PHOENIX — A CIM Group-managed fund has closed a $204 million construction loan to Medistar Corp., GMH Communities and a fund sponsored by CBRE Investment Management to finance the development of Central Station, a mixed-use transportation hub in downtown Phoenix. Located at 300 N. Central Ave. at Van Buren Street, Central Station will consist of 362 apartments, 435 student housing units with 655 beds, more than 100,000 square feet of office and retail space, and 427 subterranean parking spaces across two 22- and 23-story towers and a podium. The development is adjacent to an existing bus and light-rail transit center and is a public-private partnership with the City of Phoenix and the federal Transit Authority. The development team broke ground on the project in April.
SEATTLE — Champion Real Estate Co. has acquired 0.33 acres of land at 700 NE 45th St. near the University of Washington campus in Seattle for the development of a 516-bed student housing community. Named Victory at the U, the community will offer fully furnished units alongside shared amenities including study and fitness centers, recreation space and a rooftop deck offering views of Lake Union. Dylan Simon of Kidder Matthews represented Champion and the undisclosed seller of the development site, which Champion acquired for $7.3 million.
NORMAN, OKLA. — CBRE has arranged the sale of 2900 Apartments, a 556-bed student housing community located near the University of Oklahoma in Norman. Built in 1999, the property offers 156 units and is situated adjacent to the university’s golf course. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Matt Bukhshtaber of CBRE represented the undisclosed seller in the disposition of the property to Hamilton Point Investments. The sales price was also not disclosed.
FAYETTEVILLE, ARK. — Landmark Properties has begun construction on The Retreat at Fayetteville, a 585-bed student housing development located adjacent to the University of Arkansas campus. Located at 1030 Razorback Road in Fayetteville, the community will offer a mix of two- to five-bedroom, fully furnished units in a cottage-style development. Shared amenities will include outdoor green space with a putting green and bocce ball area; 24-hour study lounge; computer lab; fitness center; resort-style swimming pool and hot tub; grilling area; and a fire pit. The property will also feature 1,000 square feet of ground floor retail space. Athens, Ga.-based Landmark expects to complete the project in fall 2023.
Vesper, Fortress Acquire 444-Bed Student Housing Community Near University of South Florida in Tampa
TAMPA, FLA. — A joint venture between Vesper Holdings and funds managed by affiliates of Fortress Investment Group has acquired ON50 Tampa, a 444-bed student housing community located near the University of South Florida. The property offers a mix of three- and four-bedroom, fully furnished units. Shared amenities include a swimming pool, computer lab, study lounge, movie and entertainment center, hammock garden, community kitchenette, coffee bar and shuttle service to the university’s campus. The community is the joint venture’s fourth acquisition over the past 13 months. The seller and sales price were not disclosed.
LOS ANGELES — Landmark Properties is set to break ground on The Mark at Los Angeles, a 166-bed student housing development located adjacent to the University of California, Los Angeles (UCLA) campus at 10915 Strathmore Drive. The community will offer two- through five-bedroom units, including five affordable units offering 21 beds. Shared amenities will include an outdoor courtyard, private and shared rooftop terraces, and a resort-style swimming pool. Landmark purchased the development site from the Pacific Southwest District of the Lutheran Church-Missouri Synod (LCMS), which owned the land and an existing building on the property since the mid-1950s. Foundry Commercial represented the seller in the transaction. Construction on the community is scheduled for completion by September 2024.
EAST LANSING, MICH. — Newmark has arranged the sale of three student housing assets totaling 496 beds that serve Michigan State University in East Lansing. The sales price was undisclosed. The properties include: The Gates, a 139-bed property built in 2014; The Manor, a 56-bed building constructed in 2015; and The Tower, a 301-bed property. Amenities include controlled access, resident events, onsite parking, laundry facilities and a pedestrian bridge to campus. Ryan Lang, Jack Brett, Ben Harkrider and Debbie Corson of Newmark represented the seller, MJW Investments. Blue Vista Capital Management was the buyer.
ATLANTA — Blue Vista Capital Management and StepStone Real Estate, the real estate arm of investment firm StepStone Group, have purchased Theory Interlock, a 240-unit student housing project underway near Georgia Tech in Atlanta’s West Midtown district. Blue Vista and PeakMade Real Estate are the developers behind the community, which is one of the anchors of the $450 million The Interlock mixed-use destination that SJC Ventures is developing. Theory Interlock, which will feature a unit mix ranging from studios to five-bedroom apartments, is slated to open ahead of the fall 2023 semester. The acquisition of Theory Interlock is the first investment for a $90 million co-investment partnership between Blue Vista and StepStone that is focused on student housing opportunities.
PENDLETON, S.C. — QR Capital, a multifamily and student housing owner-operator based in Atlanta, has sold The Villages at Town Creek, a 244-bed student housing community located near Clemson University in Pendleton. Built in 2010, the property offers 61 townhome-style units in three-, four- and five-bedroom configurations. Shared amenities include a resort-style swimming pool, study lounge, coffee bar, fire pit, hammock garden, sand volleyball court and a car wash station. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, David Lansbury and Erika Maston of CBRE arranged the sale on behalf of QR Capital. The buyer and sales price were not disclosed.
WACO, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Heritage Quarters, a 374-bed student housing community located about 1.5 miles from Baylor University’s campus in Waco. Built in 2008, the mid-rise property sits on 2.7 acres and totals 106 units. The amenity package comprises a pool, 24-hour fitness center, billiards room, business center and a conference room. Danny Wieland of TMG represented the undisclosed seller in the transaction. Paul Yazbeck, also with TMG, represented the buyer.