Student Housing

Berkadia Arranges Sale of 709-Bed Student Housing Community Near Georgia Southern

by Alex Tostado March 24, 2020

STATESBORO, GA. — Berkadia has arranged the sale of 111 South, a 709-bed student housing community located near Georgia Southern University in Statesboro. Kevin Larimer, Greg Gonzalez and Judy MacManus of Berkadia represented the seller, a partnership between Artemis Real Estate Partners and The Preiss Co., in the transaction. The community was acquired by Centurion Property Group for an undisclosed price. Pete Benedetto and Aaron Moll, also with Berkadia, originated an acquisition loan through Basis Investment Group on behalf of the buyer. The property was built in 2013 and offers two-, three-, four- and five-bedroom units with bed-to-bath parity and furniture packages. Communal amenities include a pool with a lazy river, a water volleyball court, 24-hour fitness center and a cyber lounge.

March 24, 2020

Company News District of Columbia Loans Multifamily Seniors Housing Southeast Student Housing Top Stories

Freddie Mac, Fannie Mae Enact 90-Day Financial Relief Plan for Multifamily Borrowers, Tenants

by John Nelson March 24, 2020

WASHINGTON, D.C. — Freddie Mac and Fannie Mae have separately announced nationwide initiatives to provide financial relief for their multifamily borrowers and tenants affected by the outbreak of coronavirus disease of 2019 (COVID-19). The two government-sponsored enterprises are enacting programs that allow their borrowers to defer monthly payments for up to 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval. Additionally, participants in the program must agree to not evict their renters who are facing financial hardship due to the current health crisis. The agencies anticipate the initiatives could impact more than 54,000 apartment communities across the country. “This program is historic in its size, and it has the potential to provide relief to millions of families in multifamily rental homes financed through a Freddie Mac loan,” says Debby Jenkins, executive vice president and head of Freddie Mac Multifamily, which implemented a similar forbearance plan in 2017 following Hurricane Harvey in Houston. “Countless Americans are facing unimaginable hardships, and Freddie Mac is doing what we can to provide relief as our nation addresses this global pandemic,” says Jenkins. The outbreak of COVID-19 is likely to push the United States into a recession as the …

March 24, 2020

Development Maryland Southeast Student Housing Top Stories

Balfour Beatty Starts Construction of 557-Bed Student Housing, Innovation Center Development in Bowie, Maryland

by Alex Patton March 20, 2020

BOWIE, MD. — Developer Balfour Beatty Campus Solutions is underway on a 557-bed student housing and mixed-use development in Bowie, a northeastern suburb of Washington, D.C. The 170,000-square-foot development will house students of Bowie State University and will also be the site of the Bowie Business Innovation Center, a program for business acceleration in collaboration with the U.S. Small Business Administration. The development is slated to open in fall 2021. The project cost will be approximately $42 million. “This partnership allows the university to support its growing student body with much-needed modern housing options and provides a dedicated place for the creative leaders of tomorrow to develop their knowledge and skills as they prepare to enter the business world upon graduation,” says Bob Shepko, president of Balfour Beatty. The development will also house the university’s Entrepreneurship Academy, which will help students develop their own business opportunities and better navigate the greater business world. Other project features include a variety of amenities, including a fitness center, laundry facilities, community kitchens, parking and flexible classroom space. The project is primarily funded with tax-exempt bonds through the Maryland Economic Development Corp. Balfour Beatty Construction is and Smoot Construction are serving as contractors for …

March 20, 2020

Features Student Housing

The Coronavirus Outbreak: A Guide to The Impact on Student Housing

by Katie Sloan March 19, 2020

The impact of the coronavirus (COVID-19) is being felt across every sector of the U.S. economy as the virus continues to spread worldwide. The student housing industry is not exempt, as the number of colleges and universities canceling in-person classes continues to grow, with some requesting that students vacate residence halls immediately for the remainder of the spring semester. The number of confirmed cases in the U.S. has climbed to 10,442 and the death toll has risen to 150 as of March 19, according to The New York Times coronavirus case map. President Trump declared a national emergency on March 13, which gave him authority to use $50 billion allocated by congress for disaster relief to address the coronavirus crisis. The Trump administration broadened the government’s response to the pandemic on Wednesday, spelling out the first details of a $1 trillion economic package that requests an infusion of $500 billion for direct payments to taxpayers and $500 billion in loans for businesses from Congress, according to reports by The New York Times. President Trump also invoked a seldom-used wartime law that allows the government to press American industry into service to ramp up production of medical supplies. University and College Closures Universities are taking …

March 19, 2020

Development Multifamily South Carolina Southeast Student Housing

Preiss Beaks Ground on 433-Bed Student Housing Development Near Clemson University

by Alex Tostado March 18, 2020

CLEMSON, S.C. — The Preiss Co. has broken ground on Signature Hartwell Village, a planned 433-bed student housing community that will service Clemson University students. The property is located at 13060 Clemson Blvd., less than one mile from campus. Communal amenities will include a 24-foot jumbotron, fire pits, grills, dog park, cornhole court, pool with in-water lounging deck, cabana with misters, lounge room with an 82-inch TV, fitness center, access to study rooms and a package locker system. The property will offer one- to four-bedroom floor plans, each equipped with a 50-inch smart TV, furniture, stainless steel appliances, granite countertops, plank vinyl flooring throughout the unit and in-unit laundry. BSB Design is the architect on the project and Boarman Kroos Vogel Group Inc. is serving as the interior designer. Preiss expects the community to open in fall 2021. Signature Hartwell Village will be part of the 45-acre Hartwell Village mixed-use development. Hartwell Village features residential, dining options and retail space, including Aldi, Petco, Marshalls and multiple hotels.

March 18, 2020

Acquisitions California Multifamily Student Housing Western

Champion Real Estate Buys Student Housing Community in Los Angeles for $14.1M

by Amy Works March 16, 2020

LOS ANGELES — Champion Real Estate Co. has purchased a student housing community located at 2353 Portland St. in Los Angeles. Century Park sold the asset for $14.1 million. Champion plans to rebrand the property as Victory on Portland and renovate the complex, which was built in 1964. The renovations will change Victory on Portland into a 102-bed property offering units with stainless steel appliances, HVAC units, stone countertops, modern cabinetry and laminate wood flooring. The apartments will be fully furnished with beds, couches, chairs, coffee tables, dining tables, flat-screen televisions, cable, internet, Wi-Fi, Sonos soundbars and other amenities. On-site amenities will include an updated swimming pool, amenity deck, student lounge and leasing office. John Taksa of RE/MAX Commercial & Investment Realty represented the buyer and seller in the transaction.

March 16, 2020

California Loans Multifamily Student Housing Western

CBRE Secures $18.5M Loan for Five-Property Student Housing Portfolio in Santa Barbara

by Amy Works March 13, 2020

SANTA BARBARA, CALIF. — CBRE has arranged an $18.5 million loan for The Hive Isla Vista, a five-property student housing portfolio near the campus of University of California, Santa Barbara. Brad Wilmot of CBRE’s Los Angeles office secured the floating-rate loan with a three-year initial term on behalf of the borrower, Los Angeles-based M&A Real Estate Partners. The planned use of the funds was not disclosed. The portfolio totals 35,868 square feet and is comprised of five student housing properties, all within walking distance of the campus. Community amenities include fitness centers, gated access and swimming pools.

March 13, 2020

Loans Multifamily Southeast Student Housing Virginia

Financial Federal Bank Provides $38.7M Refinancing for Student Housing Community Near Virginia’s James Madison University

by Alex Tostado March 11, 2020

HARRISONBURG, VA. — Financial Federal Bank has provided a $38.7 million loan to refinance North 38 Apartments, a 228-unit student housing community near James Madison University (JMU) in Harrisonburg. The property was built in 2009 and offers 816 beds and fully furnished units featuring 55-inch TVs. Communal amenities include a pool, hammock gardens, car care center, sand volleyball court, computer lounge, fitness center, detached garage buildings and multiple dog parks. At the time of the transaction, the property was 94 percent occupied. The community is situated at 1190 Meridian Circle, two miles north of JMU. Rick Wood and Jon Van Hoozer of Financial Federal originated the 12-year loan with three years of interest-only payments, a 30-year amortization schedule and a fixed interest rate below 3.95 percent. The borrower was not disclosed.

March 11, 2020

Acquisitions Arizona Multifamily Student Housing Western

IPA Negotiates $123M Sale of Student Housing Asset at Arizona State in Tempe

by Amy Works March 11, 2020

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of West Sixth, a core-plus, condo-quality student housing community located steps from Arizona State University in Tempe. An undisclosed buyer acquired the asset for $123 million. Peter Katz, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the buyer in the transaction. Completed in 2011, the two-tower West Sixth features 375 units, totaling 625 beds, with floor-to-ceiling windows and resort-style amenities. The property has reached at or near full occupancy every year since its 2011 opening. Currently, the asset is 98 percent occupied and 88 percent pre-leased for the upcoming school year.

March 11, 2020

Development Multifamily Northeast Pennsylvania Student Housing

Toll Brothers to Open Phase I of 1,093-Bed Student Housing Project Near Penn State

by Alex Patton March 4, 2020

State College, PA. — Toll Brothers Campus Living is set to open Phase I of The Yards at Old State, a 1,093-bed student housing development located near Pennsylvania State University in State College. The first phase of development will include 164 fully furnished, cottage-style units. Shared amenities will include a 21,000-square-foot clubhouse, resort-style swimming pool with hot tubs, an indoor basketball court, a state-of-the-art fitness center and study spaces. Phase I is set to open in summer 2020.

March 4, 2020

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