Student Housing

TREO Group Completes $36M Student Housing Development Near University of Miami

by Julia Sanders September 2, 2021

MIAMI — Miami, Fla.-based The TREO Group has completed Vox Miami, a 326-bed student housing community located at 7202 S.W. 72nd St. in south Miami. The development cost for the 193,250-square-foot project was $36 million. Vox Miami offers a mix of one-, two-, three- and four-bedroom units with a TV in every living room, floor-to-ceiling windows, stainless steel appliances, washers and dryers, walk-in closets in most units, exposed industrial ceilings, furniture and cable and internet included. Community amenities include study lounges, a rooftop terrace and swimming pool, fitness center and parking. The property is fully leased for the 2021 school year. The student housing property is about 1.6 miles from the University of Miami campus. The development is also near retailers and restaurants including Deli Lane Café & Sunset Tavern, Petco, Publix and Shake Shack. Construction for the development started in 2019. The project’s development team included Moss Construction and Perkins & Will.

September 2, 2021

Development Multifamily Student Housing Texas

Parallel to Develop 802-Bed Student Housing Community in College Station

by Taylor Williams August 31, 2021

COLLEGE STATION, TEXAS — Austin-based developer Parallel will build an 802-bed student housing community within the Northgate Campus area near Texas A&M University in College Station. Parallel has entered into a ground lease with the University Lutheran Church of College Station to develop the 18-story community. The property’s 298 units will be furnished with quartz countertops, stainless steel appliances, tile backsplashes and smart technology features. Amenities will include a rooftop pool and hot tubs, an outdoor theater, fitness center, sand volleyball court, outdoor kitchen areas, fire pits and other outdoor formal and informal gathering areas. Completion is slated for summer 2023.

August 31, 2021

Acquisitions Georgia Multifamily New York Southeast Student Housing

Landmark, Blackstone Form $784M Joint Venture, Plan to Acquire Student Housing Portfolio

by Julia Sanders August 23, 2021

ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and New York-based Blackstone Real Estate Income Trust Inc. (BREIT) have formed a joint venture partnership in order to recapitalize and acquire eight student housing properties totaling 5,416 beds across the United States. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT in the $784 million deal. The sellers and the locations of the eight student housing properties were not disclosed. Blackstone completed the transaction because the company was looking to grow its student housing portfolio. Jacob Werner of Blackstone said the eight properties are at leading colleges that have rising enrollments. Landmark Properties is a student housing developer and owner-operator with $7.7 billion of properties under management currently. With this most recent student housing transaction, Landmark’s portfolio includes 79 student housing communities. The firm unveiled plans in July to develop three new student housing projects with a total of 2,544 beds across three states.

August 23, 2021

Loans Multifamily Student Housing Washington Western

Gantry Arranges $32.5M Refinancing for Triton Court Student Housing Community Near Seattle

by Amy Works August 17, 2021

LYNNWOOD, WASH. — Gantry has arranged a $32.5 million refinancing for Triton Court, a student housing community located adjacent to Edmonds College in Lynnwood, roughly 17 miles north of Seattle. The property offers 220 beds alongside 13,000 square feet of retail and 15,000 square feet of office space. The newly built community is the result of a public-private partnership, wherein an undisclosed private developer built and owns the complex managed by the Housing and Residence Life Office of Edmonds College. Mike Wood and Alex Saunders of Gantry worked with the borrower, a privately held limited liability company, to structure the funding. The loan was placed with a debt fund and carries a fixed interest rate with payments on an interest-only basis for the 10-year loan term.

August 17, 2021

California Development Multifamily Student Housing Western

Sacramento State University, Greystar Open 1,100-Bed Hornet Commons Residence Hall

by Amy Works August 16, 2021

SACRAMENTO, CALIF. — A public-private partnership between Sacramento State University and Greystar has opened Hornet Commons, a 1,100-bed residence hall on the university’s campus in Sacramento. The community offers apartment-style, fully furnished units for upper-division and graduate students. Shared amenities include a swimming pool, fitness center, volleyball and bocce ball courts, retail space leased to Einstein Bros. Bagels, fire pits, a clubhouse and yoga lawn. “We are excited to welcome Sacramento State’s students to Hornet Commons,” says Julie Skolnicki, senior managing director of Greystar university partnerships. “This project was conceived with lofty goals of supporting academic outcomes, strengthening the sense of community, and providing a long-term partnership. This vision has never been more significant as we welcome students back to Sacramento State and support the campus mission of transforming lives by preparing students for leadership, service, and success.”

August 16, 2021

Arkansas Development Southeast Student Housing

Aspen Heights, Platform Ventures Open 202-Unit Student Housing Community Near University of Arkansas

by John Nelson August 3, 2021

FAYETTEVILLE, ARK. — Aspen Fayetteville, a 202-unit student housing community located less than one mile from the University of Arkansas campus in Fayetteville, has opened ahead of schedule. Austin, Texas-based student housing developer and owner Aspen Heights developed the property and will manage it on behalf of the owner, an entity affiliated with Platform Ventures. Located on Beechwood Avenue, Aspen Fayetteville offers a mix of two-, three- and four-bedroom units that are fully furnished by Gus Design Group. Shared amenities include an indoor and outdoor fitness center, resort-style swimming pool, hot tub, lounge and study rooms, a fire pit and grilling station.

August 3, 2021

Acquisitions Multifamily North Carolina Southeast Student Housing

Core Spaces Acquires 822-Bed Student Housing Community in Raleigh

by Julia Sanders July 26, 2021

RALEIGH, N.C. — Core Spaces has acquired Stanhope Student Apartments, an 822-bed student housing community located at 3001 Hillsborough St. in Raleigh. The seller was an affiliate of locally based developer Kane Realty and Val Valentine of Raleigh-based Valentine Properties. The sales price was not disclosed. Situated about a quarter-mile from North Carolina State University (NC State), Stanhope opened in the fall of 2015 and includes studio, one-, two-, three- and four-bedroom options. Unit amenities include a furniture package with smart TVs, hardwood plank flooring and washers and dryers, as well as all utilities included in the monthly bill. Community amenities include a pool, movie theater room, cyber café, art studio, study lounges, two-story fitness center, fire pit and grilling area, onsite security, game room, a tanning bed and gated parking garage. For the 2021- 2022 school year, the residential portion of the mixed-use property is already 100 percent leased. The property also features 30,000 square feet of ground level retail space leased to tenants such as CVS/pharmacy, Smoothie King, Penn Station Subs, Cha House and Mulan Ice Cream & Milk Tea. Geoff Loftin and Jim Anthony of APG represented Core Spaces in the transaction. Core Spaces is a Chicago-based …

July 26, 2021

Features 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

Development Multifamily Nevada Student Housing Top Stories Western

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

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