Student Housing

CARMEL, IND. AND MIAMI BEACH, FLA.— Starwood Capital Group and Trinitas Ventures have formed a joint venture to develop three student housing communities totaling 2,046 beds. Projects include Atmosphere Pittsburgh, a 672-bed development located at 217 Halket St. near Carnegie Mellon University in the city’s Oakland neighborhood; Atmosphere Norman, a 677-bed project located at 310 East Boyd St. near the University of Oklahoma in Norman; and Atmosphere on Mifflin, a 697-bed development located at 619 West Mifflin St. near the University of Wisconsin-Madison campus. All three communities are scheduled for completion in summer 2028. Ryan Lang led Newmark’s student housing team in arranging the joint venture. Trinitas Ventures is headquartered in Carmel, and Starwood Capital Group is headquartered in Miami Beach.

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KNOXVILLE, TENN. — A public-private partnership between RISE: A Real Estate Co. and the University of Tennessee has completed Torchbearer Hall, a 1,024-bed residence hall development on the institution’s campus in Knoxville. The project is Phase II of a larger development plan that has delivered 3,000 beds to date. The property features a centralized hub with reception areas, staff offices, community kitchens and lounges. Additional shared amenities include study rooms, multipurpose spaces, resident gathering areas and laundry facilities. The development team for Torchbearer Hall included Niles Bolton Associates, Cope Architecture, Blaine Construction, Brailsford & Dunlavey, RBC Capital Markets and Provident Resources Group.

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FLAGSTAFF, ARIZ. — TSB Capital Advisors has secured a refinancing for Commons at Sawmill, a 448-bed student housing community located near the Northern Arizona University campus in Flagstaff. TSB placed a floating-rate loan through Old National Bank on behalf of the borrower, a joint venture between Coastal Ridge Real Estate and Real Estate at Goldman Sachs Alternatives. Delivered in 1992 and renovated in 2023, the community offers 194 units in a mix of studio, two- and four-bedroom configurations. Shared amenities include a clubhouse, fitness center, study lounge, conference space and an outdoor courtyard with grilling stations.

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HUNTSVILLE, TEXAS — A partnership between two investment firms, Dallas-based CrestMarc and Chicago-based Midloch Investment Partners, has acquired The Forum at Sam Houston, a 294-unit apartment complex located about 70 miles north of Houston in Huntsville. The property also functions as student housing for enrollees at Sam Houston State University (SHSU). Built in 2010, The Forum at Sam Houston features a mix of studio, one-, two- and three-bedroom units with an average size of 800 square feet. Amenities include a pool, sand volleyball court, basketball court, clubhouse and study lounge, fitness center, bark park, complimentary Starbucks Coffee bar and private shuttle to the SHSU campus. The seller and sales price were not disclosed.

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BERKELEY, CALIF. — A partnership between Gilbane Development and CBRE Investment Management (IM) has completed Pique, a 484-bed student housing development located at 2587 Telegraph Ave. near the University of California, Berkeley campus. Construction of the property commenced in October 2025. The eight-story community offers 53 units in four-, five- and six-bedroom configurations with bed-to-bath parity. Shared amenities include an indoor/outdoor yoga and fitness center, outdoor study terraces, two rooftop decks, a community terrace, coworking lounge and smart food lockers and private study pods on each floor. The property also features 2,900 square feet of ground-floor retail space.  

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PITTSBURG, KAN. — Gantry has arranged a $22.8 million permanent CMBS loan for University Digs, a multifamily property located at 1902 S. Broadway St. in Pittsburg, directly adjacent to Pittsburg University. The three-story, 190-unit community features a mix of studio, one- and two-bedroom floor plans. Originally built in 1960, University Digs has undergone extensive renovations since its original construction. Amenities include a pool, clubhouse, volleyball court, pickleball court and onsite management. Mark Reichter and Alec Frook of Gantry represented the borrower, a private real estate investor. The five-year, fixed-rate loan features interest-only payments for the full term.

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CHICAGO — A partnership between The Scion Group and funds managed by Ares Real Estate has acquired a portfolio of four student housing properties in Sun Belt markets. The aggregate purchase price for the 2,315-bed portfolio was approximately $435 million. The seller, Chicago-based SCHENK+, developed three of the properties and acquired and repositioned the fourth. The portfolio includes two communities serving students attending Texas State University in San Marcos, Texas: The Parlor and Hillside San Marcos. The other two properties are Tenn near University of Tennessee in Knoxville and Georgia Heights near the University of Georgia in Athens. Chicago-based Scion currently operates in all three student housing markets. The company says this acquisition represents a “comprehensive exit” for SCHENK+’s founder, Jared Schenk. “Jared Schenk is one of the true pioneers of off-campus student housing, and he has built an incredible portfolio of high-quality communities,” says Robert Bronstein, CEO of Scion. “Scion is pleased to add another successful portfolio execution to our track record, and we are even more excited to welcome these communities to our portfolio.” Founded in 1999, Scion is the world’s largest owner of off-campus student housing. Following this transaction, Scion will operate nearly 117,000 beds across 187 …

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LOS ANGELES — Priority Capital Advisory has arranged a $13.6 million bridge loan for the refinancing of a student housing and multifamily property located at 8833 Reading Ave. in Los Angeles’ Westchester neighborhood. The owner is a joint venture between Six Peak Capital and Grandview Partners. Completed in April 2025, the five-story property features 33 one-, two-, three-, four- five- and six-bedroom apartments and a 25-space subterranean parking level. Units feature stainless steel appliances, quartz countertops, vinyl plank and tile flooring, walk-in closets and washers/dryers. Community amenities include a rooftop deck with barbecues and a clubhouse with a kitchen, as well as automated package lockers. The property is currently 88 percent occupied, with approximately 50 percent of the units leased to students. Additionally, three units are covenanted for very low-income households and two units covenanted for extremely low-income households.

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TAMPA, FLA. — KeyBank Real Estate Capital (KBREC) has provided a $22 million loan for the acquisition of U Lake Apartments, a 300-unit student housing community located near the University of South Florida in Tampa. Alan Isenstadt and Jack Hoffman of KBREC originated the loan on behalf of the borrower, Sharp Key Capital Fund VII, which plans to redevelop the property into a market-rate multifamily complex. Planned upgrades include the installation of property-wide HVAC systems, roofing improvements, enhanced landscaping and amenity renovations. Situated on nearly 22 acres at 14200 Bruce B. Downs Blvd. in Tampa’s University submarket, U Lake comprises 18 buildings with one- and two-bedroom floorplans, according to Apartments.com. Amenities at the property include three swimming pools, a fitness center, tennis and volleyball courts, a dog park, outdoor gathering spaces and clubhouse facilities. 

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Rambler-Tempe-AZ

TEMPE, ARIZ. — LV Collective, in partnership with Kayne Anderson Real Estate, has completed Rambler Tempe, a purpose-built student housing property located at 1020 E. Apache Blvd. in Tempe, home of Arizona State University. Project partners included Shepley Bulfinch as architect, Layton as general contractor and Variant Collaborative as interior designer. Pacific Life provided debt financing for the project. The 14-story, 552,380-square-foot Rambler Tempe features 289 units totaling 829 beds in a mix of studio, one-, two-, three- and four-bedroom floor plans. Move-ins started in late July.

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