Student Housing

Global Student Accommodation Completes Acquisition of 1,600-Bed Student Housing Portfolio

by Jeff Shaw October 4, 2022

AUSTIN, TEXAS; FLAGSTAFF, ARIZ.; AND CHARLESTON, S.C. — Global Student Accommodation (GSA) has completed the acquisition of a five-property student housing portfolio totaling over 1,600 beds. The seller was Harrison Street, an investment management firm headquartered in Chicago. The portfolio includes three assets in Austin, one in Flagstaff and one in Charleston. The price and names of the specific properties were not disclosed. Student housing provider Yugo will take on the management of all five assets immediately, with the aim of enhancing students’ overall experience throughout and beyond university and college life. The transaction gives GSA access to the new market of Charleston, which is rapidly becoming a tech hub and has seen its labor pool grow three times faster than the U.S. average since 2010. This growth is also reflected in student applications to the College of Charleston, which have increased 29.1 percent over that same time period. “These latest additions to our portfolio build on the momentum that we have had since entering the U.S. market at the start of 2021, where demand for student housing remains robust,” says Robin Moorcroft, transaction director of GSA. — Kari Lloyd

October 4, 2022

Development Florida Southeast Student Housing

Lynn University, Capstone Development Complete $40.5M Residence Hall Project in Boca Raton

by John Nelson September 20, 2022

BOCA RATON, FLA. — A public-private partnership between Lynn University and Capstone Development Partners has opened Capstone Apartments, a $40.5 million residence hall located on the university’s campus in Boca Raton. The 112,369-square-foot community offers 342 beds in studio, two- and four-bedroom configurations for upperclassmen and graduate students. Shared amenities include a community kitchen, entertainment lounge, flexible workspace, multi-purpose room, study lounges and laundry facilities on each floor. The development was designed to achieve LEED Silver certification with sustainable elements including the use of locally sourced materials, solar sunshades, low-E glazing, high socially responsible investment (SRI) roof materials, low-flow fixtures, a high-efficiency HVAC system and LED lighting. Capstone Management Partners manages the facility, while the university provides resident life services, support, IT and campus safety services. Gerrits Construction, Design Collective, Donahue Architecture and Design and Provident Resources Group were part of the project’s design-build team.

September 20, 2022

Acquisitions South Carolina Southeast Student Housing

Pierce Education Properties Acquires 382-Bed Student Housing Portfolio Near Clemson University

by John Nelson September 19, 2022

CLEMSON, S.C. — Pierce Education Properties has acquired a two-property portfolio of student housing communities offering 382 beds near Clemson University in South Carolina. Acquisitions include The Enclave in Town and The Enclave on Old Central, both of which were constructed in 1998 and offer two- and three-bedroom units. The communities are situated at 423 Lindsay Road and 1146 Old Central Road and feature shared amenities, including a swimming pool, 24-hour fitness center and dog park. Teddy Leatherman, Scott Clifton and Stewart Hayes of JLL represented the seller, a joint venture between Centerlane Capital and Burkely Communities, in the transaction. The sales price was not disclosed.

September 19, 2022

Development Georgia Southeast Student Housing

Mallory & Evans Breaks Ground on Phase II of Student Housing Community Near University of North Georgia

by John Nelson September 16, 2022

DAHLONEGA, GA. — Mallory & Evans Development has broken ground on Phase II of Bellamy Dahlonega, a student housing community located near the University of North Georgia. The second phase of the project will add two buildings offering 128 beds. Phase I of the project was delivered in fall 2015 and offers 426 beds. The 44 new units will feature two-, three- and four-bedroom configurations and will be fully furnished with bed-to-bath parity. Phase II will also include the development of a new fitness center and renovations to the existing clubhouse. A timeline for the project was not announced.

September 16, 2022

Development Florida Southeast Student Housing

Landmark, Atlantic American Partners Break Ground on 702-Bed Student Housing Project Near FSU

by John Nelson September 15, 2022

TALLAHASSEE, FLA. — A joint venture between Landmark Properties and Atlantic American Partners has broken ground on The Metropolitan at Tallahassee, a 702-bed student housing development near Florida State University. The community will be located at 1701 W. Pensacola St. near the university’s Doak S. Campbell Stadium. The development is set to offer two- to four-bedroom, fully furnished units. Shared amenities will include an outdoor putting green, 24-hour study lounge, computer lab, fitness center, resort-style swimming pool and a grilling area. Landmark Construction will serve as the general contractor for the project, which is scheduled for completion in August 2024.

September 15, 2022

Development Maryland Southeast Student Housing

Gilbane Completes 978-Bed Student Housing Development Near University of Maryland

by John Nelson September 12, 2022

COLLEGE PARK, MD. — Gilbane Development Co. has completed TEMPO, a 978-bed student housing community in College Park serving students attending the University of Maryland. The eight-story building offers 296 units in studio, one-, two-, three-, four- and five-bedroom configurations. Each unit is fully furnished and features bed-to-bath parity. Shared amenities at TEMPO include a swimming pool; three outdoor courtyards; a rooftop deck with a fire pit and TVs; a fitness center; podcast and video studio; yoga studio; multi-sport simulator; makerspace with a 3D printer; game lounge with pool tables; study lounge; coffee bar; bike storage; and free shuttle service to the university’s campus. Asset Living manages the property, which opened on Aug. 19 ahead of University of Maryland’s fall 2022 semester.

September 12, 2022

Features Multifamily Student Housing

Here’s How Student Housing Owners Can Obtain Fair Property Tax Assessments

by Kristin Harlow September 12, 2022

By John Stark, Popp Hutcheson Student housing valuation is often saddled by two common units of comparison that multiply the opportunities for confusion and disagreement in appraising value for property taxation. For a more convincing property tax appeal, it is important for the taxpayer to ensure their property’s valuations line up on both a per-square-foot and a per-bed basis. This article will discuss the importance of a proper unit mix and rent roll analysis to reconcile values between these units of comparison. We will also discuss current trends in student housing, including free services and concessions designed to boost occupancy, that should be accounted for in an income analysis to make sure appraisal districts do not overvalue the real estate. Price Per Square Foot vs. Price Per Bed Although student housing owners typically lease their properties by the bed and calculate investment value by that metric, many appraisal districts value student housing on a price per-square-foot basis. This can lead to errors in an assessor’s potential gross income assumptions. Further exacerbating overvaluations, many appraisal districts do not distinguish lease-per-bed student housing from traditional, lease-per-unit multifamily apartments. This failure to differentiate leads to erroneous assumptions of market rents and cap rates. …

September 12, 2022

Acquisitions Colorado Multifamily Student Housing Western

Brickstone Acquires Kensington Apartments Near the University of Colorado Boulder for $71M, Plans Renovation

by Amy Works September 8, 2022

BOULDER, COLO. — Brickstone Partners has acquired Kensington Apartments near the University of Colorado Boulder for $71 million. The property offers 163 units one block from the university’s campus. Shared amenities include a clubhouse, fitness center, indoor swimming pool and on-site laundry facility. Brickstone plans to begin a comprehensive two-year renovation program, which is set to incorporate upgrades to unit interiors including cabinetry, countertops, appliances, flooring, lighting and plumbing fixtures; extensive enhancements to the property’s shared amenity spaces and clubhouse; refreshed exterior landscaping; and the addition of upgraded safety features. “We are excited to add Kensington to our extensive portfolio of Colorado communities and for the opportunity to enhance the property to better serve the needs and desires of its residents and of this great city and institution,” says Brickstone founder Daniel Otis.

September 8, 2022

Acquisitions Georgia Southeast Student Housing

Fountain Residential Partners Disposes of 241-Bed Student Housing Community Near KSU in Metro Atlanta

by John Nelson September 7, 2022

KENNESAW, GA. — Fountain Residential Partners has sold 14 SixtyFive, a 241-bed student housing community near Kennesaw State University in metro Atlanta. The development was recently completed and offers two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Community amenities include study spaces on every floor, a gaming room, 24-hour fitness center, outdoor kitchen, barbecue grills, resort-style swimming pool and a study lounge. The 52-unit property is situated one mile north of campus at 1465 Shiloh Road in Kennesaw. Teddy Leatherman, Stewart Hayes and Scott Clifton of JLL represented the seller in the disposition of the property to Nuveen Real Estate. The sales price was not disclosed.

September 7, 2022

California Development Multifamily Student Housing Western

Core Spaces Plans 1,047-Bed Student Housing Development in Fullerton, California

by Amy Works August 31, 2022

FULLERTON, CALIF. — Core Spaces has announced plans for Hub Fullerton, a 1,047-bed student housing development in Fullerton. Groundbreaking is scheduled for later this year. DLR Group designed the project, which will serve students attending California State University-Fullerton, Hope International University and Pacific Christian College. The six-story building will offer shared amenities including a rooftop deck, swimming pool, hot tub, workspaces, a yoga and fitness center, spa and resident lounge space. The development will also feature a ground floor coffee shop and a landscaped public park space with seating. The community is scheduled for delivery in 2025 and will offer units in townhome and apartment configurations.

August 31, 2022

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