Student Housing

HighBridge Properties Opens 706-Bed Student Housing Community Near the University of California, Davis

by Amy Works October 8, 2021

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.

October 8, 2021

Acquisitions Multifamily Student Housing Texas

TSB Realty Arranges Sale of 858-Bed Student Housing Community Near UT Austin

by Taylor Williams October 7, 2021

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.

October 7, 2021

Acquisitions Multifamily Northeast Pennsylvania Student Housing

CBRE Arranges $8M Sale of Student Housing Complex Serving Temple University in Philadelphia

by Taylor Williams October 4, 2021

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.

October 4, 2021

California Development Loans Multifamily Student Housing Western

Core Spaces Receives Construction Financing for 577-Bed Student Housing Community Near the University of Southern California

by Amy Works September 29, 2021

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.

September 29, 2021

Development Multifamily Northeast Pennsylvania Student Housing

Aspen Heights Breaks Ground on 651-Bed Multifamily Project in State College, Pennsylvania

by Taylor Williams September 28, 2021

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.

September 28, 2021

Arkansas Florida Loans Multifamily Southeast Student Housing

Cushman & Wakefield Secures $73M in Acquisition Financing for Two Student Housing Properties in Arkansas, Florida

by Julia Sanders September 24, 2021

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.

September 24, 2021

Acquisitions Multifamily Student Housing Texas

Ascott Acquires 1,005-Bed Student Housing Community Near Texas Tech University for $70M

by Taylor Williams September 24, 2021

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.

September 24, 2021

Acquisitions Georgia Multifamily Southeast Student Housing

Stratus Development Group Sells 286-Bed Student Housing Community Near University of Georgia

by Julia Sanders September 23, 2021

ATHENS, GA. — Stratus Development Group has sold The Haven of Athens, a 286-bed student housing community located near the University of Georgia campus in Athens. Inland Real Estate Acquisitions acquired the cottage-style community for an undisclosed price. The property was completed in fall 2020 and offers 93 two-, three- and four-bedroom units. Shared amenities include a resort-style swimming pool, grill, fire pit, dog park, fitness center, clubhouse, nature trails, green space, covered parking and study rooms. Travis Prince, Shawn Lubic and Victoria Marks of Cushman & Wakefield’s student housing capital markets group along with the company’s Sunbelt Advisory Group represented the seller in the transaction.

September 23, 2021

Features Student Housing

Contractors Face Uncertain Materials Costs, Lull in Student Housing Activity Due to COVID-19

by Katie Sloan September 14, 2021

Rising construction materials costs have been one of the biggest stories of the pandemic era. When COVID hit, many factories ramped down production. In addition, some raw materials industries had challenges like tariffs, natural disasters and COVID-related slowdowns. When construction continued during the pandemic, supply suffered and pricing rose dramatically. This has been especially true for lumber and steel, but natural disasters in areas like Texas have even hampered the manufacturing of other goods, like appliances. Student Housing Business, sister publication to REBusinessOnline, spoke to six general contractors to get their take on the student housing sector at present, and to get their advice on what they are telling clients who are pricing projects for 2022 groundbreakings and beyond. SHB spoke with Arne Goldman, director of business development at Marous Brothers Construction; Marty Hoffey, business development manager at MW Builders; Emily Kessinger, business development manager, and Chris Harrison, executive vice president at The Weitz Company; Sean Studzinski, president of strategic initiatives at Modular Design+; and Sky Sanborn, executive vice president and chief operating officer of Broeren Russo Builders. SHB: How busy is your student housing pipeline? What projects have you recently built/completed? Goldman: We have some projects that are lined …

September 14, 2021

Acquisitions Florida Multifamily Southeast Student Housing

CBRE Arranges $31.4M Sale of Boardwalk at Morris Bridge Student Housing Community in Tampa Bay Area

by Julia Sanders September 8, 2021

TEMPLE TERRACE, FLA. — CBRE has arranged the sale of Boardwalk at Morris Bridge, a 146-unit student housing property in the Tampa Bay area. Brooklyn, New York-based NorthEnd Equities purchased the property from Los Angeles-based Buff Management for $31.4 million. Michael Regan and Francesco Carriera of CBRE represented both the buyer and seller in the transaction. Built in 2001, Boardwalk at Morris Bridge is located at 8800 Boardwalk Trail Drive in Temple Terrace. The property is situated 2.9 miles from the University of South Florida and 4.8 miles from James A. Haley Veterans’ Hospital. The property offers two- and four-bedroom units with an average square footage of 1,548 square feet. All units are fully furnished and include living rooms with two sofas, coffee/end tables and a TV mounted to the wall. Community amenities include a swimming pool, fitness center, movie theater, study room, video game room and a hot tub. The property was 89 percent occupied at the end of July, and rents range from $1,360 to $2,400.

September 8, 2021

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