COLUMBIA, S.C. — Stratus Development Group has broken ground on Pickens Corner, a 60-bed student housing development located at 480 S. Pickens St. near the University of South Carolina campus in Columbia. Located in the city’s Rosewood neighborhood, Pickens Corner will offer townhomes featuring three bedrooms and three-and-a-half bathrooms. Completion on the project is scheduled for August 2025.
SAN DIEGO — Ambient Communities has purchased Consulate Hotel, a shuttered hotel located at 2901 Nimitz Blvd. in San Diego’s Point Loma neighborhood, from Noble Legacy LLC for $17.4 million. Al Apuzzo, Matt Weaver, Alex Bentley and Brianna Lehman of Lee & Associates represented the seller, while Rick Wu and Austin Dias of Duhs Commercial represented the buyer in the transaction. The buyer plans to convert the property, which includes a bar (ABC 47), restaurant and amenity space, into market-rate and student housing apartments. The 63,234-square-foot building, situated on 0.9 acres, was originally built in 1971. The transaction closed with entitlements in place for the proposed redevelopment.
RENO, NEV. — JLL Capital Markets has arranged refinancing for HERE Reno, a student housing community serving the University of Nevada, Reno. JLL represented the borrower, Article Student Living, in facilitating the three-year, floating-rate financing with PPM America Inc. Located at 920 Evans Ave., HERE Reno offers 636 beds in studio, one-, two-, three-, four- and five-bedroom, fully furnished apartments, a 24-hour fitness center, a study lounge with private rooms, hot tub and sundeck, coffee and breakfast bar, clubroom with kitchen and gaming zones and a club lounge. The asset was built in 2022.
FORT MYERS, FLA. — CAPREIT has acquired Coastal Village, an 800-bed student housing community located near the Florida Gulf Coast University campus in Fort Myers. The acquisition marks the North Bethesda, Md.-based firm’s entry into the student housing sector. Coastal Village was developed in 2004 at 19401 Skidmore Way and offers fully furnished units in four-bedroom configurations. Shared amenities include a pool, fire pit, resident lounge, coffee bar, private study spaces and a fitness center. The seller and terms of the transaction were not released.
MILLEDGEVILLE, GA. — Cushman & Wakefield has negotiated the sale of Arcadia on the River, a cottage-style student housing community located near the Georgia College campus in Milledgeville. Built in 2017 at 120 Pumping Station Road, the property offers 510 beds across 123 units. Shared amenities include a pool, tanning ledge, fitness center, yoga studio, sauna, volleyball court, shuttle service to campus, outdoor games and billiards, foosball and table tennis. Travis Prince, Victoria Marks, Shawn Lubic, Taylor Bird and Nelson Abels of Cushman & Wakefield represented the seller, Sanctuary Cos., in the disposition of the property to Time Equities Inc. Terms of the transaction were not released.
RENO, NEV. — Northmarq has arranged a $78.5 million refinancing for The Dean Reno, a 773-bed student housing property located near the University of Nevada, Reno. Built in 2023, the community offers fully furnished units alongside shared amenities including a cyber lounge, fitness center, yoga studio and grilling stations. Justin Glasgow of Northmarq secured the financing through Heitman on behalf of the borrowers, GMH Communities and CRG. Terms of the financing were not released.
LEXINGTON, KY. — GMH Communities has acquired The Stretch, a 533-bed student housing community located near the University of Kentucky campus in Lexington. A joint venture between Campus Advantage and Tramview Capital Management sold the property for an undisclosed price. Teddy Leatherman, Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller in the transaction. Built in 2009 at 1051 Red Mile Road, the community offers a mix of two-, three- and four-bedroom units. Shared amenities include a clubhouse; pool and hot tub; fitness center; basketball, pickleball and volleyball courts; study rooms; a tanning salon; and outdoor grilling areas. The property was 96 percent leased at the time of sale.
STARKVILLE, MISS. — HPM has topped out Azalea Hall, a new five-story residence hall on the campus of Mississippi State University in Starkville. Construction began on the 412-bed project in 2023 and is slated to deliver ahead of the 2025-2026 school year. Units at Azalea Hall will come in pod-style configurations with shared bathrooms and common areas. The building will also feature a living and learning community for students in the Luckyday Scholars Program that has a dedicated study area and classroom space, as well as a new dining hall with indoor and outdoor seating. Azalea Hall will also feature a storm shelter that can be used for meeting or classroom space as needed. HPM is serving as the construction manager and advisor to the University of Mississippi, which represents the first partnership between the two entities. Additional project partners include architect WBA Architecture, general contractor Roy Anderson Corp., mechanical engineer GSK Mechanical and electrical engineer The Power Source.
CHARLOTTESVILLE, VA. — Up Campus Student Living is set to break ground on Blume on Ivy, a 641-bed student housing development located near the University of Virginia campus in Charlottesville. The community will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a resort-style pool; rooftop entertainment deck with a jumbotron, cabanas, grills and fire pits; a game day lounge; golf simulator; and a boutique health-and-wellness center with private cross-training studios and a sauna. The project is scheduled for completion in fall 2027. TSB Capital Advisors arranged construction financing for the development, which was provided by Fifth Third Bank with additional participation from First Citizens Bank.
TUCSON, ARIZ. — TSB Capital Advisors has secured construction financing for a 532-bed student housing development near the University of Arizona campus in Tucson. The project, which is being developed by Capstone Collegiate Communities, will offer units in studio, one-, two-, three-, four-, five- and six-bedroom configurations. Shared amenities are set to include a resort-style pool, sundeck, coffee bar, courtyard, multimedia room, hammock lounge, fitness center, cold plunge, sauna, clubhouse, grilling stations, tanning rooms, green spaces, private and group study lounges and an outdoor kitchen and dining area. Ankrom Moisan is providing architectural, interior design and furniture, fixtures and equipment (FF&E) services for the project, which is slated for completion in fall 2027. An undisclosed Fortune 100 insurance company provided the financing.