Student Housing

FORT MYERS, FLA. — CAPREIT has acquired Coastal Village, an 800-bed student housing community located near the Florida Gulf Coast University campus in Fort Myers. The acquisition marks the North Bethesda, Md.-based firm’s entry into the student housing sector. Coastal Village was developed in 2004 at 19401 Skidmore Way and offers fully furnished units in four-bedroom configurations. Shared amenities include a pool, fire pit, resident lounge, coffee bar, private study spaces and a fitness center. The seller and terms of the transaction were not released.

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MILLEDGEVILLE, GA. — Cushman & Wakefield has negotiated the sale of Arcadia on the River, a cottage-style student housing community located near the Georgia College campus in Milledgeville. Built in 2017 at 120 Pumping Station Road, the property offers 510 beds across 123 units. Shared amenities include a pool, tanning ledge, fitness center, yoga studio, sauna, volleyball court, shuttle service to campus, outdoor games and billiards, foosball and table tennis. Travis Prince, Victoria Marks, Shawn Lubic, Taylor Bird and Nelson Abels of Cushman & Wakefield represented the seller, Sanctuary Cos., in the disposition of the property to Time Equities Inc. Terms of the transaction were not released.

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RENO, NEV. — Northmarq has arranged a $78.5 million refinancing for The Dean Reno, a 773-bed student housing property located near the University of Nevada, Reno. Built in 2023, the community offers fully furnished units alongside shared amenities including a cyber lounge, fitness center, yoga studio and grilling stations. Justin Glasgow of Northmarq secured the financing through Heitman on behalf of the borrowers, GMH Communities and CRG. Terms of the financing were not released. 

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LEXINGTON, KY. —  GMH Communities has acquired The Stretch, a 533-bed student housing community located near the University of Kentucky campus in Lexington. A joint venture between Campus Advantage and Tramview Capital Management sold the property for an undisclosed price. Teddy Leatherman, Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller in the transaction. Built in 2009 at 1051 Red Mile Road, the community offers a mix of two-, three- and four-bedroom units. Shared amenities include a clubhouse; pool and hot tub; fitness center; basketball, pickleball and volleyball courts; study rooms; a tanning salon; and outdoor grilling areas. The property was 96 percent leased at the time of sale.

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STARKVILLE, MISS. — HPM has topped out Azalea Hall, a new five-story residence hall on the campus of Mississippi State University  in Starkville. Construction began on the 412-bed project in 2023 and is slated to deliver ahead of the 2025-2026 school year. Units at Azalea Hall will come in pod-style configurations with shared bathrooms and common areas. The building will also feature a living and learning community for students in the Luckyday Scholars Program that has a dedicated study area and classroom space, as well as a new dining hall with indoor and outdoor seating. Azalea Hall will also feature a storm shelter that can be used for meeting or classroom space as needed. HPM is serving as the construction manager and advisor to the University of Mississippi, which represents the first partnership between the two entities. Additional project partners include architect WBA Architecture, general contractor Roy Anderson Corp., mechanical engineer GSK Mechanical and electrical engineer The Power Source.

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CHARLOTTESVILLE, VA. — Up Campus Student Living is set to break ground on Blume on Ivy, a 641-bed student housing development located near the University of Virginia campus in Charlottesville. The community will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a resort-style pool; rooftop entertainment deck with a jumbotron, cabanas, grills and fire pits; a game day lounge; golf simulator; and a boutique health-and-wellness center with private cross-training studios and a sauna. The project is scheduled for completion in fall 2027. TSB Capital Advisors arranged construction financing for the development, which was provided by Fifth Third Bank with additional participation from First Citizens Bank.

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TUCSON, ARIZ. — TSB Capital Advisors has secured construction financing for a 532-bed student housing development near the University of Arizona campus in Tucson. The project, which is being developed by Capstone Collegiate Communities, will offer units in studio, one-, two-, three-, four-, five- and six-bedroom configurations. Shared amenities are set to include a resort-style pool, sundeck, coffee bar, courtyard, multimedia room, hammock lounge, fitness center, cold plunge, sauna, clubhouse, grilling stations, tanning rooms, green spaces, private and group study lounges and an outdoor kitchen and dining area. Ankrom Moisan is providing architectural, interior design and furniture, fixtures and equipment (FF&E) services for the project, which is slated for completion in fall 2027. An undisclosed Fortune 100 insurance company provided the financing.

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SOUTH BEND, IND. — Mary Cook Associates (MCA) has completed the interiors of The 87, a luxury student housing community in South Bend near the campuses of the University of Notre Dame, Holy Cross College and St. Mary’s College. Developed by Toll Brothers Campus Living, the 810-bed community welcomed its first residents in the fall. The amenity spaces and common areas celebrate Notre Dame’s academic and athletic legacy. Situated east of the Notre Dame campus on the former site of the Turtle Creek and Campus View apartments, The 87 totals 431,000 square feet and features a mix of one- to four-bedroom units and townhomes. Amenities include a fitness center, tech-enabled study lounges, gaming areas, a content creation studio, social lounge, rideshare waiting area, meeting rooms and six resort-style courtyards. The “All-Pro Lounge” features a wall collage of vintage athletic equipment and memorabilia, including boxing gloves and a fencing helmet, as well as ceiling trim that mimics the end zone graphics of Notre Dame’s football field. The property is named for 1887, the year when Notre Dame established its first football team. The 87 marks MCA’s third collaboration with Toll Brothers Campus Living on student housing interiors.

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SAN LUIS OBISPO, CALIF. — California Polytechnic State University (Cal Poly) is set to begin construction on a 4,200-bed residence hall project on the university’s campus in San Luis Obispo. The development will include nine buildings offering suite-style units for second-year students. The project is being developed by FullStack Modular utilizing modular construction methods off-site. The development will be the first large-scale use of modular construction within the California State University system, according to FullStack. Manufacturing on the project is set to begin early this year with the first phase of buildings expected for completion in fall 2026. “Affordable housing is such a big problem — especially on the West Coast — and we need to think differently about how we approach housing and continue to improve the process,” says Mike McCormick, vice president of facilities management and development at Cal Poly. “We’ve assembled a team of professionals committed to rethinking how we deliver housing and FullStack Modular’s innovative approach is a huge part of that.”

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BOWLING GREEN, KY. — Pearlmark has provided a mezzanine loan for the acquisition of Midtown at WKU, a 534-bed student housing community located adjacent to Western Kentucky University in Bowling Green. Eagle Realty Group provided the senior loan on behalf of the borrower, ABCampus. Greg Young of Colliers Mortgage arranged the financing. Located on Center Street, Midtown at WKU features 189 units with bed-to-bath parity, as well as an amenity package that includes a fitness center, rooftop pool, study center, 24-hour maintenance staff, courtyard, clubhouse and private study rooms.

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