Student Housing

Preferred Apartment Communities to Sell Student Housing Portfolio to TPG for $478.7M

by Alex Tostado September 24, 2020

ATLANTA — Preferred Apartment Communities (PAC) has entered into an agreement with TPG Real Estate Partners to sell an eight-property student housing portfolio for $478.7 million. The portfolio is located in Arizona, Florida, Georgia, North Carolina and Texas. The Atlanta-based seller expects the sale to close by the end of the year. The Arizona property is SoL, a 639-bed community serving students in Tempe. The Florida properties are NxNW, a 679-bed community in Tallahassee, and Knightshade, an 894-bed complex in Orlando. In Georgia, PAC will sell Stadium Village, a 792-bed property in Kennesaw. PAC will also sell Rush, an 887-bed asset in Charlotte, N.C. The Texas communities included in the sale are The Tradition, an 808-bed complex in College Station, and The Bloc, a 556-bed property in Lubbock. CBRE represented the seller in the transaction. PAC is a REIT whose portfolio includes apartment communities, grocery-anchored shopping centers, Class A office buildings and student housing communities.

September 24, 2020

Development Florida Multifamily Southeast Student Housing

BCDC, 908 Group Break Ground on 294-Bed Student Housing Community Near University of Florida

by Alex Tostado September 23, 2020

GAINESVILLE, FLA. — A joint venture between Batson-Cook Development Co. (BCDC) and 908 Group has broken ground on Gator Walk, a 294-bed student housing development located near the University of Florida campus in Gainesville. The community will comprise a six-story residential tower offering one-, two-, three-, four- and five-bedroom units; and three three-story townhomes offering six-bedroom units. All units will be fully furnished and will feature bed-to-bath parity. Communal amenities will include a rooftop deck with a pool, fitness center, private study spaces, computer room and a social lounge with a kitchen, TVs and gaming areas. Cadence Bank provided construction financing. The project’s development team includes general contractor ARCO/Murray and architect Design Styles Architecture. The community is scheduled for completion in fall 2022.

September 23, 2020

Acquisitions Arizona Multifamily Student Housing Western

Joint Venture Acquires Cadence Tucson Student Housing Community Near University of Arizona

by Amy Works September 23, 2020

TUCSON, ARIZ. — A joint venture between Pebb Student Living and Coastal Ridge Real Estate has acquired The Cadence Tucson, a 456-bed student housing community located near the University of Arizona, for an undisclosed price. The community offers studio, one-, two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, hot tub, rooftop fire pit, grilling station, onsite retail space, fitness center, tanning salon, sauna, gaming lounge and coffee bar. The seller in the transaction was undisclosed.

September 23, 2020

Alabama Development Multifamily Southeast Student Housing

Spaces Management Opens 251-Bed Student Housing Complex in Tuscaloosa

by Alex Tostado September 22, 2020

TUSCALOOSA, ALA. — Spaces Management has opened The Walk Tuscaloosa, a 251-bed student housing complex serving the students at the University of Alabama. The four-story building is located one block from Bryant-Denny Stadium and Tutwiler Hall. Unit interiors are fully furnished and feature quartz countertops, tile bathroom flooring, walk-in showers, vinyl plank wood-grain flooring and stainless steel appliances. Communal amenities include three fitness centers, private and group study spaces, a tanning bed, lounge area, pool, pool deck, firepit and below-grade parking. Elite Building was the general contractor, and Poole & Co. and Southpark Interiors were the architects. Function First Furniture furnished the units. The University of Alabama is currently offering in-person classes.

September 22, 2020

Development Multifamily Student Housing Texas

Lincoln Ventures Completes 18-Story Student Housing Community Near UT Austin

by Taylor Williams September 18, 2020

AUSTIN, TEXAS — Lincoln Ventures has completed the development of Moontower, an 18-story student housing community located about a mile from the University of Texas at Austin. The property offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a rooftop pool and lounge, a study lounge with individual study rooms, a fitness center, yoga and spin studio, coffee bar and 24-hour package concierge. The community’s development team included interior designer Chelsea Kloss Interiors, contractor JE Dunn and architect Gensler.

September 18, 2020

Florida Loans Multifamily Southeast Student Housing

Berkadia Arranges $23M Refinancing Loan for Student Housing Community Near Florida State University

by Alex Tostado September 16, 2020

TALLAHASSEE, FLA. — Berkadia has arranged a $23 million refinancing loan for College Town II, a 198-bed student housing community in downtown Tallahassee. Ameris Bank provided the 10-year term loan, which features a fixed 3.66 percent interest rate. The loan will be used to refinance the original construction loan, which Berkadia also arranged in 2015. The borrower is Seminole Boosters, the fundraising arm for Florida State University Athletics. College Town II comprises five seven-story buildings, 23,177 square feet of retail space and a seven-story parking garage. Retail tenants in the project include Township, 51 on Madison, Tin Lizzy’s Taqueria & Cantina, Barefoot Campus Outfitters, Little Masa and Sunstop Urban Market. The community is located at 805 W. Madison St., a half-mile from Florida State University (FSU) and two miles from Florida A&M University (FAMU). Brad Williamson of Berkadia arranged the loan on behalf of the borrower.

September 16, 2020

Company News Multifamily Student Housing Texas

ACC Reports Occupancy Decline of 710 Basis Points Across Student Housing Portfolio

by Taylor Williams September 14, 2020

AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC), the nation’s largest owner and manager of student housing properties, reported that its portfolio had an occupancy rate of 90.3 percent as of Sept. 11, 2020. The Austin-based REIT posted a same-store portfolio-wide occupancy rate of 97.4 percent a year ago, netting a year-over-year decline of 710 basis points. CEO Bill Bayless said that the company was encouraged by overall leasing activity in June and July but remains concerned about whether in-person classes will prevail throughout the fall semester. ACC has already felt some of this impact, Bayless said, noting that the delay or cancellation of on-campus classes stemming from the COVID-19 pandemic had already caused a 16 percent year-over-year drop in occupancy across properties that primarily serve first-year students. As of mid-2020, ACC owned 166 student housing properties totaling 111,900 beds across the country.

September 14, 2020

California Development Multifamily Student Housing Western

Joint Venture Opens 254-Bed The Enclave Student Housing Near University of California, Berkeley

by Amy Works September 10, 2020

BERKELEY, CALIF. — A joint venture between WEST Builders and Spectrum Partners has completed The Enclave, a 253-bed student housing community master leased to the University of California, Berkeley. The property offers shared amenities including retail space occupied by a vegan hamburger restaurant, an upscale sandwich shop and a virtual reality experience operator; two outdoor terraces; an interior courtyard; and a large rooftop deck.

September 10, 2020

Development Florida Multifamily Southeast Student Housing

Landmark, W5 Group Break Ground on 602-Bed Student Housing Community Near University of Central Florida

by Alex Tostado September 10, 2020

ORLANDO, FLA. — A partnership between Landmark Properties and W5 Group LLC has broken ground on The Retreat East, a 602-bed student housing community that will serve student at the University of Central Florida (UCF) in Orlando. The cottage-style community will comprise 138 units that are expected to open in August 2021. Communal amenities will include a pool, poolside jumbotron, golf simulator, clubhouse, study lounge and a fitness center. Athens, Ga.-based Landmark will manage the property upon completion. The Retreat at Orlando will be situated at 12151 E. Colonial Drive, two miles south of UCF’s campus and 13 miles east of downtown Orlando. Miami Beach, Fla.-based W5 Group entered into the partnership through its new student housing investment initiative.

September 10, 2020

Development Florida Multifamily Southeast Student Housing

Palm Beach Atlantic University, Pembroke Student Housing Deliver Residence Hall in West Palm Beach

by Alex Tostado September 4, 2020

WEST PALM BEACH, FLA. — A partnership between Pembroke Student Housing and Palm Beach Atlantic University has completed Watson Hall, a 163,000-square-foot residence hall on the university’s campus in West Palm Beach. The eight-story development offers 510 beds in one- and two-bedroom units with full kitchens. Communal amenities include a large conference space and community and private study spaces on each floor. Provident Resources Group owns the building. The project’s development team included architectural firm Stantec, general contractor Hedrick Brothers Construction, landscape architect Urban Kilday Design Studios and civil engineer Reikenis & Associates. Palm Beach Atlantic began fall semester in-person Monday, Aug. 17.

September 4, 2020

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