CHICO, CALIF. — CBRE has arranged the sale of Campus Walk, a 174-bed student housing community serving California State University, Chico. NB Private Capital purchased the property from Dallas-based Fountain Residential Partners for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Marc Ross of CBRE arranged the transaction on behalf of the seller. The property offers shared amenities including a swimming pool, outdoor movie screen and fitness center.
DAVIS, CALIF. — HighBridge Properties has sold Lincoln40, a 706-bed student housing community currently under development near the University of California, Davis. Grand Peaks Properties acquired the project for an undisclosed price. HighBridge began construction on the community last fall, and will continue to co-develop the property alongside the new ownership. Upon completion, the community will offer two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include private study areas, a fitness facility, game room and lounge, as well as an outdoor swimming pool with cabanas and outdoor lounges featuring barbecue stations and gas fire pits. The development team also plans to contribute $1 million to the City of Davis for the construction of a pedestrian/bicycle bridge over the railroad tracks just north of the property, connecting to the city’s downtown business district. The project is scheduled for completion in fall 2021. The name is a reference to the project’s proximity to Route 40, also known as Lincoln Highway, according to the Davis Enterprise.
SEATTLE — Peak Campus Development and investment partner Blue Vista Capital Management have acquired a development site located near the University of Washington in Seattle, with plans to construct a student housing community. The new project — titled Theory U District — is set to offer 500 beds in studio, one-, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities will include a rooftop deck, multiple study rooms, a landscaped courtyard for outdoor activities, a fitness room, package lockers and parking. University Christian Church (UCC), which previously owned the property, moved out last summer. According to a press release issued by UCC last year, proceeds from the sale will go into a foundation established by remaining UCC members. UCC already demolished the existing buildings, and vertical construction for Theory U District will commence later this year with a projected opening in fall 2022.
EMPORIA, KAN. — Prescient Capital has provided a $6.8 million loan for the refinancing of The Villas at Emporia, a 192-bed student housing property in eastern central Kansas. The four-story complex is located at 1839 Merchant St. The loan term is 12 months with two six-month extension options. Loan proceeds will be utilized to pay off maturing debt. The borrower was undisclosed. Emporia is home to Emporia State University.
COLORADO SPRINGS, COLO. — Griffis/Blessing has acquired Lion Village, a student housing complex in Colorado Springs, from a local developer for $34 million. Colorado Springs-based Griffis/Blessing has served as property manager for the asset since its opening in 2015. With its third construction phase completed last year, Lion Village features 141 units totaling 508 student housing beds in a mix of two-, three- and four-bedroom layouts averaging 1,021 square feet. Each apartment comes fully furnished, including housewares and a washer and dryer, and with utilities, including internet and cable. Additionally, each bedroom has its own private bathroom and closet. Community amenities include a heated swimming pool, business center, fitness center and 24-hour maintenance. Nick Steele, John Laratta, Tyler King, Nate Moyer of Berkadia’s Denver brokered the transaction.
MERCED, CALIF. — Shamrock Acquisitions has received $68.8 million in construction financing for the development of Merced Station, an 885-bed student housing community located near the University of California, Merced. Scott Meredith of George Smith Partners secured the financing from an affiliate of Mosaic Real Estate Credit on behalf of the borrower. The community will offer two-, three- and four-bedroom units. Shared amenities will include retail space, a state-of-the-art clubhouse, swimming pool, spa, basketball court, fitness room and study lounge. Construction is scheduled for completion in summer 2021.
SAVANNAH, GA. — FourPoint Investment Sales Partners has arranged the sale of The Hue, a 446-bed student housing community located at 646 W. Bay St. in Savannah, near the Savannah College of Art and Design. The property offers amenities including a pool, sundeck, fitness center, art studio and study areas. Chris Epp, Chris Bancroft, Meredith Wolff McGrath, Matthew Chase and Craig Miller of FourPoint arranged the transaction on behalf of the seller, Atlanta-based CF Real Estate Services. Blue Vista Capital Management purchased The Hue for an undisclosed price.
ORONO, MAINE — Tremont Mortgage Trust has provided an $18.1 million loan for the refinancing of Orchard Trails, a 576-bed student housing community located near the University of Maine in Orono. The floating-rate loan includes an initial funding of approximately $17 million and a future funding allowance of approximately $1.1 million for property improvements. The loan is structured with a three-year initial term and two one-year extension options. Originally built in 2006, the community offers four-bedroom units alongside shared amenities including a study lounge, clubhouse, game room, state-of-the-art fitness center, basketball and volleyball courts and an outdoor grilling station. The borrower was undisclosed.
DENVER — Nelson Partners Student Housing has sold Auraria Student Lofts. The 438-bed student housing community is located near the Auraria Campus, an educational facility which serves the University of Colorado – Denver, Metropolitan State University and the Community College of Denver. The community offers two- and four-bedroom units with shared amenities including a rooftop swimming pool, cabanas, an outdoor dining area, fitness center, yoga studio, gaming lounge and study spaces. Terms of the transaction and the buyer were undisclosed.
PORTLAND, MAINE — A partnership between Capstone Development Partners and the University of Maine System will develop a 577-bed residence hall and student center on the University of Southern Maine’s (USM) campus in Portland. The proposed 209,000-square-foot community will offer apartment-style units alongside academic support space. The partnership hopes to break ground on the project in spring 2020, with Capstone providing financing for the student housing component and the university providing financing for the student center. The design-build team for the community includes architectural and engineering firm SMRT Architects and Engineers, architectural firm Elkus Manfredi Architects and general contractor PC Construction. Capstone Management Partners, the management subsidiary of Capstone Development, is the proposed maintenance and operations provider for the community upon completion.
