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Student Housing

AcquisitionsSoutheastStudent HousingVirginia

TSB Realty Arranges Sale of 909-Bed Student Housing Property Near Old Dominion in Norfolk

by John Nelson

NORFOLK, VA. — TSB Realty has arranged the sale of The Next at ODU, a 909-bed student housing property located near Old Dominion University in Norfolk. The Michaels Organization sold the community to Saxum Real Estate for an undisclosed price. Delivered in 2010, the property offers shared amenities including a resort-style swimming pool and spa, 24-hour fitness center, tanning, a clubroom, business center and shuttle service to campus. Units offer bed-to-bath parity alongside features including modern appliances and washers and dryers.

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Commons-Sawmill-Flagstaff-AZ
AcquisitionsArizonaMultifamilyStudent HousingWestern

Coastal Ridge, Goldman Sachs Acquire 448-Bed Student Housing Community Near Northern Arizona University

by Amy Works

FLAGSTAFF, ARIZ. — A joint venture between Coastal Ridge Real Estate and Goldman Sachs Asset Management has acquired the Commons at Sawmill, a 448-bed student housing community near Northern Arizona University in Flagstaff. The property offers studio, two- and four-bedroom, fully furnished units. Shared amenities include a newly built clubhouse, fitness center, game area, theater, study lounge and outdoor courtyard. Jaclyn Fitts, Casey Schaefer and William Vonderfecht with CBRE brokered the acquisition of the property from an undisclosed seller. Coastal Ridge will manage the community.

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AcquisitionsMultifamilyStudent HousingTexas

Cardinal Group, TPG Real Estate Buy 1,116-Bed Student Housing Community in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — Cardinal Group Cos. and TPG Real Estate Partners have purchased The Village on Telluride, a 1,116-bed student housing community located near Texas State University in San Marcos. Built in 2011, the property offers 385 units alongside shared amenities including two resort-style pools, a two-story fitness center and a newly renovated clubhouse. The new ownership plans to further upgrade the community with the addition of in-unit furnishings; appliance upgrades; the replacement of existing countertops; fresh cabinet finishes; repainting; upgraded flooring; updates to the property’s poolside grilling station and pool area; and the expansion of the community’s basketball court. Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction. CBRE’s capital markets team advised on debt for the acquisition. The seller and other terms of the transaction were undisclosed.

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Diamond-Green-Philadelphia
AcquisitionsMultifamilyNortheastPennsylvaniaStudent Housing

Rittenhouse Realty Brokers $23.5M Sale of Student Housing Community in Philadelphia

by Taylor Williams

PHILADELPHIA — Rittenhouse Realty Advisors, a member of GREA, has brokered the $23.5 million sale of Diamond Green, a 350-bed student housing community located near Temple University in Philadelphia. Orens Brothers Real Estate developed the 92-unit property using modular construction. The community features six retail spaces on the ground floor and a 28-stall parking garage. Apex Student Living, a joint venture between Alexandra Capital and Axela Group, acquired the property.

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The-Social-Fort-Collins-CO
AcquisitionsColoradoMultifamilyStudent HousingWestern

FPA Multifamily Sells 136-Bed Student Housing Property in Fort Collins for $25.5M

by Amy Works

FORT COLLINS, COLO. — San Francisco-based FPA Multifamily has completed the disposition of The Social Fort Collins, a 68-unit student housing community in Fort Collins. A Denver-based private equity group acquired the property for $25.5 million, or $375,000 per unit. Constructed in 2021, the property features 136 beds and is within walking distance to Colorado State University and Canvas Stadium. Bill Morkes and Craig Stack of Colliers represented the seller in the transaction.

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Carlton-House-Lubbock
Conference CoverageFeaturesMultifamilyStudent Housing

Student Housing is Growing on Institutional Investors’ Radars, Say InterFace Panelists

by Taylor Williams

By Taylor Williams As a subcategory of multifamily that is currently experiencing record rent growth, student housing is increasingly becoming a sought-after commodity in the world of institutional investment, according to a panel of industry experts. More institutional love for student housing is also arriving at a time in which concerns about COVID-19’s impact on enrollment and on-campus learning at the nation’s colleges and universities are largely being laid to rest. The verdict is in on whether students overwhelmingly prefer to live and learn on campus — they do. Capital sources are responding accordingly. At France Media’s 14th annual InterFace Student Housing conference, held May 3-4 at the J.W. Marriott Hotel Austin (Texas) Hotel, a group of industry veterans laid out the drivers behind the sector’s growth on institutional radars. As an affirmation of this trend, the “state of the industry” panel pointed to the $12.8 billion acquisition of Austin-based student housing developer and operator American Campus Communities (NYSE: ACC) by real estate giant Blackstone (NYSE: BX). Panelists implied that that deal, which was announced in April and will take ACC private, serves as a watershed moment for the asset class to institutional investors. As such, the transaction, which is …

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DevelopmentFloridaLoansSoutheastStudent Housing

Pacific Western, Square Mile Provide $93M Loan for Student Housing Project Near University of Florida

by John Nelson

GAINESVILLE, FLA. — Pacific Western Bank and Square Mile Capital have provided a $93 million construction loan for Theory Gainesville, an 861-bed student housing community underway within a half-mile from University of Florida. Pacific Western was the primary lender, and Square Mile was the mezzanine capital provider. The borrower and developer is Blue Vista Capital Management, a Chicago-based entity that has a student housing affiliate, PeakMade Real Estate. Blue Vista expects to deliver Theory Gainesville in two phases: Phase I before the fall 2023 semester and Phase II before the spring 2024 semester. Upon completion, the property’s units will be fully furnished with stainless steel appliances and wood-style flooring. Theory Gainesville will also have a fitness center, game room, rooftop pool and open green space.

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Affordable HousingLoansMassachusettsMultifamilyNortheastStudent Housing

MassHousing Provides $41.2M Permanent Loan for Metro Boston Residential Community

by Taylor Williams

SUNDERLAND, MASS. — MassHousing has provided $41.2 million in permanent financing for North 116 Flats, a newly built residential community in Sunderland, located in the northern central part of the state. Of the property’s 150 units, 38 are reserved for households earning 80 percent or less of the area median income. The remaining 112 market-rate units feature 329 beds that serve students at the nearby University of Massachusetts at Amherst. Amenities include a community building with common, entertainment, fitness and study areas, as well as dog parks, grilling stations and fire pits. Stuart I. Roosth designed the property, and Western Builders served as the general contractor. The borrower and developer was Landmark Properties Inc.

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DevelopmentSouth CarolinaSoutheastStudent HousingTop Stories

Core Spaces, Tom Winkopp Development Plan 4,000-Bed Clemson Student Village at The Pier

by Jeff Shaw

CLEMSON, S.C. — Core Spaces and Tom Winkopp Development have formed a joint venture to develop Clemson Student Village at The Pier, a 4,000-bed student housing community located on a 140-acre plot near Clemson University. The project is an extension of The Pier, a project that has already added 1,400 beds to Clemson’s student housing supply. Amenities at the new project include athletic and fitness facilities, pools, outdoor grills, student clubhouses, beachfront access to Lake Hartwell and waterfront trails. Once fully constructed, the site will feature “a new downtown locale that is walkable, charming and accessible to all students and the local community,” according to the developers. “This project is among the most ambitious in our history,” says Daniel Goldberg, president of Core Spaces. “Clemson, South Carolina has experienced significant population growth due to its high quality of living, affordability, picturesque downtown and favorable year-round climate, as well as Clemson University’s strong enrollment rates.” In addition to the more traditional student housing beds, the development will feature clusters of single-family homes for rent as the builders seek to create student neighborhoods within the project. Each of these will feature nine bedrooms. The student village is one piece of a larger …

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Power-Panel
Conference CoverageFeaturesStudent Housing

Investment in Student Housing Remains Robust Despite Volatility in Debt, Equity Markets, Says InterFace Panel

by Katie Sloan

AUSTIN, TEXAS — As we move toward the start of a new academic year, the outlook in the student housing industry keeps getting brighter, according to experts within the industry. All signs point to further movement out of the COVID-19 pandemic — a testament to which was seen at the 14th annual InterFace Student Housing conference in Austin, where over 1,300 attendees gathered last week at the JW Marriott downtown. The sector’s resilience during the pandemic was once again a major topic at this year’s conference, particularly during the ‘Power Panel,’ which brought together a consortium of high-level executives to discuss industry trends and the outlook for the upcoming academic year. “Evidenced once again by a packed house in this room, the sector is demonstrating continued strength, resilience and sustainability as a niche real estate asset class,” began moderator Peter Katz, executive director with Institutional Property Advisors (IPA), a division of Marcus & Millichap.  “While 2021 was a record year for many asset classes, one constant that we can expect in life is change,” he continued. “Over the past 90 days, we’ve seen a huge turn of events in the global economic platform. The impact of the COVID-19 pandemic has …

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