KNOXVILLE, TENN. — A joint venture between Core Spaces and Schenk Realty has announced plans for an 800-bed student housing development located near the University of Tennessee campus in Knoxville. Located at 1801 Cumberland Ave., the community will rise seven stories and offer 215 units in studio through five-bedroom configurations. Shared amenities will include a rooftop swimming pool, hot tub and sun deck, as well as ground floor retail. Construction on the project is set to begin in spring 2025. In addition to this unnamed project, Core Spaces and Schenk are also currently developing Hub Knoxville, a nearby student housing development that will comprise 1,600 beds.
Student Housing
PHILADELPHIA — Walker & Dunlop Inc. has provided a $285.5 million loan for the refinancing of Vantage and The View at Montgomery, two student housing properties located on Temple University’s campus in Philadelphia. The Class A communities total 1,816 beds. Completed in 2019, Vantage rises 19 stories with 368 units. The property features more than 30,000 square feet of amenity space, retail offerings and floor plans ranging from studios to four bedrooms. Opened in 2014, The View at Montgomery includes 238 units and is located in the center of Temple University’s main campus. The 14-story building features studios through four-bedroom layouts. The Goldenberg Group acquired the site for Vantage and The View at Montgomery in 2008 as part of a multi-phase student housing project to bring much-needed rental product to Temple University. Walker & Dunlop’s multifamily finance and capital markets teams originated the seven-year, fixed-rate loans through Freddie Mac on behalf of The Goldenberg Group. Additionally, Walker & Dunlop Investment Partners (WDIP) provided a preferred equity investment as part of the refinancings. “In the face of macro headwinds stemming from the financial crisis, the COVID pandemic and nationwide enrollment pressure, the student housing sector has proven its resiliency time and …
ATLANTA — Newmark has brokered the sale of Reflection, a student housing high-rise in Midtown Atlanta totaling 741 beds across 247 units. The Class A property is located at 111 John Wesley Dobbs Ave. NE, which is within walking distance of Georgia State University. Ryan Lang, Jack Brett, Ben Harkrider and Bert Sanders of Newmark represented the sellers, Atlantic Capital Properties and ELV Associates, in the transaction. The Scion Group and Brookfield Asset Management purchased the property for an undisclosed price. Built in 2022, Reflection features bed-to-bath parity, designer furniture package, stainless steel appliances and in-unit washers and dryers. Community amenities include a temperature-controlled saltwater pool with in-water tanning loungers, a jumbotron screen on an elevated deck, outdoor lawn and grilling area, fitness center, modern study and conference spaces and designated entertainment rooms that include gaming systems and table games. Additionally, the property features two retail spaces leased to Center Parc Credit Union and Mochinut, a donut shop. Reflection was 99.6 percent occupied at the time of sale.
Audubon Acquires Student Housing Tower in Birmingham, Plans Conversion to Market-Rate Apartments
by John Nelson
BIRMINGHAM, ALA. — Audubon has purchased Scholar Birmingham, a 198-unit student housing high-rise in Birmingham’s Five Points neighborhood. The tower was developed as an off-campus student housing property in 2020 due to its proximity to University of Alabama at Birmingham (UAB). The seller and sales price were not disclosed. Audubon plans to transition the property to market-rate housing in a retrofit that includes modernizing the interiors and enhancing community amenities. According to the Scholar Birmingham property website, the community offers fully furnished, pet-friendly studio, one-, two-, three- and four-bedroom apartments. Amenities include package lockers, a fitness center, sauna, gaming room, theater and a rooftop amenity deck with a pool, covered lounge and barbecue grills.
LAWRENCE, KAN. — Tailwind Group has acquired The Reserve on West 31st, a 192-unit student housing property located 1.5 miles from The University of Kansas in Lawrence. Built in 1999, the community features a mix of three- and four-bedroom floor plans. Amenities include a study lounge, pool, fitness center and picnic area. Ryan Lang, Jack Brett and Ben Harkrider of Newmark arranged a structured equity facility on behalf of Tailwind to finance student housing acquisitions nationwide. Tailwind leveraged the facility to complete the acquisition of The Reserve on West 31st and plans to make capital improvements to the property.
CBRE Negotiates Sale of 894-Bed Student Housing Community Near Appalachian State University
by John Nelson
BOONE, N.C. — CBRE has negotiated the sale of The Cottages of Boone, an 894-bed student housing community located near the Appalachian State University campus in Boone. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s national student housing team, in partnership with Kevin Kempf of the company’s Southeast multifamily group, represented the seller, Mapletree Global Student Accommodation Private Trust, in the transaction. Timberline Real Estate Ventures and a real estate fund managed by Ares Management acquired the property for an undisclosed price. The cottage-style community offers shared amenities including a fitness center, yoga studio, dry sauna, steam room, clubhouse, arcade games and sports tables, a bar, library, computer lounge, private conference room, swimming pool, hot tub, fire pit, grilling station and an outdoor fireplace.
Joint Venture Acquires Boathouse Apartments in DC for $67.5M, Plans to Reposition for Student Housing
by John Nelson
WASHINGTON, D.C. — A joint venture between Up Campus Student Living, Palmor Capital, BridgeInvest and Sabal Investment Holdings has purchased Boathouse, a 250-unit multifamily community located at 2601 Virginia Ave. NW in Washington, D.C.’s Foggy Bottom neighborhood. An undisclosed seller sold the property for $67.5 million. The new ownership is embarking on a redevelopment plan to convert and rebrand Boathouse to off-campus housing for students, faculty and staff for nearby George Washington University. Planned renovations to the 10-story property include updated amenities, common areas and fully furnishing all 250 units. The property, which features retail space and two levels of underground parking, was recently renovated by the previous ownership.
Core Spaces, RD Management to Develop 1,300 Student Housing Beds Near University of South Florida in Tampa
by John Nelson
TAMPA, FLA. — Core Spaces and RD Management plan to break ground soon on Hub II, a 400-unit student housing project in Tampa’s Uptown district that will comprise 1,300 beds and a structured parking garage with 800 spaces. The project is Phase I of multiple communities that the co-developers are planning within Rithm, a nearly 100-acre campus adjacent to the University of South Florida that formerly housed University Mall, which opened in 1974. Core Spaces and RD Management ultimately plan to develop up to 3,000 student housing beds, 150 conventional apartments and 10,000 square feet of retail space at Rithm, which already features a Sprouts Farmers Market, restaurants, bars and incubator space for startup companies. Construction will begin on Hub II this fall, and the project is expected to be completed in fall 2027. The other phases (Hub III and Hub IV) will include over 700 beds and 800 beds, respectively, and will be fully delivered by 2030. In 2022, Core Spaces delivered Hub Tampa, a 359-unit, 890-bed student housing community located within Rithm.
Signet Underway on Five-Story Mixed-Use Development Near Clemson University in South Carolina
by John Nelson
CLEMSON, S.C. — Signet Real Estate Group is underway on the development of MODA Clemson, a five-story mixed-use development in Clemson. Located near Clemson University, the project is designed to cater to the needs of students and young professionals. In addition to 159 residential units in studio, one-, two- and three-bedroom layouts, the property will feature ground-floor retail space. Project partners include First National Bank of Pennsylvania, Kimley-Horn, Coursey Architects, HPA Design Group, Freese Johnson and Catamount Constructors. Signet expects to complete MODA Clemson in summer 2026. Pintail Real Estate will manage retail leasing at the property.
STATE COLLEGE, PA. — Berkadia has arranged the $24.5 million sale of Blue Course Commons, a 276-bed student housing property that serves students at Penn State University in State College. The 92-unit property was fully occupied at the time of sale. Matthew Stefanski, Zachary Pierce, Maura Spellman, Kevin Larimer and Brandon Buell of Berkadia represented the seller, Pennsylvania-based College Town Communities, in the transaction. The buyer was Pennsbury Capital.