COLUMBIA, S.C. AND GREENSBORO, N.C. — ARA Newmark has arranged two sales of student housing assets near the University of South Carolina and the University of North Carolina at Greensboro. The sales totaled more than $50 million. In the first transaction, Pittsburgh-based Campus First Student Living purchased The Club at Carolina Stadium in Columbia from Aspen Square Management for $30.5 million. Situated directly across from Carolina Stadium, the 240-unit, 486-bed asset was fully occupied at the time of sale. In the second deal, Shanghai-based private equity fund OC Ventures and operating partner SkyeCroft Realty purchased Sterling Cottages at West End in Greensboro from Houston-based The Dinerstein Cos. for an undisclosed price. Built in 2011, the 176-unit, 600-bed asset was 93 percent occupied at the time of sale. Ryan Lang of ARA Newmark’s Student Housing group in Austin, Texas, represented the sellers in both transactions.
BLOOMINGTON, IND. — FM Capital has acquired a 408-bed student housing portfolio near Indiana University. The purchase price was not disclosed. The portfolio consists of five buildings adjacent to campus and downtown Bloomington. FM Capital plans to upgrade the properties with amenities such as advanced roommate matching, high-speed internet, spacious lounge and study areas, business-class printing options, events, job fairs and full concierge services accessed through a mobile app.
NORMAL, ILL. — Triad Real Estate Partners has brokered the sale of an eight-property, 391-bed student housing portfolio at Illinois State University in Normal. The sale price was not disclosed. The properties were built in the 1980s and are located within two blocks of campus. The portfolio was 99 percent occupied for the 2016-2017 school year. Green Street Realty purchased the portfolio with plans to renovate the units. An investment group based in Evanston was the seller. Young America Realty manages the properties.
COLUMBUS, OHIO — Grandbridge Real Estate Capital has arranged a $10.1 million loan for the refinancing of a student housing property in Columbus. The property consists of 45 units and 127 beds. The 15-year, fixed-rate loan includes a 30-year amortization schedule. An insurance company provided the capital.
DENTON, TEXAS — Newport Beach, Calif.-based Arrimus Capital has purchased Forum at Denton Station, a student housing property located at 201 Inman St. near the University of North Texas in Denton. Boca Raton, Fla.-based Parkland Development sold the purpose-built property for an undisclosed price. The 420,684-square-foot development features 14 three-story buildings offering a total of 348 units, or 1,044 beds. The units are available in one-, two-, three- and four-bedroom layouts and are fully furnished. On-site amenities include a pool with a deck lounge, sand volleyball courts, indoor sports court, outdoor grilling and picnic areas and a 24-hour fitness center. Jaclyn Fitts and Casey Schaefer of CBRE represented the buyer and seller in the deal.
RICHARDSON, TEXAS — Balfour Beatty Campus Solutions, along with Dallas-based Wynne/Jackson and lead equity partner Star Alliance, has closed on the financing for the second phase of a mixed-use project for the University of Texas at Dallas in Richardson. The development team will expand on the Northside Phase 1 development by delivering 275 housing units and more than 6,600 square feet of retail space valued at $67 million as part of a public-private partnership. Situated on 12 acres, the second phase will include mid-rise apartments and townhomes totaling 900 beds, as well as shops, restaurants and entertainment venues to serve the 27,000 students, faculty, staff and young professionals of the university and greater Richardson area. Additionally, the new development will have a fitness facility, a resort-style pool, patio areas and spaces for small gatherings. Andres Construction will lead the overall design/build team, with Architecture Demarest as the lead design firm. Construction is underway, with completion slated for August 2018.
PHILADELPHIA — Rittenhouse Realty Advisors has sold Chester Hall Apartments, a 40-unit student housing community located in the University City neighborhood of Philadelphia. The property is located near the University of Pennsylvania, Drexel University and University of the Sciences. The undisclosed buyer plans to implement a small-scale renovation at the property, which is over 98 percent leased for the current school year.
CHARLOTTE, N.C. — Haven Campus Communities plans to build an 887-bed student housing community located directly across from the University of North Carolina at Charlotte campus on University City Boulevard. The development will offer fully furnished one-, two-, four- and five-bedroom units with bed-to-bath parity. Community amenities will include a cyber lounge with charging stations; coffee bar; fitness center; tanning room; gaming room; computer center with private study rooms featuring Smart TVs; gathering areas with built-in seating; bocce ball and horseshoes; fire pits; an open courtyard; and a pool area with a large pavilion, TVs, a tanning deck, cabanas and built-in grilling stations. The development will also offer the company’s Smart Apartment technology, created in partnership with Airwave Networks that include voice command technology through Amazon Echo; keyless entry that can be integrated with smartphones through a mobile application; and voice-controlled smart lighting, thermostats and ceiling fans. Haven Campus expects to deliver the student housing property in fall 2018.
FORT WORTH AND WACO, TEXAS — CBRE has secured $38 million in permanent financing for the recapitalization of two student housing properties totaling 558 beds in Fort Worth and Waco. The properties include Village East near Texas Christian University in Fort Worth and 11th Street Flats near Baylor University in Waco. Both properties offer fully furnished units with off-street parking. The borrower and lender were undisclosed.
FRESNO, CALIF. — Peak Campus has been awarded management of Campus Edge, a 416-bed, garden-style community located near Fresno State University in Fresno. The property offers one- and two-bedroom units with bed-to-bath parity. Community amenities include a newly renovated clubhouse with a fully equipped game room and fitness center; a business center; barbecue areas; and a resort-style swimming pool with a sun deck and hot tub.