Student Housing

CBRE Brokers Sale of 160-Bed Student Housing Property Near UCLA

by Amy Works March 31, 2022

LOS ANGELES — CBRE has arranged the sale of Studio 11024, a 160-bed student housing property serving students attending the University of California, Los Angeles (UCLA). The 31-unit community was built in 2015 in the Westwood neighborhood of Los Angeles. The property offers shared amenities including a fitness center; yoga studio; study center with both private and group study spaces; a community room with a kitchenette; courtyard; grilling station; and two rooftop decks. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Laurie Lustig-Bower and Kadie Presley Wilson of CBRE represented the seller, Phoenix Property Co., in the disposition of the property to an undisclosed company based in the Los Angeles area.

March 31, 2022

Acquisitions Illinois Midwest Multifamily Student Housing

Interra Realty Brokers $5.2M Sale of Student Housing Property in Chicago

by Kristin Harlow March 29, 2022

CHICAGO — Interra Realty has brokered the sale of The Loyola, a 49-bed student housing property in Chicago’s Rogers Park neighborhood, for nearly $5.2 million. Completed in August 2021, the four-story building is located along West Loyola Avenue. The property, which includes 1,500 square feet of retail space, was built on the site of former office and storage space for the Chicago Waldorf School. The property was 25 percent leased at the time of sale and 60 percent pre-leased for the upcoming fall semester. Residents have access to a community room, fitness center and rooftop deck. Craig Martin of Interra represented the undisclosed seller and procured the all-cash buyer, who owns and operates student living communities locally.

March 29, 2022

Acquisitions Georgia Multifamily Southeast Student Housing

Landmark Properties Forms Joint Venture with ADIA, Targets $1B in Student Housing Investment

by Julia Sanders March 28, 2022

ATHENS, GA.— Landmark Properties has formed a joint venture with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) initially targeting $1 billion in investment. The venture will be focused on acquiring and operating value-add student housing properties in select markets across the U.S. “Landmark and ADIA have been aligned from the start of our relationship, seeing tremendous opportunity in top-tier student housing markets,” says Wes Rogers, president and CEO of Athens, Georgia-based Landmark. “We are confident we can find acquisition targets across the nation that will complement our existing development strategy. We are appreciative of the opportunity to expand our relationship with ADIA, one of the world’s leading institutional real estate investors.” Hodes Weill Securities LLC acted as financial advisor on behalf of Landmark Properties in connection with the formation and capitalization of the joint venture. Further details were undisclosed.

March 28, 2022

Development Multifamily New York Northeast Student Housing

Aptitude Breaks Ground on 494-Bed Student Housing Community in Rochester, New York

by Taylor Williams March 28, 2022

ROCHESTER, N.Y. — Aptitude Development has broken ground on The Marshall at Rochester, a 494-bed student housing community located near the Rochester Institute of Technology in upstate New York. The six-building property will offer units with bed-to-bath parity. Shared amenities will include a pool and hot tubs, individual and group study areas, an e-sports gaming lounge and a fitness center. Lecesse Construction is the general contractor for the project, which is set for completion in summer 2023. Landmark Properties will manage the community.

March 28, 2022

Acquisitions Multifamily Student Housing Texas

Preiss Co. Acquires 828-Bed Student Housing Property Near Texas A&M University

by Taylor Williams March 25, 2022

COLLEGE STATION, TEXAS — The Preiss Co. has acquired University Trails College Station, an 828-bed student housing property located within walking distance of the Texas A&M University campus in College Station. The community offers a mix of one-, two-, three- and four-bedroom units that are fully furnished and feature private balconies. Shared amenities include a sand volleyball court, pool and hot tub, basketball court, two fitness centers, a business center and multiple study rooms. Preiss Co. plans to implement a value-add program.

March 25, 2022

Acquisitions Multifamily Student Housing Texas

Homestead U Acquires 797-Bed Student Housing Property Near Texas A&M University

by Taylor Williams March 24, 2022

COLLEGE STATION, TEXAS — Homestead U has acquired Aspen Heights College Station, a 797-bed student housing property located near Texas A&M University in College Station. The community was acquired in partnership with Columbus Pacific and its affiliates for an undisclosed price. The property offers cottage-style units with bed-to-bath parity across 27 acres. Amenities include a pool, fitness center, outdoor grilling and dining areas, a dog park, game room, computer lab and a study lounge. The seller and sales price were not disclosed.

March 24, 2022

Acquisitions Iowa Midwest Multifamily Student Housing

Artisan Capital Group, MJW Investments Buy 663-Bed Student Housing Property in Iowa

by Kristin Harlow March 14, 2022

CORALVILLE, IOWA — Artisan Capital Group and MJW Investments have purchased Latitude at River Landing in Coralville, which is located just north of Iowa City. The purchase price was undisclosed. The buyers plan to rebrand the 663-bed student housing property as The Banks-Student Living. Completed in 2019, the community features an outdoor pool, fitness center, lounge, game room, basketball court, study rooms and campus shuttle service. Located near the University of Iowa, the property is situated within Iowa River Landing, a master-planned development featuring retail, restaurant, entertainment and hospitality space. JLL arranged debt financing through Pacific Life.

March 14, 2022

Acquisitions Multifamily Student Housing Texas

Vesper Holdings, Fortress Acquire 564-Bed Student Housing Community in Denton, Texas

by Taylor Williams February 28, 2022

DENTON, TEXAS — A joint venture between New York City-based investment firm Vesper Holdings and funds managed by affiliates of Fortress Investment Group LLC has purchased CastleRock at Denton, a 564-bed student housing property located near the University of North Texas. Constructed in 2000, the building features 192 units in a mix of one-, two-, three- and four-bedroom floor plans. Amenities include a fitness center, pool, computer lab, clubhouse, dog park and shuttle service to campus. Vesper plans to invest more than $1 million in renovations, including upgrades of unit interiors and amenity spaces, as well as building exteriors. The seller and sales price were not disclosed.

February 28, 2022

Acquisitions Colorado Multifamily Student Housing Western

CBRE Arranges Sale of Two-Property Student Housing Portfolio Near the University of Colorado, Boulder

by Amy Works February 24, 2022

BOULDER, COLO. — CBRE has arranged the sale of a two-property student housing portfolio located near the University of Colorado, Boulder. Greystar acquired the communities — The Hive 9Seventy and The Hive Baseline — for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the undisclosed seller in the transaction. The Hive 9Seventy is located at 970 28th St. and The Hive Baseline is located at 2726 Moorhead Ave. Both properties are located within walking distance of the university. “Our team is thrilled to represent this significant transaction in the high-barriers-to-entry Boulder market,” says Fitts. “The portfolio received amazing interest from investors and offered average monthly per-bed rents of $1,532, with the ability to drive revenue through furnishing the properties and unit renovations at The Hive Baseline.”

February 24, 2022

Loans Multifamily Northeast Pennsylvania Student Housing

iBorrow Provides $52M Loan for Refinancing of Philadelphia Student Housing Property

by Taylor Williams February 23, 2022

PHILADELPHIA — iBorrow, a commercial bridge and direct lender, has provided a $52 million loan for the refinancing of The Edge Student Village, a 798-bed student housing property that serves students at Temple University in Philadelphia. Completed in 2006, the 12-story building’s units feature several different floor plans, and its amenities include a fitness center, community kitchen, lounge areas and study spaces. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.

February 23, 2022

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