Student Housing

Berkadia Arranges $23M Refinancing Loan for Student Housing Community Near Florida State University

by Alex Tostado September 16, 2020

TALLAHASSEE, FLA. — Berkadia has arranged a $23 million refinancing loan for College Town II, a 198-bed student housing community in downtown Tallahassee. Ameris Bank provided the 10-year term loan, which features a fixed 3.66 percent interest rate. The loan will be used to refinance the original construction loan, which Berkadia also arranged in 2015. The borrower is Seminole Boosters, the fundraising arm for Florida State University Athletics. College Town II comprises five seven-story buildings, 23,177 square feet of retail space and a seven-story parking garage. Retail tenants in the project include Township, 51 on Madison, Tin Lizzy’s Taqueria & Cantina, Barefoot Campus Outfitters, Little Masa and Sunstop Urban Market. The community is located at 805 W. Madison St., a half-mile from Florida State University (FSU) and two miles from Florida A&M University (FAMU). Brad Williamson of Berkadia arranged the loan on behalf of the borrower.

September 16, 2020

Company News Multifamily Student Housing Texas

ACC Reports Occupancy Decline of 710 Basis Points Across Student Housing Portfolio

by Taylor Williams September 14, 2020

AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC), the nation’s largest owner and manager of student housing properties, reported that its portfolio had an occupancy rate of 90.3 percent as of Sept. 11, 2020. The Austin-based REIT posted a same-store portfolio-wide occupancy rate of 97.4 percent a year ago, netting a year-over-year decline of 710 basis points. CEO Bill Bayless said that the company was encouraged by overall leasing activity in June and July but remains concerned about whether in-person classes will prevail throughout the fall semester. ACC has already felt some of this impact, Bayless said, noting that the delay or cancellation of on-campus classes stemming from the COVID-19 pandemic had already caused a 16 percent year-over-year drop in occupancy across properties that primarily serve first-year students. As of mid-2020, ACC owned 166 student housing properties totaling 111,900 beds across the country.

September 14, 2020

California Development Multifamily Student Housing Western

Joint Venture Opens 254-Bed The Enclave Student Housing Near University of California, Berkeley

by Amy Works September 10, 2020

BERKELEY, CALIF. — A joint venture between WEST Builders and Spectrum Partners has completed The Enclave, a 253-bed student housing community master leased to the University of California, Berkeley. The property offers shared amenities including retail space occupied by a vegan hamburger restaurant, an upscale sandwich shop and a virtual reality experience operator; two outdoor terraces; an interior courtyard; and a large rooftop deck.

September 10, 2020

Development Florida Multifamily Southeast Student Housing

Landmark, W5 Group Break Ground on 602-Bed Student Housing Community Near University of Central Florida

by Alex Tostado September 10, 2020

ORLANDO, FLA. — A partnership between Landmark Properties and W5 Group LLC has broken ground on The Retreat East, a 602-bed student housing community that will serve student at the University of Central Florida (UCF) in Orlando. The cottage-style community will comprise 138 units that are expected to open in August 2021. Communal amenities will include a pool, poolside jumbotron, golf simulator, clubhouse, study lounge and a fitness center. Athens, Ga.-based Landmark will manage the property upon completion. The Retreat at Orlando will be situated at 12151 E. Colonial Drive, two miles south of UCF’s campus and 13 miles east of downtown Orlando. Miami Beach, Fla.-based W5 Group entered into the partnership through its new student housing investment initiative.

September 10, 2020

Development Florida Multifamily Southeast Student Housing

Palm Beach Atlantic University, Pembroke Student Housing Deliver Residence Hall in West Palm Beach

by Alex Tostado September 4, 2020

WEST PALM BEACH, FLA. — A partnership between Pembroke Student Housing and Palm Beach Atlantic University has completed Watson Hall, a 163,000-square-foot residence hall on the university’s campus in West Palm Beach. The eight-story development offers 510 beds in one- and two-bedroom units with full kitchens. Communal amenities include a large conference space and community and private study spaces on each floor. Provident Resources Group owns the building. The project’s development team included architectural firm Stantec, general contractor Hedrick Brothers Construction, landscape architect Urban Kilday Design Studios and civil engineer Reikenis & Associates. Palm Beach Atlantic began fall semester in-person Monday, Aug. 17.

September 4, 2020

Development Florida Loans Multifamily Southeast Student Housing

Joint Venture Receives $65M in Construction Financing for Student Housing Community Near University of Florida

by Alex Tostado August 31, 2020

GAINESVILLE, FLA. — A joint venture between 908 Group, Scannell Properties and Atlantic American Partners has received $65 million in construction financing for an unnamed development of a 604-bed student housing community near the University of Florida in Gainesville. First Merchant’s Bank, First Financial Bank and Old National Bank provided the construction loan for the community. TSB Capital Advisors acted as special advisor in the financing. The project will offer a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Communal amenities will include ground-floor retail space, outdoor courtyards, pools, private study lounges, a clubroom and a fitness center. The community is scheduled for completion in fall 2022. Humphrey’s & Partners designed the asset, and Arco-Murray is the general contractor. Houston-based multifamily operator Asset Living will manage the community upon completion.

August 31, 2020

Development Multifamily Southeast Student Housing Tennessee

Annex Group to Develop $19.1M Student Housing Community Near University of Memphis

by Alex Tostado August 28, 2020

MEMPHIS, TENN. — The Annex Group will develop Annex of Memphis, a 208-bed student housing community near the University of Memphis. The Indianapolis-based developer expects development costs to total $19.1 million. The property will offer studio, two-, three- and four-bedroom floor plans. Rents will range from $1,050 per month per student for studios down to $705 per month for four-bedroom units. Communal amenities will include a fitness center and covered parking. The Annex of Memphis will be situated at 3601 Midland Ave., two blocks from campus and seven miles east of downtown Memphis. The Annex Group expects to break ground in the coming weeks and will welcome its first students in summer 2021. Axis Architecture + Interiors designed the community, which Granite Student Living will manage upon completion. First Merchants Bank is providing construction financing.

August 28, 2020

Loans Multifamily Student Housing Texas

Parkview Provides $9.5M Construction Loan for Student Housing Project in Prairie View, Texas

by Taylor Williams August 27, 2020

PRAIRIE VIEW, TEXAS — Los Angeles-based Parkview Financial has provided a $9.5 million construction loan for a 120-unit student housing project in Prairie View, about 50 miles northwest of Houston. The property will serve Prairie View A&M University and represents the first phase of a 390-unit development that will be known as Prairie View Plaza. The first building will consist of 72 one-bedroom units and 48 two-bedroom units with full kitchens and individual washers and dryers. Phase I is expected to be complete in the second quarter of 2021. In addition to the student housing portion, Prairie View Plaza will ultimately include 70 townhomes for sale, 100 apartments and 58,000 square feet of retail space. The borrower was PV Asset Management.

August 27, 2020

Development Multifamily Student Housing Washington Western

Aspen Heights Breaks Ground on 752-Bed Student Housing Community Near Washington State University

by Amy Works August 27, 2020

PULLMAN, WASH. — Aspen Heights Partners has broken ground on Aspen Heights Pullman, a 752-bed, cottage-style student housing community for students attending Washington State University. The property will offer a mix of two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities will include a community building, hot tub, fitness center and an on-site shuttle to campus. The development is scheduled for completion in fall 2021.

August 27, 2020

Development Multifamily Student Housing Texas

KWA Construction Completes Phase II of 76-Unit Student Housing Project in Sherman, Texas

by Taylor Williams August 25, 2020

SHERMAN, TEXAS — General contractor KWA Construction has completed Phase II of a student housing project for Austin College, a liberal arts school located in the North Texas city of Sherman. The second phase delivered 38 units within a 43,613-square-foot building. Phase I, which was completed in 2011, also consisted of 38 units within a 43,010-square-foot building. Dallas-based Architecture Demarest designed Phase II of the project, which will open in time for the resumption of fall classes on Tuesday, Aug. 25.

August 25, 2020

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