Student Housing

InterFace Panel Predicts Wave of Student Housing Investment Sales Transactions in Second Half of 2021

by Katie Sloan July 22, 2021

AUSTIN, TEXAS — In 2020, the COVID-19 pandemic brought an unexpected interruption to the student housing investment sales market. Following a strong leasing season for fall 2021, executives are seeing increased interest from buyers and sellers in the space, leading many to wonder what the next two quarters of 2021 will look like. In a discussion led by Kieran O’Shea, managing director of Eastdil Secured, at the InterFace Student Housing conference in Austin, Texas, last week, a group of industry-leading owners and brokers offered up their predictions on the expected transaction volumes through the end of the year and took a closer look at who is buying and selling in the space today. Based on sales volume and pipeline, Teddy Leatherman, senior director with JLL, predicted that the period from now until the end of the year will exhibit the busiest sales transaction volume seen by the sector in recent years. “When you add up the very impressive performance of the sector, the attractive underlying fundamentals of the space and the very attractive yield premium seen today, we expect to see an opening of the floodgates and a breakthrough of pent-up demand, which has been building over the course of …

July 22, 2021

Joint Venture Breaks Ground on 755-Bed High-Rise Student Housing Community in Reno, Nevada

by Katie Sloan July 16, 2021

RENO, NEV. — A joint venture between Canyon Partners Real Estate, GMH Communities and CRG has broken ground on Academy at Reno, a 755-bed student housing development located within a Qualified Opportunity Zone near the University of Nevada, Reno campus. The property will be the first high-rise student housing development in the Reno area, according to the joint venture. The partnership has secured a $75.2 million senior construction loan from Citizens and Nevada State Bank, and Canyon plans to contribute $36.2 million in equity for the development. The community will be located at the intersection of North Virginia Street and 15th Street, directly across from the university’s main entrance, and will offer one- to five-bedroom units. The project’s design-build team includes Humphreys & Partners Architects and general contractor Clayco. The 12-story development is targeting LEED Silver certification and is set for delivery prior to the start of the 2023-2024 academic year. The community will offer expansive views of campus, downtown Reno, the Truckee Meadows valley and nearby mountain ranges. Founded in 1991, Canyon Partners Real Estate is an investment arm of Canyon Partners, a global alternative asset manager with over $27 billion in assets under management. Academy at Reno …

July 16, 2021

Development Multifamily South Carolina Southeast Student Housing

CRG, Landmark Break Ground on 678-Bed Student Housing Tower Near USC in Columbia

by Julia Sanders July 15, 2021

COLUMBIA, S.C. — CRG and Landmark Properties have broken ground on The Standard at Columbia, a 17-story student housing tower in Columbia. The property will be located on the corner of Washington and Assembly streets close to the University of South Carolina (USC). Construction is slated to be complete in fall 2023. The Standard will include 247 fully furnished units totaling 678 beds. The student housing development will offer a mix of studio, one-, two-, three-, four- and five-bedroom apartments across nearly 443,000 square feet. Community amenities will include a rooftop pool, hot tub, grilling stations, jumbotron TV, fitness and wellness center, golf simulator, game-day lounge and group and private study lounge space. Preleasing will start in the fall of 2022. Citizens Bank provided construction financing for the project. Lamar Johnson Collaborative designed the project, while CRG’s parent company, Clayco, will serve as the general contractor. CRG is a privately held real estate development firm based in St. Louis.

July 15, 2021

Acquisitions Multifamily Nevada Student Housing Western

Versity Investments Buys 429-Bed Student Housing Community Near the University of Nevada, Reno for $59M

by Amy Works July 15, 2021

RENO, NEV. — Versity Investments has acquired Wolf Run, a 429-bed student housing community serving students attending the University of Nevada, Reno, for $59 million. The property consists of 17 one-, two- and three-story residential buildings alongside a two-story clubhouse and leasing office. The seller in the transaction was undisclosed. “Wolf Run proved itself in this market over a very difficult last 12 months,” says Brian Nelson, president of the Aliso Viejo, California-based company. “We believe the property’s location being two blocks from campus and fresh renovations had everything to do with its 99 percent occupancy during COVID.”

July 15, 2021

Acquisitions Conference Coverage Development Features Leasing Activity Multifamily Student Housing Texas Texas & Oklahoma Feature Archive

‘Power Panel’ at InterFace Event Provides Positive Outlook for Student Housing Sector Post-COVID-19

by John Nelson July 15, 2021

Moving toward the start of a fresh academic year, the outlook for the student housing industry keeps getting brighter. A testament to the industry’s movement out of the pandemic is taking place at the InterFace Student Housing conference in Austin, where nearly 1,300 attendees have been able to gather in-person for the first time since April 2019. This year’s event, which concludes today, is taking place at the JW Marriott downtown. The student housing sector banded together like never before in the face of COVID-19 and truly worked as a team throughout the pandemic, with the ultimate goal of keeping students as safe as possible. The sector’s resilience during the pandemic and optimism regarding the year ahead were the driving discussion points during the conference’s “Power Panel” on Wednesday, July 14, which brought together a consortium of high-level executives to discuss industry trends, their experiences with COVID-19 and the outlook for the upcoming academic year. “The past 18 months have been a whirlwind of uncertainty,” began moderator Peter Katz, executive director at Institutional Property Advisors, a division of Marcus & Millichap. “While our sector has been historically categorized as recession-resilient, we would all now claim it to be pandemic-resistant.” “Student …

July 15, 2021

Acquisitions Multifamily New York Northeast Student Housing

Aptitude Development Sells 287-Bed Student Housing Building to Syracuse University

by Taylor Williams July 14, 2021

SYRACUSE, N.Y. — New York City-based Aptitude Development has sold The Marshall, a 287-bed student housing building in Upstate New York, to Syracuse University for an undisclosed price. The property opened in 2018 at the site of a former strip mall and is located within two blocks of campus. The Marshall’s 147 units come in studio, one-, two-, three- and four-bedroom floor plans and are furnished with built-in desks, quartz countertops and stainless steel appliances. Amenities include a fitness center, private and open study rooms and a resident lounge and bistro café. The Marshall also houses retail space that is leased to Five Guys and Kung Fu Tea.

July 14, 2021

Development Indiana Midwest Multifamily Northeast Pennsylvania South Carolina Southeast Student Housing Top Stories

Landmark Properties to Develop Three New Student Housing Projects in Pennsylvania, Indiana, South Carolina

by Kristin Harlow July 14, 2021

PHILADELPHIA; BLOOMINGTON, IND.; AND COLUMBIA, S.C. — Landmark Properties has unveiled plans to develop three new student housing projects totaling 2,544 beds across three states. The developments include The Standard at Philadelphia adjacent to the University of Pennsylvania and Drexel University; The Standard at Bloomington near Indiana University; and The Standard at Columbia near the University of South Carolina. All of the properties are slated to open in fall 2023. With these project starts, Landmark will have more than $3.5 billion in properties under construction. The Standard at Philadelphia will feature 280 units with 802 beds. Floor plans will range from studios to six bedrooms. Amenities will include a fitness center, pool, hot tub, sauna, study lounge, clubhouse, gaming lounge, grill station and computer labs. The complex will also feature more than 3,000 square feet of retail space on the ground floor. The Standard at Bloomington will include 1,064 beds across 439 units. Amenities will include a pool, spa, exterior jumbotron, fitness center, sports simulator, indoor basketball court, pickleball court, gaming lounge and grilling stations. The Standard at Columbia will consist of 678 beds across 247 units. Floor plans will range from studios to five bedrooms. Amenities will include a …

July 14, 2021

Development Healthcare Loans Multifamily Student Housing Texas

Medistar Tops Out 19-Story Student Housing Tower at Texas A&M Innovation Plaza Campus in Houston

by Taylor Williams July 13, 2021

HOUSTON — Locally based developer Medistar Corp. and partner Healthcare Trust of America (NYSE: HTA) have topped out construction of Life Tower, a 714-bed student housing building that is part of the new three-tower Texas A&M Innovation Plaza campus in Houston. The project is transit-connected and is situated adjacent to the Texas Medical Center. CIM Group provided $135.8 million in construction financing for the 19-story, 483-unit student housing building. The Carlton Group of New York City served as the loan arranger for the construction financing. In June, construction began on Horizon Tower, a 17-story, 485,000-square-foot medical/biomedical tower and a new 13-level parking garage that will house 2,638 spaces and 15,200 square feet of retail space. Life Tower, Horizon Tower, the new garage and amenities will complement and support the Texas A&M Engineering-Medicine (EnMed) program. Completion of the student housing tower is slated for summer 2022, enabling medical, nursing and engineering students to move in prior to the fall 2022 academic semester. Horizon Tower is now leasing through Tim Relyea and Bill Hartman with Cushman & Wakefield, and scheduled for an early 2023 completion. At $550 million in total investment, Texas A&M Innovation Plaza is the largest public-private partnership of the …

July 13, 2021

Market Reports Multifamily New York Northeast Northeast Market Reports Student Housing

Student Housing Sector Leads New York City Multifamily Market’s Comeback

by Taylor Williams July 8, 2021

By Mark Fogel, founder, ACRES Capital Despite the pandemic-related uncertainty that dominated the markets in 2020, the student housing sector consistently displayed strong pre-lease occupancy rates among properties under construction, suggesting that the asset class would be well-positioned to hit the ground running in 2021. According to RealPage Analytics, students, encouraged by the prospect of fully reopened campuses, fueled a nearly 10 percent nationwide increase in pre-lease occupancy at off-campus housing between March and April of this year. This data in particular seems to support improvement for the student housing sector overall. Research organization RealPage has tracked student housing occupancy rates at 175 major universities across the country, a sort of barometer for the larger industry. As of March, the company’s data showed that 59.6 percent of beds at those universities were preleased for the fall 2021 semester. While that figure is still 200 basis points below the March 2020 level, it seemingly speaks to students’ preference to get back to living on campus. And while this is good news for operators and developers, the resiliency of the student housing market is bringing forth an unintended, but positive effect on one of the hardest-hit rental markets in the country: New …

July 8, 2021

Acquisitions Multifamily Northeast Pennsylvania Student Housing

JLL Brokers Sale of 552-Bed Student Housing Property in Kutztown, Pennsylvania

by Taylor Williams July 7, 2021

KUTZTOWN, PA. — JLL has negotiated the sale of Edge at Kutztown, a 552-bed student housing property serving students at Kutztown University of Pennsylvania, located roughly midway between Reading and Allentown. The sales price was $20.1 million. The property’s 184 units are furnished with full appliance packages, vinyl tile flooring, Formica countertops and individual washers and dryers. Amenities include a clubhouse, outdoor grilling stations, game room and package receiving area. Fran Coyne, Tom Hall, Mark Thomson and Carl Fiebig of JLL represented the seller, a private investor, in the transaction. The buyer was DLP Real Estate Capital.

July 7, 2021

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