EAST LANSING, MICH. — A joint venture between Centurion Property Group and IDE has acquired The Rocks, a 376-bed student housing community located near Michigan State University in East Lansing. The purchase price was undisclosed. Built in 2015, the property features one, two-, three- and four-bedroom layouts, all with 100 percent bed-to-bath parity. Amenities include a fitness area, game room and study lounge. The community is fully occupied. Aaron Moll of Berkadia originated a Freddie Mac loan for the acquisition that features a fixed interest rate and interest-only payments for the full term. Kevin Larimer and Brandon Buell of Berkadia represented the seller, Nuveen Real Estate.
CONWAY, S.C. — JLL has provided an $18.5 million Freddie Mac acquisition loan for Bellamy Coastal, a 480-bed student housing community situated near Coastal Carolina University. Built in 2018, the property is located at 300 Bellamy Ave. in Conway, a half-mile east of the university and 10 miles from Myrtle Beach. Amenities include a resort-style pool, sundeck, beach volleyball court, 24-hour fitness center, computer lab, study area, hammock garden and in-apartment security systems. Dan Kearns, Patricia Heminger, Sam Tarter and Katia Novi of JLL originated the five-year, fixed-rate loan on behalf of the borrower, Eastman Residential. The loan will be serviced by JLL Real Estate Capital LLC, a member of Freddie Mac Multifamily’s Optigo network of seller-servicer partners.
BOTHELL, WASH. — A public-private partnership between the University of Washington (UW) Bothell, Capstone Development Partners and Harrison Street has completed the development of Phase I of its on-campus Residential Village project. The initial phase of the project included the delivery of two new buildings: Summit Hall and Terrace Dining Pavilion. Summit Hall offers 380 beds of housing for first-year students in double-occupancy units, alongside 14,000 square feet of office space on the ground level for university enrollment services. The 15,000-square-foot dining pavilion seats 485 students and offers multiple dining options for students, as well as faculty and staff. Phase II of the development is currently under construction and will include a 300,000-square-foot residence hall offering 1,055 beds for undergraduate and graduate students. The project is scheduled for completion in summer 2024. The development team includes Mahlum Architects and Andersen Construction. Capstone Management Partners will provide operations and management services for the facilities in conjunction with UW Bothell’s residential life team. Bothell is a suburb north of Seattle.
ATLANTA — A joint venture between LV Collective, Kayne Anderson Real Estate and Pacific Life is underway on a new student housing tower in Atlanta. Dubbed Rambler Atlanta, the property will house 798 student housing beds in 215 units comprising one-, two-, four-, five- and six-bedroom configurations. The 457,000-square-foot property will be located at 736 Peachtree St. NE in Midtown Atlanta, which is within the Tech Square neighborhood opposite the interstate from the Georgia Tech campus. Amenities at Rambler Atlanta will include the second location of the Daydreamer café, a “study mezzanine” with coworking space and private study rooms, a resident lounge, fitness center and a rooftop pool and hot tub. The joint venture plans to deliver Rambler Atlanta by fall 2025. Project partners include architect Niles Bolton Associates, general contractor JE Dunn, interior designer Archie Bolden, Michael Hsu Office of Architecture and landscape architect Ironwood DDG. TSB Capital Advisors consulted on the joint partnership and construction financing. Pacific Life is providing debt for the project. Earlier this year, LV Collective delivered the nearby Whistler, a 565-bed student housing community at 859 Spring St. NW.
TAMPA, FLA. — A joint venture between the CBRE Strategic Partners U.S. Value 9 investment management fund and GMH Communities has acquired Venue at North Campus, a 734-bed student housing community located in Tampa. Situated adjacent to the University of South Florida at 13702 42nd St., the property features units in studio, two-, four- and five-bedroom layouts. Amenities at the community include in-unit washers and dryers, valet garage service, two swimming pools, fitness centers, grilling stations, a study room and internet café, volleyball court and a convenience store. Venue at North Campus was fully leased at the time of sale. The seller and sales price were not disclosed.
ATHENS, GA. — CBRE has brokered the sale of The Connection at Athens, an 876-bed student housing community located near the University of Georgia campus in Athens. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Kevin Geiger and Shea Campbell of CBRE represented the seller, a partnership between Pierce Education Properties and Nuveen Real Estate, in the transaction. Priderock Capital Partners acquired the community for an undisclosed price. The Connection at Athens offers shared amenities including a resort-style pool pavilion with four pools, clubhouse, private study rooms, grilling stations, a fire pit, basketball court, sand volleyball court, game room and a dog park.
HYATTSVILLE, MD. — JLL has secured a $63 million refinancing for Vie Towers, a 910-bed student housing community located in the Washington, D.C., suburb of Hyattsville. The high-rise community serves students attending both Howard University and the University of Maryland. Doug Opalka, Dan Kearns, Jayme Nelson and Owen Claypool of JLL worked on behalf of the borrowers, Safanad and Vie Management, to secure the three-year, floating-rate loan through Värde Partners. Built in 2006 and renovated in 2019, the community offers a mix of two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a rooftop pool deck, modern fitness center, yoga studio and coworking and creative space.
Eric Newton Real Estate Breaks Ground on 517-Bed Student Housing Development Near Clemson University
CLEMSON, S.C. — Eric Newton Real Estate has broken ground on Maverick Hills, a 517-bed student housing development located near the Clemson University campus in South Carolina. The property will offer cottage and townhome units in a mix of two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities are set to include a resort-style swimming pool with lounge seating; clubhouse; full-service coffee bar; study rooms; 24-hour fitness center; courtyard for outdoor games; dog park; pickleball and basketball courts; and “The Rock” community center. The project is scheduled for completion in fall 2025.
SACRAMENTO, CALIF. — A joint venture between GMH Communities and Wexford Science & Technology has announced plans for ANOVA Aggie Square, a 252-bed student housing community near the University of California, Davis campus in Sacramento. The community will be constructed during Phase I of Aggie Square, a larger mixed-use project that is set to include state-of-the-art research facilities and office space. ANOVA Aggie Square will offer micro-studio, studio, one-, two- and four-bedroom units for undergraduate and graduate students, as well as young professionals working in the technology, life sciences and healthcare industries. Shared amenities will include soundproof office pods, a micro-market with gourmet vending options, co-working spaces, conference rooms, a ride-share lounge and 24/7 concierge services. A timeline for the development was not announced.
ATHENS, GA. — Athens-based Landmark Properties has completed the development of 10 student housing properties valued at $2 billion ahead of the fall 2023 semester. The portfolio is the largest to be delivered off-campus in a single year, according to Landmark, and accounts for one-fourth of all student housing deliveries this fall. The portfolio, which offers a total of 8,195 beds, includes the following nine properties: The Standard at College Park, a 951-bed community located two blocks from the University of Maryland campus in College Park. The property offers units in studio through five-bedroom configurations, alongside shared amenities including a fitness center, sauna, computer lab, study lounge and ground floor retail space. Landmark Construction served as general contractor for the project. The Standard at Columbia, a 678-bed project developed through a joint venture with CRG near the University of South Carolina campus in downtown Columbia. The community offers studio through five-bedroom units. Shared amenities include a clubhouse, pool deck, fitness center, spa, study lounge, cafe and a sports simulator. Clayco served as general contractor. The Standard at Bloomington, a 1,064-bed community located near the Indiana University campus in Bloomington. Shared amenities include a swimming pool and spa, exterior jumbotron, sauna, …