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Student Housing

The Metropolitan
DevelopmentGeorgiaMultifamilySoutheastStudent Housing

Landmark, AECOM-Canyon to Develop 32-Story Student Housing Tower in Downtown Atlanta

by Julia Sanders

ATLANTA — Landmark Properties and AECOM-Canyon Partners have partnered to co-develop The Metropolitan at Atlanta, a 32-story, 835-bed student housing development located a quarter-mile from Georgia State University (GSU) in downtown Atlanta. Construction at The Metropolitan will begin later this month and is scheduled for completion by August 2023. Located at Luckie Street and Ted Turner Drive, the 265-unit project will span 325,000 square feet, including approximately 5,700 square feet of retail space. The mixed-use development will be located near Five Points MARTA station, Centennial Olympic Park, Mercedes-Benz Stadium and State Farm Arena. The Metropolitan will be Landmark’s fourth development in the Atlanta area since 2018. The Metropolitan will offer one- to five-bedroom units. Community amenities will include a clubhouse, outdoor pool, concierge service, 24-hour fitness center, golf simulator and café study lounge. Units will feature granite countertops and stainless steel appliances, as well as high-speed internet and cable. AECOM-Canyon Partners, a joint venture partnership between AECOM Capital and Canyon Partners LLC, is bringing design, construction management and engineering expertise to the project. Landmark Urban Construction is the general contractor for the project, and CNNA Architects and W&A Engineering are also part of the development team. Landmark is a student …

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Bradley Student housing
FeaturesFinance InsightLoansMidwestMultifamilyNortheastSoutheastStudent HousingTexasWestern

Student Housing Q&A with Timothy S. Bradley, Founder, TSB Capital Advisors

by Sarah Daniels

Student housing demonstrated its resilience in the face of COVID-19 challenges, but what can the industry expect going forward? Timothy S. Bradley, founder, TSB Capital Advisors, and principal, TSB Realty, sat down with Finance Insight to discuss financing and expectations for student housing in the fall of 2021 and beyond. Finance Insight: How was 2020 for TSB? Bradley: We were fortunate. Many observers assumed the student housing industry would be devastated by COVID-19-forced school closures and campus clusters. Instead, thanks in large part to the rational and institutional nature of our major operators, investors and lenders, the industry proved its resiliency once again. We were affected by the pandemic, of course, and had to adjust some of our early year projections, but TSB companies still closed on a total transaction volume of approximately $4 billion, including construction loans, stabilized term loans and interim loans, as well as sales, and joint venture partnership consultations. There will be other challenges our industry faces in the years to come, but it’s difficult to imagine a more challenging singular event than the one we experienced this year with COVID-19. All things considered, we felt very good about 2020, and we’re even more optimistic about 2021. …

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Affordable HousingMarket ReportsMultifamilyNorth CarolinaSeniors HousingSoutheastSoutheast Market ReportsStudent Housing

Triangle’s Apartment Demand Pushes to the Region’s Suburban Markets

by John Nelson

The impacts of COVID-19 on the U.S. multifamily market vary significantly across metro areas. Not surprisingly, the nation’s denser gateway markets have been hardest hit, while secondary and tertiary markets have fared better. In a reversal of pre-pandemic trends, suburban locations have gained favor over urban submarkets from both renters and investors. As many employees continue to work from home, larger and more affordable units in suburban submarkets have become more appealing. Elevated construction costs are also a factor, driving garden-style development versus more costly podium construction. The Triangle’s suburban submarkets are experiencing the strongest construction activity, most notably in the North Cary/Morrisville submarket, where 1,784 units averaging over 1,000 square feet per unit are currently underway. As ongoing work-from-home arrangements prompt more tenants to consider living further from the Triangle’s primary employment centers, developers are increasingly willing to look at sites in outlying communities such as Wendell and Clayton. Demand is expected to return to the Triangle’s urban submarkets as employees return to the office and retailers and restaurants fully reopen, but the recovery in these areas is likely to be protracted. Solid footing The Triangle’s multifamily sector ended 2020 on relatively firm footing despite a tumultuous year. Both …

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Silver-Ridge-Health-Care-Center-Las-Vegas-NV
LoansMultifamilyNevadaStudent HousingWestern

KeyBank Provides $30.8M in HUD-Insured Financing for Two Seniors Housing Properties in Las Vegas

by Amy Works

LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures. Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that Covenant Care operates. Silver Hills, originally built in 1998 and renovated in 2013, comprises 150 operating beds (80 units) and provides physical, speech and occupational therapy. Silver Ridge, built in 1999, comprises 147 operating beds (78 units) and provides in-house and outpatient physical, occupational, speech and respiratory therapy. The two FHA-insured loans were structured with a 35-year, fully amortizing term. John Randolph of KBREC’s Commercial Mortgage Group and Grant Saunders and Peter Trazzera of Key’s Healthcare Finance Group originated and structured the financing.

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DevelopmentMultifamilyStudent HousingTexas

Spectra Student Living Underway on 180-Bed Community in Stephenville, Texas

by Taylor Williams

STEPHENVILLE, TEXAS —Spectra Student Living is underway on construction of Fireside District, a 180-bed student housing development located near the Tarleton State University campus in Stephenville. The project is scheduled to be delivered in time for the 2021 fall semester. The 66-unit community will include eight three-story buildings featuring one-, two- and four-bedroom floor plans with bed-to-bath parity. Communal amenities will include a media production room, computer center, private study areas, a gaming area, bike storage, a pool with a sundeck, an outdoor social lounge and a grilling area.

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DevelopmentMidwestMultifamilyNebraskaStudent Housing

Campion Devco to Develop 575-Bed Student Housing Project in Lincoln, Nebraska

by Kristin Harlow

LINCOLN, NEB. — Campion Devco LLC is developing LivRed, a 575-bed student housing project near the University of Nebraska-Lincoln in Lincoln. The seven-story building will offer furnished one-, two-, three- and four-bedroom units. Community amenities will include a fitness center, package room, parking garage, private study rooms, gaming areas and lounges. The project team includes Sampson Construction, Grace Hebert Curtis Architects, ETI and REGA Engineering. Scott Clifton, Stewart Hayes, Teddy Leatherman and Dan Kearns of JLL Capital Markets sourced a joint venture partner in Tailwind Group for the project. A timeline for construction was not disclosed.

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Theory-U-District-Seattle-WA
DevelopmentMultifamilyStudent HousingWashingtonWestern

Peak Campus, Blue Vista Break Ground on 441-Bed Student Housing Community Near the University of Washington

by Amy Works

SEATTLE — A joint venture between Peak Campus and Blue Vista Capital Management has broken ground on Theory U District, a 441-bed student housing community located near the University of Washington campus in Seattle’s University District. The seven-story development will offer fully furnished units alongside communal amenities including a fitness center, business center, courtyard, rooftop amenity deck, gathering areas, grilling areas and an outdoor kitchen. The Bank of Oklahoma is providing construction financing for the project, set to open in fall 2022.

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Company NewsMultifamilyStudent HousingTexasWalker & Dunlop

Walker & Dunlop Acquires Austin-Based FourPoint Investment Sales Partners

by Taylor Williams

AUSTIN, TEXAS — Walker & Dunlop has acquired FourPoint Investment Sales Partners, an Austin-based brokerage firm specializing in student housing and traditional multifamily properties. The FourPoint team of Chris Epp, Chis Bancroft, Kevin Dufour, Matthew Chase, Craig Miller and Kyle Peco will lead and scale Walker & Dunlop’s student housing investment sales division, with a goal of growing sales volume to $25 billion by 2025 for the Maryland-based company. The two firms have partnered as correspondents on student housing deals in the past.

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Auden-Buffalo
DevelopmentLoansMultifamilyNortheastStudent Housing

ACRES Capital Provides $32.5M Construction Loan for Buffalo Student Housing Project

by Taylor Williams

BUFFALO, N.Y. — ACRES Capital Corp. has provided a $32.5 million construction loan for Auden Buffalo, a 481-bed student housing project that will be located a mile from State University of New York (SUNY) at Buffalo’s campus. The 154-unit property will offer a fitness center, clubroom, study lounges and a pool. Richard Horowitz, Nicholas Barbato and Justin Horowitz of Cooper Horowitz LLC arranged the debt on behalf of the sponsor and developer, New York City-based DMG Investments. An expected completion date was not released.

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Clemson-Lofts
AcquisitionsMultifamilySouth CarolinaSoutheastStudent HousingTennesseeTop Stories

Arcapita Acquires Two Student Housing Communities in Southeast for $120M

by Taylor Williams

CLEMSON, S.C. AND KNOXVILLE, TENN. — Arcapita, a global investment manager with offices in Atlanta, London and Singapore, has acquired two student housing communities in the Southeast for a combined $120 million. Clemson Lofts is a 640-bed community located approximately one mile from Clemson University in South Carolina that was fully occupied at the time of sale. Quarry Trail is an 840-unit property serving the University of Tennessee in Knoxville. The properties were acquired in separate transactions, with the sellers in each deal opting to remain anonymous. Clemson Lofts features one-, two-, three- and four-bedroom units. The property’s amenity package was recently expanded and upgraded and now includes a pool, fitness center, dog park, group and private study rooms, outdoor yoga space, indoor gaming lounge and a resident clubroom with TVs. Quarry Trail also offers one-, two-, three- and four-bedroom floor plans that feature full-size washers and dryers and private patios in select units. Communal amenities include a new dog park, fitness center, pool and study areas, as well as a resident clubhouse and shuttle service to campus. Arcapita says it is bullish on the student housing sector and intends to aggressively pursue deal opportunities in 2021. In particular, Arcapita …

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