SAN JOSE, CALIF. — CIM Group has provided a $150 million refinancing to AMCAL Equities and Star America for The Grad, a 1,039-bed student housing community located near San Jose State University. The 19-story property offers fully furnished studio, two-, three- and four-bedroom units. Shared amenities include 14,889 square feet of ground-floor retail space, study rooms, a computer lab, fitness center, swimming pool and bicycle storage. Bryan Gortikov of Gortikov Capital arranged the financing.
BIRMINGHAM, ALA. — Ready Capital has closed a $15 million loan for the acquisition, conversion, renovation and stabilization of an unnamed, 176-unit student housing property in Birmingham. The undisclosed sponsor plans to transform the property from student housing to traditional multifamily through a rebranding and renovation program. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.
CARBONDALE, ILL. — Friedman Real Estate has brokered the sale of University Village in Carbondale for an undisclosed price. The 269-unit apartment community, situated on nearly 17 acres, is located about a mile from Southern Illinois University. Below-market rents at the property, built in 1973, present a value-add opportunity for the undisclosed buyer. Rich Deptula and Kellen Duggan of Friedman advised both parties in the transaction.
AUSTIN, TEXAS AND COLLEGE PARK, MD. — Greystar has closed on $600 million in financing for the development of three student housing projects located in Texas and Maryland. Construction on all developments began in October with completion scheduled for fall 2024. The projects include Union on San Antonio, a $171 million, 991-bed high-rise being built through a public-private partnership with the St. Austin Catholic Parish. The project is located one block from the University of Texas at Austin campus and will include a new Catholic parish, rectory and K-8 school for $32 million. Page designed the student housing tower, which will feature shared amenities including a swimming pool, rooftop deck and fitness center. Greystar’s Austin team will oversee the construction of the project with Hensel Phelps as general contractor. The second development serving students attending the University of Texas is Union on 24th, a $262 million, 1,448-bed high-rise community in Austin’s West Campus neighborhood. Greystar will lead the development and self-perform construction. The final project is Knox Road, a $140 million community near the University of Maryland in College Park. The project is being developed through a public-private partnership with Terrapin Development Co., an entity comprised of the University of Maryland …
KENNESAW, GA. — TSB Realty has negotiated the sale of Bixby Kennesaw, a 656-bed student housing community located near the Kennesaw State University campus in Georgia, on behalf of Gilbane Development Co. TSB Capital Advisors helped to secure acquisition financing on behalf of the buyer, an undisclosed joint venture partnership. Bixby Kennesaw offers a mix of studio, one-, two-, three-, four- and five-bedroom units. Community amenities include a heated saltwater swimming pool, outdoor courtyard with fire pits, 24-hour fitness center and a rooftop terrace overlooking the university’s football stadium.
BATON ROUGE, LA. — Fountain Residential Partners has broken ground on The Vue on Parker, a 294-bed student housing development located near Louisiana State University in Baton Rouge. The Vue on Parker will offer studio to five-bedroom units with bed-to-bath parity. The fully furnished units will include wood-look flooring, granite countertops, queen-sized pillowtop beds, 60-inch smart TVs, stainless steel appliances, full-sized washers and dryers and an onsite structured parking garage. Community amenities will include a swimming pool, clubhouse, strength training and cardio center and private study rooms. The project is scheduled for completion in fall 2023. Fountain Residential partially raised capital for the project using crowdfunding platform CrowdStreet. First United Bank and Trust is the construction lender for the development. The design team includes Stuart Roosth Architects, Duplantis Design Group and MW Builder.
SYRACUSE, N.Y. — Square Mile Capital has provided a $47.2 million acquisition loan for 505 on Walnut, a 363-bed student housing property that serves students at Syracuse University. The property, which is fully occupied for the current academic year, features 126 units in one-, two-, three- and four-bedroom layouts. Amenities include a 24-hour fitness center, computer lab, study pods, outdoor sky lounge, community kitchen, pet washing stations and a ground-floor café. Trent Houchin of Newmark arranged the debt on behalf of the borrower, New York City-based CREM Capital.
CHICAGO — Chicago-based Alliant Credit Union has provided over $51 million in financing for three student housing properties located near Louisiana State University (LSU) in Baton Rouge, Baylor University in Waco, Texas, and the University of Tennessee in Knoxville. In Baton Rouge, Alliant provided acquisition financing to Versity Investments for a student housing property comprising 244 residential units and 466 beds. Located one mile south of LSU, the property was 100 percent occupied at the time of sale for the 2021/2022 school year. The undisclosed seller completed renovations to offer interior and community amenities, including lounges, two pools, a coffee bar, fitness center and a grilling area. Josh Perew of Walker & Dunlop referred the transaction to Alliant. In Waco, Alliant Credit closed on acquisition financing for a student housing property located approximately one mile from Baylor. The complex includes 116 apartments in three buildings comprising a combined 455 beds. Community amenities include two resort-style pools and spas, sand volleyball court, basketball court, private jogging trail and a fitness center. Free high-speed internet and expanded cable TV are included in every unit. The flexible loan structure included a three-year term with extension options and a 30-year amortization schedule. Patrick Short …
There are 11 university markets set to add 1,000 or more student housing beds this year, according to data from RealPage. The Richardson, Texas-based research firm tracks new construction, rental rates and leasing activity in 175 core university markets for its student housing data. Overall, RealPage reports that approximately 42,000 new purpose-built student housing beds will deliver in 2021, which falls into the firm’s normal supply growth range of 40,000 to 50,000 beds annually. Carl Whitaker, senior manager of market analytics at RealPage, says that figure is an encouraging sign given the uncertainty and disruptions of the past year from the COVID-19 pandemic. “That 42,000-bed number was about what we hoped to see,” says Whitaker. “The pandemic was so sudden that developers that were looking to build in 2021 had gotten just far enough down the planning process that they went ahead and proceeded as if it was a normal year.” In Walker & Dunlop’s annual year-end student housing report (2020), the Bethesda, Maryland-based firm found that 38,036 student housing beds will come on-line in 2021, which is a 27 percent decrease from 2020. For both 2020 and 2021, the Southeastern United States is dominating in terms of new student …
SAN JOSE, CALIF. — Urban Catalyst has received approval for development of The Mark, a 850-bed student housing community located one block from the San Jose State University (SJSU) campus in Northern California. Groundbreaking is expected before the end of this year with completion scheduled for fall 2024. The property will offer 200 units alongside shared amenities including open-air decks, common areas designed to promote student success and views of the SJSU campus. “Our goal is to offer students a robust off-campus experience that complements their educational experience,” says Erik Hayden, founder of Urban Catalyst. “The Mark will help address the long-term problem of an off-campus housing shortage around SJSU.” The project was designed by the student housing division of BDE Architecture in coordination with Gould Evans interior design and will be managed by Asset Living upon completion. The Mark is one of six projects funded through Urban Catalyst’s Fund I, which closed in December with $131 million in investments.