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

Arizona Development Multifamily Student Housing Western

Toll Brothers Starts Construction of 826-Bed Canvas Student Housing Near Arizona State

by Amy Works March 4, 2020

TEMPE, ARIZ. — Toll Brothers Campus Living has started construction of Canvas, an 826-bed student housing community located near Arizona State University in Tempe. The property is scheduled for completion in fall 2023. The development will offer a mix of studio, one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a rooftop swimming pool, outdoor grills, state-of-the-art fitness center, private study rooms, clubroom and e-sports lounge.

March 4, 2020

Arizona Development Multifamily Student Housing Western

Arizona State, Capstone Development Break Ground on $118 Million Mixed-Use Development in Downtown Phoenix

by Amy Works February 26, 2020

PHOENIX — A public-private partnership between Arizona State University and Capstone Development Partners has broken ground on a $118 million mixed-use development located within the university’s downtown Phoenix campus. The project — titled the Downtown Phoenix Residence Hall and Entrepreneurial Center — will feature 75,000 square feet of academic space in the form of design studios, flexible classroom space, fashion studios, fabrication labs, music practice rooms, recording studios and live event space. The 207,000-square-foot residential component of the community will house up to 530 students in two- and four-bedroom, apartment-style units. The design-build team for the project includes architect Studio Ma and general contractor DPR Construction. Development is scheduled for completion in fall 2021.

February 26, 2020

Acquisitions California Multifamily Student Housing Top Stories Western

Landmark Properties Acquires 2,289-Bed Student Housing Community at University of California, Davis

by Kristin Harlow February 26, 2020

DAVIS, CALIF. — Landmark Properties has acquired Sol at West Village, a 2,289-bed student housing community at the University of California, Davis (UC Davis) campus, which is situated about 15 miles west of Sacramento. While the sales price was not disclosed, the transaction is the largest single-asset sale to date in the student housing sector, according to sources. Amenities at the on-campus property include a 24-hour study hall, fitness center, yoga studio, café, media theater, dog park and two swimming pools. Sol at West Village also includes 36,000 square feet of commercial space, which is currently leased to UC Davis. The community was built in three phases between 2011 and 2013. Sol at West Village is the largest net zero energy community in the United States, meaning it is designed to produce as much energy as it consumes. To meet this goal, the community combines efficient overall design with renewable on-site energy production via solar panels installed throughout the community. “Sol at West Village is a tremendous addition to our growing Class A student housing portfolio,” says Wes Rogers, president and CEO of Landmark. “We continuously pursue strategic opportunities to develop and acquire high-quality assets that are pedestrian to flagship …

February 26, 2020

Acquisitions Development Multifamily Southeast Student Housing Virginia

Marymount University Acquires 267-Unit Multifamily Community in Northern Virginia, Plans Student Housing Conversion

by Alex Tostado February 25, 2020

ARLINGTON, VA. — Marymount University has acquired The Rixey, a 267-unit conventional multifamily community located in the Ballston neighborhood of Arlington, two miles south of the university. The university plans to convert the property into a 502-bed, college-affiliated community offering apartment-style units for upperclassmen, graduate students, faculty and staff. Marymount has tapped The Michaels Organization as a management partner for the community. Michaels will co-manage leasing efforts and solely handle the operations and resident life program at The Rixey. The new community will offer studio, one- and two-bedroom, fully furnished units. Shared amenities will include ground floor retail leased to Starbucks Coffee and Northwest Federal Credit Union, as well as an outdoor fire pit with cabanas, rooftop spa and a fitness center.

February 25, 2020

Acquisitions Arkansas Florida Multifamily Southeast Student Housing

East To West Capital Sells Three-Property Student Housing Portfolio in Florida, Arkansas

by Alex Tostado February 21, 2020

TALLAHASSEE AND GAINESVILLE, FLA.; AND FAYETTEVILLE, ARK. — UK-based investor East To West Capital has sold a three-property student housing portfolio located in Florida and Arkansas for an undisclosed price. The portfolio includes Gator Cottages, a three-unit, 18-bed property built in 2018 serving students at the University of Florida in Gainesville; Whitham Cottages, a 10-unit, 40-bed community also constructed in 2018 located near the University of Arkansas in Fayetteville; and Seminole Gardens, a 10-unit complex ranging from 2,213 to 2,571 square feet serving students attending Florida State University in Tallahassee. Kevin Dufour and Director Kyle Peco of FourPoint Investment Sales Partners represented the seller in the transaction. The buyer was undisclosed.

February 21, 2020

Development Michigan Midwest Multifamily Student Housing

Trinitas to Break Ground on 682-Bed Student Housing Community Near University of Michigan

by Kristin Harlow February 20, 2020

ANN ARBOR, MICH. — Trinitas Ventures is set to break ground on The One, a 682-bed student housing community located near the University of Michigan campus in Ann Arbor. The development will offer one-, two-, three-, four- and five-bedroom, cottage-style units. Shared amenities will include a fitness center, business center, game room, resort-style swimming pool, fire pit, private study lounges, basketball and volleyball courts and a shuttle service to campus. A Trinitas-managed investment entity has provided equity financing for the project, and PNC Bank is providing construction financing. A timeline for the development, located at 2601 Pontiac Trail, has yet to be announced.

February 20, 2020

Arizona Loans Multifamily Student Housing Western

Ready Capital Closes $6M Loan for Student Housing Property Near University of Arizona

by Amy Works February 20, 2020

TUCSON, ARIZ. — Ready Capital has closed a $6 million loan for the refinance, renovation and lease-up of a 173-unit, Class B student housing property serving the University of Arizona submarket in Tucson. Upon closing, the sponsor will perform various capital improvements to the unit interiors and property exterior. Renovations will begin with units that are leased for the upcoming school year, but are not yet occupied. Unit renovations to expected to be completed by month 24 of the loan term. The non-recourse, floating-rate loan features a 36-month term, one extension option and flexible prepayment. Additionally, the financing is inclusive of a facility to provide future funding for capital expenditures.

February 20, 2020

Alabama Development Multifamily Southeast Student Housing

Holder Properties Breaks Ground on 719-Bed Student Housing Community Near Auburn University

by Alex Tostado February 18, 2020

AUBURN, ALA. — Holder Properties has broken ground on 320 West Mag, a 719-bed student housing development located near Auburn University in Alabama. The community will offer a mix of one-, two-, three-, four- and five-bedroom, fully furnished units along West Magnolia Avenue, directly across from Auburn University’s College of Business and College of Engineering Schools. Communal amenities will include 11,500 square feet of retail space, three outdoor courtyards, grilling areas, a swimming pool, hot tub, outdoor movie screen, two-story fitness center, clubroom, gaming lounge and private and group study areas. Chick-fil-A will anchor the retail component and will feature a drive-thru, walk-up order window and outdoor dining terrace. The development will also include a locally owned coffee shop. Niles Bolton & Associates is 320 West Mag’s design architect, and Juneau Construction Co. is the general contractor. Development is scheduled for completion in fall 2021.

February 18, 2020

Arizona Development Multifamily Student Housing Western

Trinitas Acquires Student Housing Development Site Near Arizona State University

by Amy Works February 12, 2020

TEMPE, ARIZ. — Trinitas has acquired a development site located at 707 S. Forest Ave. near Arizona State University in Tempe. The company plans to develop a 530-bed student housing community offering studio, one-, two-, three- and four-bedroom units above street level retail. Shared amenities at the development will include a swimming pool, fitness center, collaboration spaces and an open-air skydeck. A joint venture between Trinitas and Harrison Street provided equity financing for the site acquisition. PNC Bank provided construction financing. The project is scheduled for a 2021 opening.

February 12, 2020

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