Student Housing

California State University Board Grants Final Approval for $164 Million Residence Hall

by Amy Works January 28, 2019

SACRAMENTO, CALIF. — The trustees of California State University have given final approval for a $164 million student housing community to be built on the university’s Sacramento campus. A public-private partnership between the university, Greystar and the university’s nonprofit affiliate, University Enterprises Inc., will develop the community. The 360,000-square-foot development will offer 1,100 beds in studio, two- and four-bedroom, apartment-style units. The property will also feature a clubhouse, café, fitness center, community room, outdoor pool, sand volleyball court, bocce court, barbecues and 546 surface-level parking spaces. The development team is scheduled to break ground on the project in May, with completion set for summer 2021. The first phase of the project, which includes relocating the Dan McAuliffe Memorial Ballparks to a new location, is currently underway. Steinberg Hart architects designed the project, which Sundt Construction will build.

January 28, 2019

Acquisitions Georgia Multifamily Southeast Student Housing

Zargo Invest Acquires Student Housing Community Near University of Georgia for $8.4M

by Alex Tostado January 22, 2019

ATHENS, GA. — Zargo Invest has acquired Farmer’s Exchange, a 121-bed student housing community located near the University of Georgia campus in Athens, for $8.4 million. The name of the seller was undisclosed. Zargo plans to invest $1 million in renovations, including interior and exterior painting, installation of smart security systems in units, a new business center and lounge and new security cameras. CollegeTown Properties has been tapped to manage the community. A renovation timeline has yet to be announced.

January 22, 2019

Features Midwest Multifamily Northeast Southeast Student Housing Texas Western

NKF Multifamily: Student Housing Sector Outlook for 2019

by Katie Sloan January 17, 2019

To ring in the New Year, Student Housing Business — sister publication to REBusinessOnline — sat down with Ryan Lang, executive managing director and head of Newmark Knight Frank’s student housing division, to discuss his outlook for the year ahead. SHB: What challenges will your market face in 2019? Where are the opportunities within these challenges? Lang: It appears volatility on the capital markets side will continue to be closely monitored heading into 2019 and beyond. There remains great opportunity as the student market, as a whole, is fundamentally sound and viewed as a risk averse asset class within the larger investment community. SHB: Which submarkets will surprise people in 2019? Lang: While average occupancy at major Tier I universities continues to be stable near 95 percent, we believe several markets that have been supply constrained over the past few academic year cycles will begin making noticeable recoveries. Of note, we believe Texas Tech (Lubbock), Ole Miss (Oxford), and Michigan State (Lansing) have the potential to outperform investor expectations. SHB: What market shifts are you noticing that others haven’t? What would you whisper to clients and prospects? Lang: Along with newer construction product, there are clearly more opportunistic assets hitting the market and more yield driven …

January 17, 2019

Acquisitions Multifamily Student Housing Texas

Preiss, Centaline Acquire 288-Bed Student Housing Property in San Antonio

by Taylor Williams January 16, 2019

SAN ANTONIO — Raleigh, N.C.-based student housing owner-operator The Preiss Co., in partnership with Centaline Investment Management Co., has acquired The Estates at San Antonio, a 288-bed property serving the University of Texas at San Antonio (UTSA). The 104-unit property is located less than two miles from campus, features an average unit size of 1,712 square feet and offers amenities such as a pool, volleyball court, 24-hour fitness center and outdoor grilling/picnic areas. The seller was not disclosed.

January 16, 2019

Development Florida Multifamily Southeast Student Housing Top Stories

University of Miami Unveils Plans for $260 Million On-Campus Residential Village

by David Cohen January 9, 2019

CORAL GABLES, FLA. — The University of Miami has unveiled plans for a residential village set to replace the existing Stanford and Hecht Residential colleges on the university’s campus in Coral Gables. The 522,000-square-foot development — named Centennial Village — will include 1,700 beds for first-year students in four residential colleges, indoor and outdoor spaces for academic and extracurricular activities, a learning hub, meditation room and apartments for faculty and staff. The total project cost for the multi-phase development is estimated at $260 million. “The university will be providing the next generation of [students] a unique residential experience that will enhance and contribute more to their college success,” says Patricia Whitely, vice president for student affairs at the University of Miami. “We look forward to this project, which will complement the Student Housing Village currently under construction.” The first phase of development is scheduled to open in fall 2022 and will replace Stanford Residential College. Phase II will be delivered in fall 2024, and will replace Hecht Residential College. The university also plans to renovate an existing property, Easton Residential College, and incorporate it into Centennial Village in fall 2025. Design plans for the project have been submitted to the City of Coral …

January 9, 2019

Acquisitions Midwest Multifamily Nebraska Student Housing

Joint Venture Acquires 632-Bed Student Housing Community in Lincoln, Nebraska

by Kristin Harlow January 8, 2019

LINCOLN, NEB. — GMH Capital Partners LP and AGC Equity Partners have acquired Aspen Lincoln, a 632-bed student housing community in Lincoln. Located two blocks from the University of Nebraska-Lincoln, the property spans five floors and 203,552 square feet. Amenities include a fitness center, pool, hot tub, study lounges, computer labs and courtyards with fire pits. The buyer plans to rename the student housing community Academy Lincoln. Aspen Heights Partners and Virtus Real Estate Capital were the sellers.

January 8, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

Marcus & Millichap Arranges $9.2M Sale of Student Housing Property in Normal, Illinois

by Kristin Harlow January 3, 2019

NORMAL, ILL. — Marcus & Millichap has arranged the $9.2 million sale of Heartland Village Apartments near Illinois State University in Normal. The student housing property includes 288 beds within 144 units. Amenities include a clubhouse, fitness center and outdoor pool. All units are fully furnished. Eric Bell and Jordan Callaway of Marcus & Millichap represented the seller. Bell also represented the out-of-state buyer.

January 3, 2019

California Development Multifamily Student Housing Top Stories Western

University Student Living Receives $575M Construction Financing for UC Davis Student Housing Project

by Kristin Harlow December 14, 2018

DAVIS, CALIF. — University Student Living LLC has received $575 million in construction financing for a major expansion of the on-campus housing at the University of California, Davis. The project will add approximately 3,300 beds to the university’s West Village. The developer expects to deliver the first 1,000 beds by the start of the 2020 academic year. The $575 million in project costs will come from the proceeds of a tax-exempt bond issue, the largest ever in the country for a single project, according to the developer. The new complex, set on 34 acres, will comprise nine four-story apartment buildings along with indoor and outdoor community space and recreational fields. A 10,000-square-foot community building will house a fitness center, multipurpose room and student support services. The development team includes general contractor CBG Building Co. and architect Stantec. When complete, the new apartment communities at West Village will be owned by the non-profit Collegiate Housing Foundation, which will hold the ground lease from the University of California. Once the community is operational, the staff and resident life programming will be under the direction of the university, while University Student Living will provide property and facility management. University Student Living has planned a …

December 14, 2018

Development Multifamily New York Northeast Student Housing

PEBB Capital, TriArch Real Estate Break Ground on 153-Bed Student Housing Community in Manhattan

by David Cohen December 13, 2018

NEW YORK CITY — A joint venture between PEBB Capital and TriArch Real Estate Group has broken ground on a 153-bed student housing development located in the Morningside Heights neighborhood of Manhattan near Columbia University. The partnership acquired the land parcel in February for $20.3 million. The 14-story, 64,000-square-foot building will offer studio, one-, two- and three-bedroom, fully furnished units. Shared amenities will include a state-of-the-art fitness center, a study area with breakout rooms and a conference center, an outdoor terrace, bike storage, a package room, security surveillance, a rooftop deck and a coffee bar. The development is scheduled for completion in May 2020.

December 13, 2018

Acquisitions Multifamily North Carolina Southeast Student Housing

FourPoint Brokers Sale of 328-Bed Student Housing Community Near Wake Forest University

by Alex Tostado December 7, 2018

WINSTON-SALEM, N.C. — FourPoint Student Housing Investments has arranged the sale of Deacon Place, a 328-bed student housing community located near Wake Forest University in Winston-Salem. The property opened in 2017 and offers suite- and townhome-style units. Community amenities include a resort-style swimming pool, fitness center, study lounge and a putting green. Chris Epp, Chris Bancroft, Meredith Wolff and Craig Miller of FourPoint arranged the sale on behalf of the seller, Signet Real Estate Group. The buyer and terms of the transaction were not disclosed.

December 7, 2018

Newer Posts

Older Posts