Student Housing

Joint Venture Acquires 1,156-Bed Value-Add Student Housing Community Near Brigham Young University

by Amy Works April 2, 2021

PROVO, UTAH — A joint venture between investment affiliates of Redstone, MJW Investments and MHE Enterprises has acquired The Lodges at Glenwood, a 1,156-bed student housing community located near Brigham Young University in Utah. The community offers a mix of studio, one- and three-bedroom units. Communal amenities include a study area, swimming pool and spa, volleyball court, gaming tables, cabanas and barbecue grill. Brian Eisendrath and Cameron Chalfant of CBRE secured acquisition financing for the property through a prominent life insurance company. Significant renovations are planned for the community, details of which were undisclosed. The seller and price were also undisclosed.

April 2, 2021

Acquisitions Louisiana Multifamily Southeast Student Housing

Landmark Properties Purchases 898-Bed Student Housing Property in Baton Rouge

by Julia Sanders March 29, 2021

BATON ROUGE, LA. — Landmark Properties, a student housing developer and owner-operator based in Athens, Ga., has purchased The Exchange at Baton Rouge, a 299-unit, 898-bed student housing property located at 449 Ben Hur Road in Baton Rouge. The sales price was not disclosed, and Halstatt was Landmark’s capital partner on this transaction. The Exchange at Baton Rouge is a garden-style property located approximately 1.5 miles from the Louisiana State University (LSU) campus and is situated adjacent to Tiger Land, an entertainment area for LSU students. The Exchange’s amenities include three resort-style swimming pools, four courtyards, bike storage, volleyball court, fitness center, cybercafé and game room. The Exchange also offers one- to four-bedrooms floorplans. Landmark plans to modernize the community. The purchase of The Exchange at Baton Rouge represents Landmark’s 11th acquisition in the past 18 months and its first transaction completed in partnership with Halstatt Real Estate Partners.

March 29, 2021

Affordable Housing Market Reports Multifamily Seniors Housing Southeast Southeast Market Reports Student Housing Tennessee

Multifamily Investors Await Clarity on Nashville’s Economic Recovery

by John Nelson March 29, 2021

Owners and buyers remain apart on pricing. Unlike some densely populated urban areas where the extent of the damage to local commercial real estate operations is unknown, the gap in Nashville persists due to uncertainty regarding the upside potential rather than downside risks. Owners are hesitant to list properties because the metro remains a safe portion of their portfolios. If this disconnect persists, pricing will return to pre-recession levels before many other areas of the country. In the early months of the COVID-19 pandemic, multifamily transactions slowed to almost a standstill. However, transaction velocity picked back up and made a strong rebound between the third and fourth quarters of 2020. Although total sales volume dropped from $1.9 billion in 2019 to $1.6 billion in 2020, it was still the third-highest sales output since 2010 and cap rates averaged 5 percent, down 28 basis points year-over-year. California-based investors represent the lion’s share of investment activity, purchasing over $650 million of assets in Nashville in 2020. We are seeing more cities buying into Nashville such as Virginia-based Snell Properties, which purchased Retreat at Iron Horse in the Nashville suburb of Franklin for $306,000 per-unit in September. San Antonio-based Embrey developed the Class …

March 29, 2021

Acquisitions Montana Multifamily Student Housing Western

TPG Real Estate, Cardinal Group Acquire 887-Bed Student Housing Property Near Montana State

by Amy Works March 24, 2021

BOZEMAN, MONT. — A joint venture between TPG Real Estate Partners and Cardinal Group Investment Management has acquired The Arrow Townhomes and Flats, an 887-bed student housing community located near the Montana State University campus in Bozeman. Constructed in 2019, the property offers a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, state-of-the-art fitness center, 24-hour clubhouse, sauna, steam room and multiple study areas. Berkadia represented the undisclosed seller in the transaction. CBRE advised on debt for the acquisition, which was added to a Fannie Mae credit facility formed by the joint venture. Cardinal Group Management will manage the property; Cardinal Group Construction will manage planned value-add construction; and Agency Fifty3 will provide marketing and branding services for the community.

March 24, 2021

Acquisitions Georgia Multifamily Southeast Student Housing

Newmark Arranges $95M Sale of New Student Housing Property Near Georgia Tech in Atlanta

by Julia Sanders March 18, 2021

ATLANTA — Newmark has arranged the $95 million sale of Signature West Midtown, a student housing community situated at 800 Marietta Street NW in Atlanta’s West Midtown district. The 525-bed property was completed in 2019 and primarily serves the student population at nearby Georgia Tech. Ryan Lang, Jack Brett and Bert Sanders of Newmark represented the sellers, Investcorp and Preiss Cos., in the transaction. Trent Houchin of Newmark arranged acquisition financing on behalf of the buyer, Ascott Residence Trust. This is the first investment in the U.S. student housing sector for Ascott, a hospitality trust based in Singapore. Signature West Midtown features studio and one- to five-bedroom units. Community amenities include a gym, pool, rooftop lounges and barbeque pits, a business center, study lounges, game room and delivery lockers.

March 18, 2021

Features Student Housing

Student Housing Rounds COVID-19’s Twists and Turns, Light Shines at End of Tunnel

by Katie Sloan March 16, 2021

By Kevin Larimer and Brandon Buell, Berkadia Throughout the COVID-19 pandemic, confidence fluctuated around the performance and resilience of student housing properties. Understandably, commercial real estate investors pressed pause at the beginning of last year, as there was no way to know what this global pandemic meant for property performance. However, with steady collections for student housing throughout the year, confidence quickly regained. Towards the end of last year, occupancy was just shy of 90 percent and nimble investors who took notice started to pursue the available menu of opportunities. While data will show that COVID-19 had a clear impact on student housing operations, the level of disruption was limited. In fact, according to Berkadia research, sales during the fourth quarter accounted for more than half of 2020’s total transactions and dollar volume for student housing — further proving the overall resiliency of the industry. Strong Out of the Gate in 2021 In addition to ending 2020 on a strong note, only a few months into 2021, we have already seen the student housing market show greater strength. In fact, in the first few weeks of January alone, our student housing-specialized team at Berkadia completed nearly $250 million in the …

March 16, 2021

Acquisitions Kentucky Multifamily Southeast Student Housing

Capstone Brokers $10.1M Sale of Student Housing Portfolio Near Murray State University in Kentucky

by Julia Sanders March 11, 2021

MURRAY, KY. — Capstone Apartment Partners has brokered the sale of a 248 unit, 898-bed student housing portfolio in Murray for $10.1 million. The portfolio features two properties: CEV Murray North and CEV Murray South, which are situated less than a half mile north of Murray State University’s campus. Capstone’s Jonathan Hawks, Adam Klenk, Austin Heithcock and Tyler Mayo represented the seller, Timberline Real Estate, in the transaction. The buyer, Hillcrest Acquisitions, plans to do minor renovations to the assets and improve occupancy while keeping the current management company in place. CEV Murray North features 140-units and 490 beds. The property was built in 2008 and was 75 percent occupied at the time of closing. Less than one mile south from CEV Murray North is CEV Murray South, which has 108 units and 408 beds. The apartment property was constructed in 1999, and was 90 percent occupied at the time of sale. CEV Murray North and South each offer amenity packages such as swimming pools, fitness centers, clubhouses, grilling areas and volleyball courts.

March 11, 2021

Development Georgia Multifamily Southeast Student Housing

Landmark, AECOM-Canyon to Develop 32-Story Student Housing Tower in Downtown Atlanta

by Julia Sanders March 9, 2021

ATLANTA — Landmark Properties and AECOM-Canyon Partners have partnered to co-develop The Metropolitan at Atlanta, a 32-story, 835-bed student housing development located a quarter-mile from Georgia State University (GSU) in downtown Atlanta. Construction at The Metropolitan will begin later this month and is scheduled for completion by August 2023. Located at Luckie Street and Ted Turner Drive, the 265-unit project will span 325,000 square feet, including approximately 5,700 square feet of retail space. The mixed-use development will be located near Five Points MARTA station, Centennial Olympic Park, Mercedes-Benz Stadium and State Farm Arena. The Metropolitan will be Landmark’s fourth development in the Atlanta area since 2018. The Metropolitan will offer one- to five-bedroom units. Community amenities will include a clubhouse, outdoor pool, concierge service, 24-hour fitness center, golf simulator and café study lounge. Units will feature granite countertops and stainless steel appliances, as well as high-speed internet and cable. AECOM-Canyon Partners, a joint venture partnership between AECOM Capital and Canyon Partners LLC, is bringing design, construction management and engineering expertise to the project. Landmark Urban Construction is the general contractor for the project, and CNNA Architects and W&A Engineering are also part of the development team. Landmark is a student …

March 9, 2021

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Student Housing Texas Western

Student Housing Q&A with Timothy S. Bradley, Founder, TSB Capital Advisors

by Sarah Daniels March 9, 2021

Student housing demonstrated its resilience in the face of COVID-19 challenges, but what can the industry expect going forward? Timothy S. Bradley, founder, TSB Capital Advisors, and principal, TSB Realty, sat down with Finance Insight to discuss financing and expectations for student housing in the fall of 2021 and beyond. Finance Insight: How was 2020 for TSB? Bradley: We were fortunate. Many observers assumed the student housing industry would be devastated by COVID-19-forced school closures and campus clusters. Instead, thanks in large part to the rational and institutional nature of our major operators, investors and lenders, the industry proved its resiliency once again. We were affected by the pandemic, of course, and had to adjust some of our early year projections, but TSB companies still closed on a total transaction volume of approximately $4 billion, including construction loans, stabilized term loans and interim loans, as well as sales, and joint venture partnership consultations. There will be other challenges our industry faces in the years to come, but it’s difficult to imagine a more challenging singular event than the one we experienced this year with COVID-19. All things considered, we felt very good about 2020, and we’re even more optimistic about 2021. …

March 9, 2021

Affordable Housing Market Reports Multifamily North Carolina Seniors Housing Southeast Southeast Market Reports Student Housing

Triangle’s Apartment Demand Pushes to the Region’s Suburban Markets

by John Nelson March 8, 2021

The impacts of COVID-19 on the U.S. multifamily market vary significantly across metro areas. Not surprisingly, the nation’s denser gateway markets have been hardest hit, while secondary and tertiary markets have fared better. In a reversal of pre-pandemic trends, suburban locations have gained favor over urban submarkets from both renters and investors. As many employees continue to work from home, larger and more affordable units in suburban submarkets have become more appealing. Elevated construction costs are also a factor, driving garden-style development versus more costly podium construction. The Triangle’s suburban submarkets are experiencing the strongest construction activity, most notably in the North Cary/Morrisville submarket, where 1,784 units averaging over 1,000 square feet per unit are currently underway. As ongoing work-from-home arrangements prompt more tenants to consider living further from the Triangle’s primary employment centers, developers are increasingly willing to look at sites in outlying communities such as Wendell and Clayton. Demand is expected to return to the Triangle’s urban submarkets as employees return to the office and retailers and restaurants fully reopen, but the recovery in these areas is likely to be protracted. Solid footing The Triangle’s multifamily sector ended 2020 on relatively firm footing despite a tumultuous year. Both …

March 8, 2021

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