Student Housing

Colliers Arranges Sale of 1,087-Bed Student Housing Community Near Georgia Southern

by Alex Tostado August 4, 2020

STATESBORO, GA. — Colliers International has arranged the sale of Cottage Row, a 1,087-bed student housing community located near the Georgia Southern University campus in Statesboro. Rialto Capital Advisors sold the property to a joint venture between XFD Real Estate Partners, Ash Real Estate, Saxum Real Estate and Anchor Real Estate Capital for an undisclosed price. Sean Baird, Jonathan Holt and Will Mathews of Colliers represented both the buyer and seller in the transaction. Cottage Row offers two-, three-, four- and five-bedroom units. Communal amenities include a 24-hour fitness center, computer lab, study lounge, full-court volleyball, a pool, movie theater, tanning bed and a private shuttle to campus. Georgia Southern plans to begin in-person classes for its fall semester Aug. 17. Nathan Lynch and Donald Jennewein, also with Colliers, arranged acquisition financing on behalf of the buyers. The non-recourse loan features a five-year term with a 3.6 percent fixed interest rate.

August 4, 2020

Development Multifamily South Carolina Southeast Student Housing

DMG Investments Completes 486-Bed Student Housing Community Near University of South Carolina Upstate

by Alex Tostado August 3, 2020

SPARTANBURG, S.C. — DMG Investments has completed construction on Auden Upstate, a 486-bed student housing community located near the University of South Carolina Upstate campus in Spartanburg. The development — which consists of seven buildings totaling 94,000 square feet — offers two-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Communal amenities at the property include a fitness center, basketball court, clubhouse, yoga studio, business center and a pool. The community features the company’s clean-living program, which was developed to provide best practices in response to the COVID-19 pandemic. Leasing for the property is currently underway with move-in scheduled to begin this month. USC Upstate will begin its fall semester Aug. 20. Students will have the option to attend in-person classes or attend virtual classes.

August 3, 2020

Development Multifamily North Carolina Southeast Student Housing

Joint Venture Breaks Ground on 192-Bed Student Housing Community Near UNC at Pembroke Campus

by Alex Tostado July 30, 2020

PEMBROKE, N.C. — A joint venture titled PB Pembroke Owner LLC has broken ground on a 192-bed student housing community located near the University of North Carolina at Pembroke. The 192-bed project is Phase I of a larger development set to include 20,000 square feet of retail and a second 300-bed student housing community. Financing for the project includes $3 million in opportunity zone equity from the Woodforest CEI-Boulos Opportunity Fund, a $10.8 million loan from Self-Help Credit Union and $840,000 in developer equity. Phase I of the development is scheduled for completion in fall 2021.

July 30, 2020

Development Multifamily Student Housing Texas

Developers Complete 405-Bed Student Housing Project Near University of Houston

by Taylor Williams July 24, 2020

HOUSTON — A development team consisting of WGC Partners, a partnership of Steve Spessard of Gore Creek Partners LLC and Rocky Stevens and Mark Seger of Wellington Development Co., GRC Capital and Principal Real Estate Investors has completed Tower 5040, a student housing project located adjacent to the University of Houston’s main campus. The 147-unit property features one-, two- and four-bedroom units, as well as a game room, business center, fitness center, pool and a pet park. Dallas-based Humphreys & Partners designed the project, and Houston-based Arch-Con Construction was the general contractor.

July 24, 2020

Development Maryland Mixed-Use Multifamily Southeast Student Housing

Greenberg Gibbons, Caves Valley Partners to Open Student Housing Community Within $350M Towson Row in August

by Alex Tostado July 21, 2020

TOWSON, MD. — Greenberg Gibbons and Caves Valley Partners will open Phase I of Towson Row, a $350 million mixed-use development in Towson, in August. The first phase includes Altus, a 214-unit student housing community that will include retail and restaurant space on the ground level. Gilbane Development Co. is developing and managing Altus, which is located at the corner of Susquehanna Avenue and Towson Row, one mile north of Towson University. Located on the first level of the Altus building will be a 2,860-square-foot wine and spirits store, a 2,272-square-foot nail salon and a 2,750-square-foot BurgerFi restaurant. Towson University announced it will open for in-person and online classes Aug. 24. Towson Row is a five-acre mixed-use development that will include a 45,000-square-foot Whole Foods Market, more than 75,000 square feet of retail/restaurant space, 150,000 square feet of office space, 231 apartment units, the adaptive reuse of the former National Guard armory building into Towson University’s StarTUp and a 220-room dual-branded hotel.

July 21, 2020

Features Loans Multifamily Student Housing

Student Housing Finance Transactions Continue Through Pandemic

by Jeff Shaw July 16, 2020

Despite the ongoing struggles faced by the student housing sector, lenders are still active, according to a recent survey by Student Housing Business. The coronavirus pandemic has had a major impact on all aspects of on- and off-campus student housing. In an attempt to better assess that impact and the sector’s outlook for the future, Student Housing Business, sister publication of REBusinessOnline, conducted a survey of industry professionals over the course of several weeks in May. The survey was segmented by industry function for specific elements of the business, allowing SHB to better understand the pandemic’s distinct influence on each segment of the industry. Of the survey’s 569 respondents, 19 defined their company’s role in the industry as that of a lender, debt capital source, mortgage banker or broker. In this segment of the industry, 15 percent of companies laid off or furloughed employees at the corporate level and 8 percent instituted pay cuts. When asked whether their companies are still financing, lending or facilitating any investment and development transactions, 77 percent indicated yes. Forty-six percent of respondents noted that they are currently most inclined to lend on investment deals with 38 percent noting they are equally interested in both development and …

July 16, 2020

Features Student Housing

Student Housing Q&A: Tim Bradley Provides Capital Markets Update, Post-Pandemic Outlook

by Katie Sloan July 9, 2020

In June, Student Housing Business, sister publication to REBusinessOnline, reached out to Timothy Bradley, founder of TSB Capital Advisors, for an update on the market for financing in the student housing sector and the outlook for the year ahead. SHB: How would you describe the market for financing student housing at present? Tim Bradley: The market is challenging but not impossible for the right deal with strong sponsorship. For cash-flowing student housing assets, there is still an element of “wait and see until fall” for refinancings and acquisitions in the debt markets. We are still receiving quotes from agencies on student housing transactions, but they include conditions such as heads in beds, school starting and upfront interest reserves. It’s also important to note that agencies are focused on best-in-class owners and operators and sound real estate at this time. All-in rates are still in the low- to mid-3 percent range for fixed-rate quotes. National banks are being very selective on new originations for existing clients and we have found regional banks to be more active in the current market. Life companies are mostly on the sidelines for student housing until the fall semester plays out. For construction, we’ve been able to secure …

July 9, 2020

Features Student Housing

Student Housing Owners Expect On-Campus Learning Will Return This Fall, Exclusive Survey Reveals

by Jeff Shaw June 24, 2020

The coronavirus (COVID-19) pandemic has had a major impact on all aspects of on- and off-campus student housing. In an attempt to better assess that impact and the sector’s outlook for the future, Student Housing Business (SHB) conducted a survey of industry professionals over the course of several weeks in May. The survey was segmented by industry function for specific elements of the business, allowing SHB to better understand the pandemic’s distinct influence on each segment of the industry. Of the survey’s 569 respondents, 79 defined their role in the industry as that of an on-campus housing officer or operator. In this segment of the industry, 38 percent of institutions laid off or furloughed employees and 24 percent instituted pay cuts. Sixty-four percent of respondents noted that they are involved with traditional on-campus residence halls; 10 percent are involved with public-private partnership development; and 26 percent work with both types of residence halls. Of those polled, 88 percent of universities saw residents leave behind clothing and belongings when they moved out in March following evacuation orders due to the pandemic, and 67 percent had not begun the process of turning on-campus housing rooms yet. Looking toward the summer, 60 percent of respondents …

June 24, 2020

Acquisitions Features Student Housing

Student Housing Business Survey: Investment Sales Volume Largely Dependent on Universities Reopening for Fall Semester

by John Nelson June 11, 2020

By Katie Sloan, Associate Editor of Student Housing Business The coronavirus pandemic has had a major impact on all aspects of on- and off-campus student housing. In an attempt to better assess that impact and the sector’s outlook for the future, Student Housing Business conducted a survey of industry professionals over the course of several weeks in May. The survey was separated by industry function for specific elements of the business, allowing SHB to better understand the pandemic’s distinct influence on each segment of the industry. Of the survey’s 569 respondents, 27 defined their company’s role in the industry as that of an investment sales broker. In this segment of the industry, 15 percent of companies let go of or furloughed employees at the corporate level and 30 percent instituted pay cuts. Are investment transactions still happening during the pandemic? The response is mixed, with half of the investment sales brokers polled during SHB’s survey indicating yes and half indicating no. Of those who responded yes, 70 percent are deals that are being re-traded. When asked what kinds of buyers and sellers are still active, the response was predominantly 1031 exchange buyers and sellers and opportunistic buyers looking for dramatic …

June 11, 2020

Acquisitions Multifamily Student Housing Texas

One Real Estate Investment Buys 312-Bed Student Housing Property in Bryan, Texas

by Taylor Williams June 10, 2020

BRYAN, TEXAS — Miami-based One Real Estate Investment has purchased The Element at University Park, a 312-bed student housing property in Bryan. The community is located about three miles from Texas A&M University and was 97 percent occupied at the time of sale. Built in phases in 2000 and 2008, Element at University Park features one- and two-bedroom units and amenities such as a pool, fitness center, business center, tennis courts and a dog park. Ryan Lang, Brandon Buell, Jack Brett, Brad Shaffer and Brandon Miller of Newmark Knight Frank (NKF) represented the seller, Massachusetts-based Aspen Square Management, and procured One Real Estate as the buyer.

June 10, 2020

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