STATE COLLEGE, PA. — Berkadia has arranged the $24.5 million sale of Blue Course Commons, a 276-bed student housing property that serves students at Penn State University in State College. The 92-unit property was fully occupied at the time of sale. Matthew Stefanski, Zachary Pierce, Maura Spellman, Kevin Larimer and Brandon Buell of Berkadia represented the seller, Pennsylvania-based College Town Communities, in the transaction. The buyer was Pennsbury Capital.
LANCASTER, MASS. — MassHousing has provided $8 million in financing for a 32-unit mixed-income housing project in Lancaster, about 45 miles west of Boston. MCO Cottage Rentals will be situated on an 18-acre site and feature 20 two-bedroom units and 12 three-bedroom units, eight of which will be reserved for households earning 80 percent or less of the area median income. The other 24 units will be rented at market rates. The borrower is MCO & Associates. Completion is slated for October.
Ask any student housing operator what Gen Z is after, and they’ll tell you this — Gen Z wants what it wants. This generation isn’t afraid to say it, nor are they afraid to voice their displeasure or seek out alternatives if they don’t feel the current offering aligns with their values. And they certainly have values. “As the largest, most-educated and most ethnically diverse generation in American history, Gen Z has a deep understanding and passion for social justice, are always seeking to learn, and are keen on inclusivity, paying it forward and doing the right thing,” says Michele Bettinazzi, customer experience manager at PeakMade Real Estate. Laura Formica, senior managing director of operations at Core Spaces, believes resident priorities can be met by operators if these attributes are boiled down a little further. “Today’s residents want to be seen, heard and taken care of,” she says. “Operating in student housing is much like operating a restaurant…there’s a lot of responsibility that comes with that. We lead with kindness and care, anticipate our residents’ needs and try to create memorable moments for them every day.” Johanna Adolfs, director of sales and marketing at Cardinal Group, whittles it down even …
PORT ST. LUCIE, FLA. — Berkadia has arranged the sale of a 22-acre multifamily development site at 3043 S.E. Port St. Lucie Blvd. in Port St. Lucie, a city in South Florida. Development firm Ciprés acquired the parcel from Sympatico Real Estate for $8.5 million, with plans to develop a 324-unit community at the site. A construction timeline was not disclosed. Omar Morales, Jaret Turkell, Roberto Pesant and Yoav Yuhjtman of Berkadia arranged the transaction. Javier Herrera of Franklin Street acted as the land lender broker, and Vertix provided acquisition financing.
STOCKBRIDGE, GA. — Thompson Thrift has announced plans to develop a 212-unit multifamily community at 2245 Jodeco Road in Stockbridge, a southeast suburb of Atlanta. Dubbed The Levi, the property will feature one-, two- and three-bedroom apartments averaging 1,100 square feet in size. Amenities at the community will include a 24-hour fitness scenter, swimming pool, firepits, outdoor grills, work suites, a pickleball court, dog park, pet spa and a Starbucks coffee bar. The Levi will be situated within the 158-acre master-planned Bridges at Jodeco development. A construction timeline was not disclosed.
TAKOMA PARK, MD. — NewPoint Real Estate Capital has provided $22.3 million in Freddie Mac Workforce Housing Preservation financing to NOVO Properties for the refinancing of two apartment communities in Takoma Park. Located adjacent to one another, the properties — Tudor Place Apartments and Canonbury Square Apartments — are situated roughly five miles outside downtown Washington, D.C. Tudor Place and Canonbury Square offer a mix of one- and two-bedroom apartments, comprising 134 and 95 units, respectively. The refinancing agreement includes a provision to designate 50 percent of the units as affordable housing for residents earning 80 percent or less of the area median income (AMI). NOVO will continue to manage the properties through its in-house property management division. Martin Fayer of NewPoint originated the financing, which features a five-year term with interest-only payments for the full term.
RALEIGH, N.C. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 143-unit independent living community in Raleigh. Opened in 2019, the seniors housing property features a variety of unit types. The seller was an unnamed national developer/investor. Focus Healthcare Partners and Solera Senior Living acquired the asset for an undisclosed price. Alex Florea and Kyle Hallion of Blueprint arranged the transaction.
LUBBOCK, TEXAS — Coldwell Banker has brokered the sale of Dimora Village, a 418-unit multifamily property in the West Texas city of Lubbock. The site is located roughly one mile from the Texas Tech University campus and adjacent to the North Park mixed-use development. Dimora Village consists of 209 separately deeded duplexes. According to Apartments.com, units come in two-, three- and four-bedroom floor plans, and amenities include a pool, basketball court, courtyard and pet play area. Chase Tucker and Taylor Tucker of Coldwell Banker represented the undisclosed seller in the transaction and procured the buyer, Crain Co.
AUSTIN, TEXAS — A partnership between The Preiss Co. and Investcorp has purchased 21 Pearl, a 267-bed, 135-unit student housing property that is located on the University of Texas at Austin campus. Built in 2013 and recently renovated, 21 Pearl was 99 percent occupied at the time of sale. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the seller, a partnership between Crow Holdings Capital and Texla Housing Partners, in the transaction. Ben Roelke, Ian Walker, Trent Houchin and Jeff Barnwell of Newmark arranged an undisclosed amount of acquisition financing on behalf of the new ownership.
MassDevelopment Provides $17M Bond Financing for Affordable Housing Project in Lowell, Massachusetts
LOWELL, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for a 52-unit affordable housing project that will be located north of Boston in Lowell. The site formerly housed a Merrimack Valley Food Bank warehouse that will be demolished, although select areas of the historic façade will be retained and restored. The majority (41) of the units will be reserved for households earning 60 percent or less of the area median income (AMI), with the other 11 to be set aside for renters earning 30 percent or less of AMI. The borrower is an affiliate of Tremont Development Partners. Eastern Bank purchased the bond.