Student Housing

Strategic Capital Partners, University of Indianapolis Open Greyhound Village Student Housing Community

by Christina Cannon August 31, 2016

INDIANAPOLIS — A joint venture between the University of Indianapolis and Strategic Capital Partners has opened Greyhound Village, a 486-bed, on-campus student housing community. The $25 million community offers one-, two-, three- and four-bedroom, fully furnished apartments, complete with kitchens, living rooms, private bathrooms, washers and dryers. Amenities include a fitness center, clubhouse and indoor and outdoor common areas. Schmidt Associates architects designed the project, which construction manager CRG Residential built.

August 31, 2016

Florida Georgia Southeast Student Housing

Pierce Education Properties Buys Two Student Housing Communities in Florida, Georgia

by John Nelson August 31, 2016

ATHENS, GA. AND TALLAHASSEE, FLA. — Pierce Education Properties LP has acquired two student housing communities located in Florida and Georgia. The acquisitions include The Commons at Tallahassee, a 732-bed community located just north of the Florida State University campus in Tallahassee; and The Reserve at Athens, a 612-bed community located near the University of Georgia campus in Athens. KeyBank Real Estate provided debt financing for both acquisitions. Amenities at The Commons at Tallahassee include a resort-style swimming pool and hot tub, lighted tennis court, 24-hour fitness center, outdoor basketball court, upgraded game room and high-speed wireless internet. Amenities at The Reserve at Athens include a resort-style saltwater swimming pool with a hot tub and sun deck, cook-out and lounge areas, 24-hour fitness center, outdoor basketball court, lighted tennis court, game room, dedicated “Night Life Shuttle” service to downtown Athens and high-speed wireless internet.

August 31, 2016

Features Multifamily Student Housing Top Stories

Student Housing Sees Robust Deals, Investment Sales, Development Numbers

by Christina Cannon August 30, 2016

As we pass the mid-year point of 2016, the student housing industry is again poised to have a strong year. Favorable market conditions, chief among them low interest rates, have pressed development and acquisitions forward during 2016. Pre-leasing for fall 2016 was strong through the summer, though slightly down from fall 2015 for many owners, while a number of owners reported rent growth for the upcoming year. The industry has seen a lot of activity in buying and selling during the first half of the year. In addition to smaller portfolios and one-off transactions, the sector saw two of its largest M&A transactions to date close during the first half of this year. Harrison Street Real Estate Capital closed on the $1.9 billion acquisition of Campus Crest Communities, adding more than 30,000 beds to its portfolio. In June, The Scion Group, GIC and CPPIB closed on their $1.4 billion acquisition of the assets of University House Communities from InvenTrust Properties, adding more than 10,000 beds to Scion’s portfolio. In addition, movers and shakers like The Preiss Company, Vesper Holdings and Pierce Education Properties have been acquiring a number of properties in 2016. Many properties came to market in January and …

August 30, 2016

Loans Michigan Midwest Multifamily Student Housing

CBRE Secures Acquisition Financing for Student Housing Property in Big Rapids, Mich.

by Christina Cannon August 29, 2016

BIG RAPIDS, MICH. — CBRE Group Inc. has secured acquisition financing for a 264-bed student housing property in Big Rapids, approximately 55 miles north of Grand Rapids. Vision Real Estate Investment purchased Venlo Place Apartments, which serves Ferris State University. The property features amenities such as a 24-hour fitness center, a sand volleyball court and river access. Venlo Place Apartments offers two- and four-bedroom units. The fixed-rate loan features a 20-year term. Jason Brown and Dan Gable of CBRE placed the financing with a national balance sheet lender. The seller and loan amount were undisclosed.

August 29, 2016

Iowa Michigan Midwest Multifamily Student Housing

Triad Real Estate Arranges Sale of Two Student Housing Properties for $26.1M

by Christina Cannon August 24, 2016

CEDAR FALLS, IOWA, AND BIG RAPIDS, MICH. — Triad Real Estate Partners has arranged the sale of two student housing properties located in Iowa and Michigan. Dispositions included Venlo Place, a 264-bed student housing community located near Ferris State University in Big Rapids; and University Mills, a 481-bed student housing property located near the University of Northern Iowa in Cedar Falls. A Grand Rapids-based development company sold Venlo Place to Vision Real Estate Investment for $9.7 million. An undisclosed owner of student housing properties sold University Mills to a Minnesota-based private investment group for $16.4 million.

August 24, 2016

Loans Multifamily Student Housing Utah Western

Walker & Dunlop Provides $48.8M in Financing for Student Housing Portfolio Near BYU

by Nellie Day August 22, 2016

PROVO, UTAH — Walker & Dunlop Inc. has provided three loans totaling $48.8 million for a portfolio of three student housing properties located near Brigham Young University in Provo. Properties include The Lodges at Glenwood, Raintree Commons, and Cambridge Court. Each loan — utilizing Freddie Mac financing — was structured with a 10-year term and five years of interest-only payments, followed by a 30-year amortization schedule. The garden-style communities offer amenities including private balconies and patios, furnished units, parking, pools with cabanas, clubhouses with television lounges, on-site maintenance, laundry facilities and barbecue areas.

August 22, 2016

Multifamily South Carolina Southeast Student Housing

Preiss Sells Student Housing Community Near Coastal Carolina University for $9.7M

by John Nelson August 18, 2016

MYRTLE BEACH, S.C. — The Preiss Co. has sold University Village at the Coast, a 437-bed student housing community located near Coastal Carolina University in Myrtle Beach, for $9.7 million. The property offers one- and three-bedroom units with bed-to-bath parity and full-sized washers and dryers. Community amenities include an internet café, indoor sports court, multiple tanning beds, fitness center, game room, movie theater, multiple sand volleyball courts and a swimming pool. Travis Prince, Sean Baird and Steven Peden of Colliers International represented the seller in the transaction. The buyer, Sundance Real Estate Advisors, owns several multifamily properties and has plans to expand its student housing portfolio in the Southeast.

August 18, 2016

Loans North Carolina Southeast Student Housing

Capstone Capital Closes $42M Loan for Student Housing Project Near East Carolina University

by John Nelson August 16, 2016

GREENVILLE, N.C. — Capstone Capital has closed the $42 million refinancing of The Boundary at West End, a four- and five-story mixed-use development adjacent to East Carolina University in downtown Greenville. The project features 550 student housing beds, 9,500 square feet of ground-level retail space and a 453-space parking garage. Retail tenants include a regional pizza restaurant, convenience store, cafe and coffee shop, Smoothie King and an Asian restaurant. The borrower, Tom Taft Family of Greenville NC, finished The Boundary’s development in August 2015 and used the financing to take out the existing construction loan and all the developer equity. Jackson Howard of Capstone Capital arranged the 10-year Fannie Mae loan with a fixed 4.21 percent interest rate and two years of interest-only payments followed by a 30-year amortization schedule.

August 16, 2016

Louisiana Multifamily Southeast Student Housing

RISE Acquires 462-Bed Student Housing Community Near LSU

by John Nelson August 12, 2016

BATON ROUGE, LA. — RISE: A Real Estate Co. has acquired Oakbrook Apartments, a 462-bed student housing community located near Louisiana State University at 5075 Nicholson Drive in Baton Rouge. RISE plans to implement an extensive renovation to the exterior and interior of the 240-unit property, including a new dog park. According to Oakbrook Apartments’ website, the gated community features two swimming pools, a 24-hour fitness center, 24-hour computer lab, grilling areas, covered bus stop on Tiger Trails, clubhouse and on-site management and maintenance.

August 12, 2016

Multifamily Northeast Pennsylvania Student Housing

CA Ventures, Liberty Mutual Begin Construction on 575-Bed Student Housing Development Near Penn State

by Amy Works August 12, 2016

STATE COLLEGE, PA. — CA Student Living, a division of CA Ventures, and Liberty Mutual have commenced construction on RISE at State College, a 12-story grocery-anchored student housing development located at 532 E. College Ave. in State College. Located across from the Penn State University campus, the 575-bed project is scheduled for completion in summer 2018. The property will feature a mix of studio, one-, two-, three-, four- and five-bedroom floor plans ranging in size from 400 to 1,500 square feet, a 16,500-square-foot Urban Market grocery store, and retail and amenity space on the first and second levels. Additionally, the project will feature a mix of graduate housing, professional residences and student housing. Leonard S. Fiore Inc. will serve as the project’s general contractor, with Boston-based Shepley Bulfinch as the architect of record.

August 12, 2016

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