Student Housing

Capstone, Provident Secure Financing for Development of $139M On-Campus Community at UMass Boston

by Amy Works November 29, 2016

BOSTON — Capstone Development Partners and Provident Commonwealth Education Resources Inc. have closed on the financing for a $139 million student housing and dining community to be constructed on the University of Massachusetts Boston campus. The development will be the first on-campus student housing at the university. The two-building, 250,000-square-foot community is set to feature 1,077 beds targeted for primarily first-year students and an approximately 23,000-square-foot dining facility. The property will also include living-learning amenities such as seminar rooms, study lounges and other social and academic amenities to support student success and enhance the quality of campus life. Structured as a public-private partnership project, the development is being financed by tax-exempt revenue bonds issued by the Massachusetts Development Authority and underwritten by Citigroup. Provident Commonwealth Education Resources will own the housing and dining space, subject to a ground lease from the institution. UMass Boston and Capstone On-Campus Management will manage the housing. The design-build team for the project includes Elkus Manfredi Architects and Shawmut Design and Construction. Construction is slated to begin within the coming weeks, with completion scheduled for fall 2018.

November 29, 2016

Multifamily Student Housing Texas

Presidium Group Acquires Two Student Housing Properties in Austin

by Amy Works November 29, 2016

AUSTIN, TEXAS — Presidium Group has acquired two student housing properties in Austin, University Estates and University Village, for an undisclosed price. University Estates and University Village were built between 1997 and 2001, respectively, and are located in southeast Austin on The University of Texas at Austin shuttle route. The communities feature resort-style pools, fitness centers, clubhouses, basketball courts, tennis courts, computer labs and private student rooms. Combined the properties offer 846 units, totaling 2,700 beds. The name of the seller was not released.

November 29, 2016

Iowa Loans Midwest Multifamily Student Housing

Grandbridge Finances $43.8M Construction and Renovation Loan for Student Housing Property in Iowa City

by Kristin Harlow November 28, 2016

IOWA CITY, IOWA — Grandbridge Real Estate Capital has arranged a $43.8 million first mortgage construction and renovation loan for a student housing property in Iowa City. The 24-month, interest-only loan was funded through one of Grandbridge’s specialty lending relationships. Property developer The Tailwind Group will convert an existing 400-unit market rate apartment complex into a 336-unit student housing community called Quarters at Iowa City. The property is located near the University of Iowa and Kirkwood Community College, and will open in August 2017. Brett Olson and Dick Riley of Grandbridge originated the transaction.

November 28, 2016

Georgia Loans Multifamily Southeast Student Housing

HFF Secures $33.5M Loan for Student Housing Community Near Georgia Southern University

by John Nelson November 23, 2016

STATESBORO, GA. — HFF has arranged a $33.5 million permanent loan for The Hamptons, a recently built, 668-bed student housing community located within walking distance of Georgia Southern University in Statesboro. Delivered in fall 2015, The Hamptons features 117 Tudor-style cottages with a mix of two-, three-, four- and five-bedroom floor plans, as well as 120 one- and two-bedroom residential flats. Community amenities include a 10,000-square-foot clubhouse with a café, business center, study room, fitness center, steam rooms, cardio room, game room, bicycle rentals and tanning beds. Other amenities include a resort-style swimming pool with an 80-yard lazy river, sand volleyball court, bocce ball court, two dog parks and a separate study lounge. Jeremy Sain led HFF’s debt placement team in arranging the 10-year, fixed-rate loan through a national bank on behalf of the borrower, IMS Development.

November 23, 2016

Loans Midwest Multifamily Ohio Student Housing

NorthMarq Capital Arranges $4.7M in Acquisition Financing for Student Housing Portfolio in Cincinnati

by Kristin Harlow November 23, 2016

CINCINNATI — NorthMarq Capital has arranged the $4.7 million acquisition financing for Clifton Quarters, a student housing portfolio located near the University of Cincinnati. The portfolio includes 18 properties and 136 beds. The three-year, fixed rate loan includes a 25-year amortization schedule. The buyer was an out-of-state investor. NorthMarq arranged financing for the borrower through its relationship with a regional bank.

November 23, 2016

California Multifamily Student Housing Western

American Campus Communities, UC Berkeley Break Ground on 781-Bed Residence Hall

by Nellie Day November 23, 2016

BERKELEY CALIF. — American Campus Communities and the University of California, Berkeley have broken ground on a 781-bed residence hall located on the south side of the university’s main campus in Berkeley. The development, expected to house first-year students, will feature eight stories of residential and amenity space, 7,000 square feet of ground-floor retail and an 11,000-square-foot community center. The community center will include an “academic success center,” fitness center and student and gaming lounges. The project will also be home to 5,000 square feet of integrated space owned by Stiles Hall, a nonprofit student service group associated with the university. The public-private partnership transaction was structured under the American Campus Equity (ACE) program, which gives universities the opportunity to expand and modernize their student housing portfolio without the use of university financial resources. The development will seek LEED Gold certification. The project will include outdoor courtyards for student gathering that incorporate sustainable landscaping to treat rainwater runoff, reducing water usage by 50 percent and heat island effect by 50 percent. An expected completion date has not been announced.

November 23, 2016

Florida Multifamily Southeast Student Housing

Colliers Arranges $24M Sale of Student Housing Community Near the University of South Florida

by John Nelson November 22, 2016

TAMPA, FLA. — Colliers International has arranged the $24 million sale of University Lake Apartments, a 401-bed student housing community located near the University of South Florida campus in Tampa. The property offers one- and two-bedroom units with bed-to-bath parity, granite countertops and washers and dryers. Community amenities include a 24-hour fitness center, three saltwater pools, a five-acre lake, sundeck with lounge chairs and a technology center. Travis Prince of Colliers represented the seller, CREI-Tampa LLC, in the disposition of the property to FPA Multifamily LLC.

November 22, 2016

South Carolina Southeast Student Housing

Campus First, CF Real Estate Services Buy Student Housing Property Near University of South Carolina

by John Nelson November 22, 2016

COLUMBIA, S.C. — Campus First Student Living and CF Real Estate Services LLC have formed a joint venture with a private commingled fund to purchase Club at Carolina Stadium, a 486-bed student housing property situated less than one mile from the main campus of the University of South Carolina in Columbia. The community is located adjacent to the Congaree River and across from the university’s new ballpark. Campus First will be overseeing a $2.7 million renovation and rebranding of Club at Carolina Stadium, which will be renamed Rivers Edge at Carolina Stadium. The renovations will include a new clubhouse with a fitness center, private and shared study lounges, gaming area, café and a deck overlooking the swimming pool and terrace area. Other improvements will include a new outdoor kitchen, renovated dog park with dog washing station, two fire pit areas, enhanced landscaping, new signage, kayaks and canoes for residents and a new shuttle bus and electric bikes for students to get to class. The overhaul will also include upgraded internet and cable packages, as well as the addition of VIP premium suites that will include gray faux-wood floors, painted interiors and renovated kitchens with subway tile backsplashes, stainless steel appliances, …

November 22, 2016

Multifamily Student Housing Texas Top Stories

American Campus Communities Sells 19 Student Housing Properties to Saban, Campus Advantage for $508M

by Nellie Day November 16, 2016

AUSTIN, TEXAS — American Campus Communities Inc. (ACC) has sold 19 student housing assets totaling more than 12,000 beds to a partnership between Saban Real Estate and Campus Advantage for $508 million. The transaction included a $197.3 million prepayment of secured mortgage debt. “With the sale of these non-core assets, which were all previously acquired as part of larger portfolio acquisitions, we have transformed our portfolio into one consisting almost entirely of core assets,” says Bill Bayless, ACC’s CEO. “Our overall proximity to campus improves to a median distance to campus of only one-tenth of a mile, and our portfolio now contains only two remaining assets located more than one mile from campus.” The 12,083-bed portfolio includes:  Abbott Place, a 654-bed community located near Michigan State University in East Lansing.  Burbank Commons, a 532-bed community located near Louisiana State University in Baton Rouge.  The Cottages of Baton Rouge, a 1,290-bed community located near Louisiana State University.  U Club Cottages, a 308-bed community located near Louisiana State University.  University Crescent, a 612-bed community located near Louisiana State University.  Campus Corner, a 796-bed community located near Indiana University in Bloomington.  Campus Way, a 680-bed community …

November 16, 2016

Multifamily Student Housing Texas

ARA Newmark Arranges Sale of Four Student Housing Properties in Texas

by Amy Works November 15, 2016

AUSTIN, TEXAS — ARA Newmark’s Student Housing Group based in Austin has arranged the sale of four student housing properties located in Texas. Dispositions include Rio West, a 388-bed community located near the University of Texas in Austin; Javelina Station, a 360-bed community located near Texas A&M-Kingsville in Kingsville; Brook Place, a 534-bed community located near Sam Houston State University in Huntsville; and The Timbers, a 253-bed community located near Texas State University in San Marcos. North Star Asset Management Co. sold Rio West to Columbus Nova, with Coastal Ridge Real Estate as its operating partner. Oldham Goodwin Group sold Javelina Station to Houston-based ApexOne Investment Partners. ApexOne Investment Partners sold Brook Place to Campus Advantage. University Communities sold The Timbers to Jacobson Cos. Ryan Lang of ARA Newmark represented the sellers in each of the transactions.

November 15, 2016

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