CHARLOTTE, N.C. — Coldwell Banker Commercial MECA has negotiated the $10.3 million sale of six student housing properties in Charlotte. Bob Clay and Eric Clay of Coldwell Banker represented the undisclosed seller in the transaction. The buyer was also not disclosed. The six properties are located near the University of North Carolina at Charlotte and have a total of 196 beds in a mix of condominiums and townhomes. The properties include University Terrace (10 units and 40 beds), University Terrace North (21 units and 84 beds), Colville Gardens (15 units and 30 beds), Colville Townhomes (five units and 15 beds), Campus Walk (seven units and 21 beds) and Alexander Townhomes (two units and six beds).
By Katie Sloan The pandemic has brought many challenges to the student housing industry, particularly as it relates to the much anticipated — and often dreaded — summer turn season. In 2020, the biggest hurdle was keeping shared spaces sanitized while maintaining the safety of residents and onsite staff. Owners and operators had the added challenge of navigating labor shortages, which left many companies scrambling to find everything from cleaning crews to onsite staff, and supply chain issues that resulted in everything from paint to furniture and appliances being stuck offshore or in ports, with little predictability as to delivery. Student Housing Business polled a number of owners, operators and vendors on their thoughts and best practices for circumventing supply chain issues in the new year. Owners & Operators Plan Ahead Owners and operators are getting on the ball and starting to plan. “I’m no expert on the supply chain, but our experience this year really has focused on furniture delivery, whereas in the first year of COVID-19 it was supplies for cleaning and sanitizing,” says Christine Richards, president of management at Core Spaces. “Items that were supposed to be delivered in June were showing up in December, which created …
TAMPA, FLA. — Austin, Texas-based Aspen Heights Partners has broken ground on Aspen Heights Tampa, a 67-unit, cottage-style student housing development located in Tampa near the University of South Florida. The community is scheduled for completion by this fall. Located by Cove Bend and Bruce B Downs Boulevard, Aspen Heights Tampa will include cottage- and townhome-style units across two- and three-story buildings. Unit features will include high-end finishes, stainless steel appliances and in-unit washers and dryers. Community amenities will include a fitness center, resort-style swimming pool, computer and study center, resident lounge, business center and 315 parking spots.
TEMPE AND GLENDALE, ARIZ. — Harrison Street has formed a joint venture with American Campus Communities (ACC) for the ownership of ACC’s existing eight-property Arizona State University on-campus student housing portfolio. Under the terms of the transaction, Harrison Street, as part of its social infrastructure platform, has acquired a 45 percent interest in the joint venture, with ACC owning the remaining interest. ACC will continue to manage the day-to-day operations in collaboration with ASU under the terms of the existing P3 (public-private partnership) contracts. The portfolio includes 8,187 beds across eight assets, which include seven buildings at ASU Tempe and one building at ASU’s West Campus in Glendale. The facilities feature core campus amenities including retail, cafés, fitness centers, dining halls, academic halls and outdoor recreation spaces. The communities provide a broad range of products including first-year residence halls, honors college housing, Greek housing and upper division apartment-style housing.
Often lauded as a recession-resistant asset class, the student housing sector was able to add another feather to its cap over the course of the past year, proving that it is also pandemic-resistant. The fall 2021 pre-leasing period ended in September at an occupancy rate of 94 percent, up from 89 percent in 2020 and 0.4 percent from levels seen prior to the start of the COVID-19 pandemic in fall 2019, according to the Yardi Matrix National Student Housing Report January 2022. These numbers were seen within the company’s ‘Yardi 200’ markets, which include the top 200 investment-grade universities across all major collegiate conferences. Pre-leasing for the fall 2022 term is already underway with levels at 27 percent as of November — an 11 percent increase over the same time in 2020, and a 6 percent increase over levels seen in 2019. Yardi reports that the top five universities with the greatest year-over-year growth in percentage of beds pre-leased are the University of Wisconsin-Madison with 66 percent growth; the University of Nevada-Las Vegas with 48 percent growth; Purdue University with 43 percent growth; the University of Pittsburgh with 31 percent growth; and the University of North Carolina at Chapel Hill …
RENO, NEV. — A joint venture between MJW Investments and Artisan Capital has acquired a 508-bed student housing community located near the University of Nevada, Reno. Built in 2020, the property offers units with bed-to-bath parity alongside shared amenities including study rooms, a fitness center, lounge, game room, pet care station, rooftop courtyard and indoor bike and ski storage. Barings provided financing for the acquisition. “The property’s close proximity to the new developments on campus as well as the City of Reno’s economic development plan for the area are just a few reasons we’re excited to own this property,” says Mark Weinstein, president and founder of MJW investments.
ALLENDALE, MICH. — Northmarq has arranged a $4.2 million loan for the refinancing of Conifer Creek and Conifer Creek West Townhomes, two student housing properties serving Grand Valley State University in Allendale near Grand Rapids. The communities, constructed in 2006 and 2016, total 186 beds. Both properties were fully leased at the time of loan closing. Robert Hernandez of Northmarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan. The borrower was undisclosed.
DALLAS — It comes as no surprise that digital marketing — and chiefly, marketing via social media — is one of the best ways to reach potential new renters in the student housing space. Students spend a massive amount of their downtime scrolling through various social media platforms, from TikTok to Instagram. And while a focus on digital marketing within the sector has been seen for some time, the COVID-19 pandemic brought an even greater emphasis on the space by eradicating opportunities for traditional marketing methods such as in-person events and tours. In December, a panel of marketing specialists discussed what’s hot and what’s not for social media marketing at InterFace Conference Group’s third annual LeaseCon/TurnCon conference in Dallas. According to a 2021 survey noted by panel moderator Alison Slager, national business development executive for LeaseLabs by RealPage, 79 percent of marketers used paid ads across social media platforms. With marketing budgets tightening, it’s important to know what resonates with today’s students to ensure all marketing dollars are well spent. Instagram Panelists agreed that the most dominant social media marketing platform is currently Instagram, particularly with its recent addition of Reels, a tool which allows users to post short-form videos. “Instagram …
TEMPE, ARIZ. — Invesco Real Estate Income Trust Inc. (INREIT) has acquired an 833-bed student housing community located near Arizona State University in Tempe. Developed in 2017, the 13-story property offers 384 units. The community was fully leased at the time of sale. Further details on the property and the seller were undisclosed. “We are excited to acquire a high-quality, 100 percent-occupied student housing property at one of the nation’s largest universities and in a high-growth market like Tempe,” says R. Scott Dennis, president and CEO of INREIT. “There continues to be strong demand for the student housing sector and we are seeing an increase in undergraduate enrollment at top universities, resulting in student housing occupancy reaching pre-COVID levels.”
TEMPE, ARIZ. — San Francisco-based Tara Investment Group, a division of Meier-Shefflin Multi-Family, has acquired The Mark, an off-campus student housing community located at 1115 E. Lemon St. in Tempe. San Clemente, Calif.-based Nelson Partners sold the asset for $36.1 million. Located along the Valley Metro Rail line on the edge of Arizona State University’s Tempe campus, The Mark features 153 units with a total of 229 beds. The units offer furnished and unfurnished studio, one- and two-bedroom floor plans with new appliances, quartz countertops and finished concrete flooring. Community amenities include a resort-style pool and sun deck, double-decker hot tubs, a water slide, gas grills, two elevators and a 24-hour fitness center. The property was built in 1970 and remodeled by Nelson Partners in 2014. At the time of sale, the community was 97 percent occupied.