed student housing community located in Philadelphia’s University City neighborhood, for $197.5 million. The property was built in 2014, and is the tallest purpose-built student housing tower in the U.S., serving students at the University of Pennsylvania and Drexel University. The community offers one-, two-, three- and four-bedroom units. Shared amenities include a rooftop infinity pool and lounge; 11 two-story study lounges; free weekly studio fitness classes including Zumba, yoga and Pilates; a 24/7 two-story fitness center; and a business and print center. The buyer’s name was not disclosed.

January 29, 2018

Multifamily New Jersey Northeast Student Housing

FourPoint, BlueGate Arrange Sale of 674-Bed Community Near Rutgers University

by Amy Works January 29, 2018

NEW BRUNSWICK, N.J. — FourPoint Investments and BlueGate Partners have arranged the sale of Rockoff Hall Apartments, a 674-bed student housing community located within walking distance of Rutgers University in New Brunswick. The property offers one-, two- and three-bedroom units. Shared amenities include a cyber café, on-site laundry, a fitness center, discounted parking in the attached garage, study rooms on every floor and a club room with billiards and shuffle board. The names of the buyer and seller were not disclosed.

January 29, 2018

Multifamily Northeast Pennsylvania Student Housing Top Stories

Harrison Street, Brandywine Sell 850-Bed Student Housing Property in Philadelphia for $197M

by Taylor Williams January 29, 2018

PHILADELPHIA — A joint venture between Chicago-based investment firm Harrison Street Real Estate Capital LLC and Pennsylvania-based REIT Brandywine Realty Trust (NYSE: BDN) has sold Evo at Cira Centre South, an 850-bed student housing property in Philadelphia. The sales price was roughly $197 million, according to The Philadelphia Inquirer. The buyer was not disclosed. Built in 2014 and located in the University City area, the 33-story Evo at Cira Centre South is the tallest purpose-built student housing tower in the country. It provides residences for students attending both the University of Pennsylvania and Drexel University. The property offers a mix of one-, two-, three- and four-bedroom units. Communal amenities include a two-story fitness center, two-story study lounges, a business and print center, as well as a rooftop pool and lounge. Following this transaction, Harrison Street’s student housing portfolio totals more than 73,000 beds across the U.S. and Europe. The stock price of Brandywine, which owned a 50 percent interest in the asset, closed at $17.88 per share on Friday, Jan. 26, up from $16.22 per share a year ago. — Taylor Williams

January 29, 2018

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