ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and Blackstone Real Estate Income Trust Inc. (BREIT) have purchased 2,248 beds across four student housing properties located in Tier 1 markets. The properties’ locations and other property features were not disclosed. The seller and sales price were also not disclosed. The sale is part of the joint venture announced in August 2021 for the two companies to purchase student housing properties across the United States. With this acquisition, Landmark adds to its portfolio of over 54,000 beds. This transaction builds upon Landmark’s volume of acquisitions and recapitalizations that exceeded $1.3 billion in 2021. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT.
TAMPA, FLA. — Athens, Ga.-based Landmark Properties has plans to develop The Metropolitan at Tampa, a 760-bed student housing community within a half-mile of University of South Florida (USF). Construction is slated to begin in June with the property opening to students in August 2024. The Metropolitan at Tampa will offer studio, one-, two-, three- and four-bedroom floorplans. In total, the four-story residential community will include 276 units and 1,779 net square feet of ground-floor retail space. The property was formerly a Quality Inn hotel. Located at 2701 E. Fowler Ave., The Metropolitan’s features will include fully furnished units, a complete appliance package and high-speed internet and cable. Community amenities will include a rooftop pool deck, ground floor courtyards, fitness center, 620-space covered parking deck and study and gaming lounges.
ROCHESTER, N.Y. — Harrison Street has acquired a majority ownership interest in APEX, a student housing community located across the street from the Rochester Institute of Technology in upstate New York. The seller, Michaels, has retained a 2 percent ownership in the property and will continue to oversee operations. The community offers one-, two-, four- and five-bedroom units. Shared amenities include an e-sports arena, outdoor fire pits, a virtual reality studio, electric car charging stations, dual hot tubs, ingenuity labs and a pet spa.
LAS VEGAS — Ready Capital National Bridge team has closed the financing for the acquisition, conversion, renovation and stabilization of a 156-unit student housing property in the University District submarket of Las Vegas. Upon acquisition, the undisclosed sponsor plans to reposition the asset from student housing to traditional multifamily through a rebranding and renovation program. Ready Capital closed the $29.6 million non-recourse, interest-only, floating-rate loan, which features a 36-month term and two extension options. Additionally, the loan includes a facility to provide future funding for capital expenditures.
LOS ANGELES — Champion Real Estate Co. has sold Victory on Ellendale, a 96-bed student housing property located near the University of Southern California (USC) in Los Angeles, for $20.5 million. The property was renovated in 2019, with upgrades including the addition of stainless steel appliances, quartz countertops, new cabinetry and hardware, lighting, window coverings, vinyl plank flooring, bathroom upgrades and paint throughout each unit. Arthur Arejian and Jon Tran of Vanguard Investments represented the undisclosed buyer and seller in the transaction.
CHAPEL HILL, N.C. — Ready Capital has closed a $16.4 million acquisition loan for an unnamed student housing property near the University of North Carolina at Chapel Hill. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures. Upon acquisition, the sponsor will implement a capital improvement plan to fix deferred maintenance, renovate unit interiors and exteriors and make common area upgrades.
COLLEGE STATION, TEXAS — A joint venture between TEXLA Housing Partners and a private equity fund advised by Crow Holdings Capital has acquired Holleman Crossing, a 792-bed student housing community located near Texas A&M University in College Station. The garden-style property offers one-, two- and four-bedroom units across 20 buildings. Shared amenities include a resort-style pool, 24-hour fitness center, private study rooms, and a dog park. Jeyton McNair and Greg Jasper of Stafford Barrett represented the undisclosed seller and procured the buyer in the transaction. The joint venture plans to implement a capital improvement program.
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.