DENVER — Los Angeles-based Hybridge Capital Management, in partnership with Productive Capital Associates, has purchased The Villas, a 120-unit student housing community in Denver. Central Street Capital sold the asset for $40 million in an off-market transaction. Located at 2555 31st St., The Villas features 360 beds. The buyers plan to completely renovate the property and add a clubhouse, gym, pool and dog park to the community.
TEMPE, ARIZ. — University Partners has acquired Apollo Tempe, a 943-bed student housing community located near the Arizona State University campus in Tempe. Gilbane Development Co. delivered the community in 2020, which offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. The property features a rooftop oasis, ground-level outdoor swimming pools, state-of-the-art fitness centers, an outdoor lounge, two clubrooms, a basketball court, academic success centers and study lounges. Tim Bradley and Shawn Sweeney of TSB Capital Partners arranged acquisition financing on behalf of University Partners.
GAINESVILLE, FLA. — Landmark Properties and W5 Group have broken ground on The Metropolitan at Gainesville, a 464-bed student housing development near the University of Florida’s (UF) main campus. Construction will start before the end of the year and is slated for completion ahead of the 2023-24 school year. Athens, Ga.-based Landmark will develop and operate the property. The W5 Group is a joint venture partner and investor in The Metropolitan at Gainesville. Served by a campus shuttle to UF, The Metropolitan will include 169 units, with each bedroom having its own private bathroom. The property’s units will also include electrical appliances, washers and dryers and vinyl flooring. Located at 2205 S. W. 13th St., community amenities will include a pool, fitness center, study lounge, jumbotron and high-speed wireless internet. There will also be 399 parking spaces and 142 scooter parking spaces available onsite. Most recently, Landmark and W5 Group completed The Retreat East, a student housing community in Orlando serving University of Central Florida students.
DAVIS, CALIF. — HighBridge Properties has opened The Ryder on Olive, a 706-bed student housing community located near the University of California, Davis. The 260,000-square-foot, LEED Gold-certified property offers a mix of two-, three-, four- and five-bedroom, fully furnished units. Shared amenities include a fitness center, yoga room, study areas, game rooms, a swimming pool, karaoke room, dog park and a 24-hour micro-market offering food and drinks. The project’s development team included partner Grand Peaks Development; general contractor Brown Construction; Humphreys & Partners Architects; and SouthPark Interiors. Asset Living manages the community.
AUSTIN, TEXAS — Pennsylvania-based TSB Realty has arranged the sale of Villas on Rio, an 858-bed student housing community located near the University of Texas in Austin. An affiliate of Blue Vista Capital Management purchased the property from Villas Student Housing for an undisclosed price. Completed in fall 2021, the property offers shared amenities including a rooftop pool with cabanas and a hot tub; a full spa with hydrotherapy pools, individual steam rooms, saunas and a meditation room; and a fitness center. TSB Capital Advisors, an affiliate of TSB Realty, secured an undisclosed amount of acquisition financing on behalf of the buyer.
PHILADELPHIA — CBRE has arranged the $8 million sale of N15, a 75-bed student housing complex serving Temple University in Philadelphia. Built in 2012, the 36-unit, four-story building was 99 percent occupied at the time of sale. Adrian Sam and Spencer Yablon of CBRE represented the seller, North Broad Living, in the transaction. The buyer was an undisclosed private investor.
LOS ANGELES — Core Spaces has received construction financing for Hub on Campus II, a 577-bed student housing development located near the University of Southern California (USC) in Los Angeles. TSB Capital Advisors secured the loan through Square Mile Capital and PacWest Bank on behalf of the borrower. Details of the financing were undisclosed. The project is scheduled for completion by fall 2023.
STATE COLLEGE, PA. — Aspen Heights Partners, an Austin-based developer of apartment and student housing communities, has broken ground on Aspen East Penn, a 651-bed multifamily project in State College, home of Penn State University. The two-building property will be located less than a mile from campus and will house 24,299 square feet of ground-floor retail space. In addition, Aspen East Penn will feature one-, two-, three-, four- and five-bed floor plans across its 262 units, 28 of which will be reserved as workforce housing. Amenities will include a pool, courtyard and an outdoor terrace. Completion is slated for 2023.
FAYETTEVILLE, ARK. AND TALLAHASSEE, FLA. — Cushman & Wakefield has secured $73 million in acquisition financing for two student housing properties in Arkansas and Florida. The borrowers, GFH Financial Group and Student Quarters, received the fixed-rate financing for VOX in Tallahassee and The Avenue in Fayetteville. Guardian Life Insurance provided the seven-year financing. VOX is a 602-bed student housing property serving Florida State University. Completed in 2020, the property features a mix of one- through five-bedroom floor plans, all offering bed-bath parity. Community amenities include an outdoor interval training center, a two-story indoor fitness center, social lounge, an outdoor courtyard and fire pit and a covered parking garage. The Avenue is a 652-bed student housing property serving the University of Arkansas. Built in the fall of 2019, The Avenue offers two- and four-bedroom floorplans, all offering bed-bath parity. Community amenities include 507 parking spaces, a fitness center and a swimming pool with cabanas. Gideon Gil, Alex Lapidus, Meredith Donovan and Sebastian Sanchez of Cushman & Wakefield arranged the loan on behalf of the borrowers.
LUBBOCK, TEXAS — Ascott Residence Trust, a REIT based in Singapore, has acquired Wildwood Lubbock, a 1,005-bed student housing community located about two miles from Texas Tech University. Ascott purchased the community, which offers two- to four-bedroom units with bed-to-bath parity, from an undisclosed seller for $70 million. Shared amenities include a resort-style pool with hot tubs, a swim-up bar, outdoor cabanas and grills and fire pits. In addition, residents of Wildwood Lubbock have access to a fitness center, study rooms, theater, dog park and basketball and volleyball courts.
