Student Housing

Newmark Arranges $16.5M Sale of 366-Bed Student Housing Community Near Ole Miss

by Julia Sanders June 25, 2021

OXFORD, MISS. — Newmark has arranged the $16.5 million sale of Lafayette Place, a 366-bed student housing community located at 1711 Anderson Road near the University of Mississippi campus in Oxford. The community offers fully furnished units with bed-to-bath parity. Shared amenities include a clubhouse, resort-style saltwater pool, an outdoor grilling area, a beach volleyball court, 24-hour computer lab with study areas, and a fully-equipped 24-hour fitness center. Renovations were recently completed on 41 percent of the property’s units, which included the addition of new granite countertops, hardwood-style flooring and new appliances, faucets and sinks. The property’s clubhouse was also recently updated. Ryan Lang, Jack Brett and Bo Flurry of Newmark represented the undisclosed seller in the transaction. The buyer was DLP Holdings. This is the second student housing transaction Newmark has executed in Oxford this year, following the sale of the nearby The Retreat at Oxford.

June 25, 2021

Indiana Loans Midwest Multifamily Student Housing

Berkadia Arranges $8.9M Acquisition Loan for Student Housing Property in New Albany, Indiana

by Kristin Harlow June 23, 2021

NEW ALBANY, IND. — Berkadia has arranged an $8.9 million bridge loan for the acquisition of The Annex of New Albany, a 141-unit student housing property in New Albany near Louisville. The property is located at 4100 Prestwick Square and is adjacent to Indiana University Southeast. Jason Brown and Sam Orman of Berkadia Indianapolis arranged the bridge loan on behalf of the borrower, Indiana-based Zidan Management Group Inc. Old National Bank provided the three-year loan, which features a 3 percent floating interest rate. David Gaines, Scott Clifton and Kyle Butler of JLL Capital Markets represented the seller, The Annex Group, in the $11.8 million sale.

June 23, 2021

Acquisitions Multifamily Student Housing Texas

Newmark Brokers Sale of 384-Bed Rio West Student Housing Near UT Austin

by Taylor Williams June 21, 2021

AUSTIN, TEXAS — Newmark has brokered the sale of Rio West, a 384-bed student housing community located less than a quarter of a mile from the University of Texas at Austin’s campus. The property offers a private parking garage, onsite management and maintenance services, a complimentary coffee bar, private study lounges, a resort-style pool with an outdoor patio and grilling stations and a 24/7 fitness center. Ryan Lang and Jack Brett of Newmark represented the seller, Virginia-based ILM Capital LLC, in the transaction. The buyer and sales price were not disclosed.

June 21, 2021

Features Student Housing

On-Campus Housing Prepares for a Better Year

by Katie Sloan June 17, 2021

It was a rough year for everyone, but certain industries absorbed more of the brunt than others in 2020. This would include hospitality, airlines, restaurants and on-campus student housing. There was no clear map for navigating the COVID-19 pandemic, and while campuses and on-campus housing officials tried their best to keep everyone safe and healthy, everyone experienced a turbulent year. Some on-campus housing communities closed for parts of the school year. Others issued lockdowns that required students to stay in their rooms for up to two weeks at a time. Many tried to stay open, only to find that off-campus gatherings spread COVID like wildfire once it reached housing facilities. Now that a return to normalcy is imminent — thanks to vaccines and a promising reduction in the number of COVID deaths and cases — on-campus housing executives are tasked with welcoming students back safely while planning for an uncertain future. “The next six months will be dominated by testing, vaccinations, mitigation requirements, class delivery modalities, planning for fall opening, and occupancy and budget projections,” says Ana Hernandez, assistant vice president of housing and residential education at the University of South Florida in Tampa. “Many campuses are taking a strategic pause …

June 17, 2021

Acquisitions Midwest Multifamily Student Housing Wisconsin

Becovic, Next Realty Acquire 232-Unit Apartment Portfolio Near Marquette University for $16.1M

by Kristin Harlow June 15, 2021

MILWAUKEE — A joint venture partnership between Becovic and Next Realty has acquired a 14-building, 232-unit apartment portfolio within a one-mile radius of Marquette University in Milwaukee. The purchase price was $16.1 million. Units range from studios to four-bedroom floor plans. The portfolio was 95 percent leased at the time of sale. Taylor Grant of Park Equities represented the seller, Wiegand Enterprises LLC, which had owned the portfolio for roughly 20 years. Marquette University is home to nearly 12,000 students.

June 15, 2021

Acquisitions Multifamily Oregon Student Housing Western

Cardinal Group, TPG Real Estate Acquire Four-Property Student Housing Portfolio Near University of Oregon

by Amy Works June 11, 2021

EUGENE, ORE. — A joint venture between Cardinal Group Investments and TPG Real Estate Partners (TREP) has acquired The Element Portfolio, a four-property student housing portfolio serving students attending the University of Oregon in Eugene. The 383-bed portfolio is located within walking distance of campus. The new ownership plans to enhance the portfolio through in-unit renovations, furnishing units at three communities and amenity space enhancements. Unit upgrades will include updated flooring, stainless steel appliances, new faucets and bathroom vanities, and new paint throughout. Cardinal Group Management will manage the properties while Cardinal Group Construction will manage the value-add construction projects. Agency Fifty3 will oversee marketing and branding. Peter Katz of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller. CBRE advised on debt for the acquisition, which was added to an existing Fannie Mae credit facility formed for Cardinal and TREP’s joint venture. Ben Roelke and Ian Walker of CBRE’s Capital Markets Debt & Structured Finance arranged $26.9 million in acquisition financing for the buyer. The seven-year loan features a 2.6 percent floating rate, full-term interest-only payments and a flexible prepayment structure.

June 11, 2021

Acquisitions Multifamily Student Housing Utah Western

MJW Investments, Redstone Buy 924-Bed Student Housing Community Near Brigham Young University

by Amy Works June 11, 2021

PROVO, UTAH — A joint venture between MJW Investments and Redstone Residential has acquired a 924-bed student housing community located near Brigham Young University in Provo. The property offers shared amenities including a sand volleyball court, hot tub, swimming pool, on-site laundry and a game area. The partnership plans to renovate the property’s units and shared amenity spaces. Voya Investments provided financing for the acquisition. Redstone Residential will oversee operations and property enhancements. “The property’s close proximity to campus and remarkable offerings are just a few of the aspects that make this property incredibly attractive” says Mark Weinstein, president and founder of MJW Investments. “This brings our 2021 acquisitions to more than 2,000 beds in Provo.”

June 11, 2021

Acquisitions Multifamily New York Northeast Student Housing

W. P. Carey Acquires Student Housing Property in New Rochelle, New York, for $26M

by Taylor Williams May 19, 2021

NEW ROCHELLE, N.Y. — W. P. Carey Inc. (NYSE: WPC) has acquired a student housing property in the New York City suburb of New Rochelle that serves students at Monroe College for $26 million. Built in 2018, the transit-oriented residence hall’s 94 units total 49,500 net rentable square feet. The property also offers proximity to dining, entertainment and fitness uses. Thomas Greeley, Devlin Man, Cory Gubner and Alex Haendler of Newmark represented the seller, St. Katherine Group, and procured W. P. Carey as the buyer.

May 19, 2021

California Development Multifamily Student Housing Western

Farco Properties Buys Multifamily Development Site Near USC in Los Angeles for $5M

by Amy Works May 17, 2021

LOS ANGELES — Farco Properties has acquired an 0.29-acre development site located near the University of Southern California (USC) in Los Angeles. A private seller sold the property for $5 million. Located at 647 W. 28th St., the multifamily site provides a development opportunity on the area’s “Fraternity/Sorority Row” within walking distance of USC. The site, which is currently unentitled and used as a parking lot, is within a designated opportunity zone and is classified as a tier 3 transit-oriented community. Farco Properties plans to develop a multifamily property on the site. Laurie Lustig-Bower and Kamran Paydar of CBRE represented the seller in the transaction.

May 17, 2021

Acquisitions Colorado Multifamily Student Housing Western

Brickstone Partners Acquires Two Student Housing Communities Near Colorado State University for $81M

by Amy Works May 12, 2021

FORT COLLINS, COLO. — Brickstone Partners has acquired two student housing communities near the Colorado State University campus in Fort Collins for $81 million. The 288-unit portfolio includes Landmark and Stone Creek apartment properties. The new ownership is set to begin comprehensive upgrades on the properties, which will include modernizing units with the addition of new flooring, kitchen and bathroom cabinets, quartz countertops, stainless steel appliances, upgraded doors, lighting and plumbing fixtures; updated exterior landscaping; common-area improvements; and new finishes within the clubhouse. Both properties offer shared amenities including saltwater swimming pools, fitness centers and dog parks. The seller in the transaction was undisclosed.

May 12, 2021

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