Student Housing

COLUMBIA, S.C. — Subtext, along with development partner FrontRange Capital, has opened VERVE Columbia, a 697-bed student housing community located at 450 Blossom St. in Columbia, which is roughly two blocks from the University of South Carolina (USC) campus. The 223-unit, four-story property spans more than 400,000 square feet and is situated directly across from USC’s baseball arena, Founders Park. Amenities include a 24/7 fitness center, outdoor fitness stations, a sauna, meditation rooms, basketball and pickleball courts, resort-inspired pool courtyard with hot tub and sun shelf, poolside Jumbotron, cabanas and hammock swings, fire pits, grilling stations, club room with TV and game lounges, a multi-sport simulator, group and private study spaces, study pods and booths, content creation studio, a coffee bar in the lobby with cold brew on tap, pet spa, dog park, EV charging stations and bike and scooter storage with charging and repair stations. The project team includes architect Dynamik Design, interior designer Mary Cook Associates, general contractor W.M. Jordan Co. and civil engineer Davis & Floyd. CIBC arranged construction financing via a syndication of lenders. VERVE Columbia is Subtext’s first student housing community to deliver in the Columbia market, with another project under construction at 931 Senate …

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The-Grand-San-Jose-Apts-San-Jose-CA

SAN JOSE, CALIF. — A joint venture between Coastal Ridge Real Estate and Brookfield has purchased The Grand San Jose, a purpose-built 19-story student housing asset near San Jose State University, from AMCAL, Swenson and Tikehau Capital for $204.7 million. Peter Katz of Institutional Property Advisors (IPA), a division of Marcus & Millichap, along with Tony Solomon as Marcus & Millichap’s California broker of record, represented both parties in the deal. Completed in 2020, The Grand offers 206 fully furnished one-, two-, three- and four-bedroom floor plans, totaling 1,035 beds, most with private bedrooms and private bathrooms, along with fully equipped kitchens with stainless steel appliances and in-unit washers/dryers. Community amenities include a resort-style pool and spa with cabanas, a 24-hour fitness center with spin and yoga studios, study lounges on every floor, a penthouse sky deck, an outdoor movie screen, sports courts and grilling stations. At the time of sale, the property was fully occupied for the second consecutive leasing season with renewal activity supported by Fresno, Calif.-based property manager BEKK Inc., according to IPA.

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BINGHAMTON, N.Y. — A subsidiary of Dallas-based Leon Capital Group has provided an equity investment for The Marshall Binghamton, a 516-unit student housing project in upstate New York. The amount was not disclosed, but Leon Capital provided the funds in conjunction with another equity investment in a multifamily property in Nashua, New Hampshire. Combined, the two equity investments total roughly $19 million. The project, which is under construction and slated for a May 2027 delivery, is adjacent to the State University of New York Binghamton campus. The sponsor is Aptitude Development.

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ATHENS, GA. — Northwood Ravin has launched leasing at Magnolia, a 179-unit “student-focused apartment community” underway at the intersection of Broad Street and Milledge Avenue in downtown Athens, which sits adjacent to University of Georgia’s (UGA) North Campus. In addition to studio, one-, two- and three-bedroom apartments, the development will feature a Publix grocery store that represents the first national grocer to operate in downtown Athens, according to the Charlotte-based developer. Magnolia will also include indoor and outdoor amenities for residents, including coworking space with a coffee bar; a wellness lounge; pool and courtyard with cabanas, a double jacuzzi, jumbotron, putt-putt course and multiple grilling stations; game room; and a modern fitness center with two private training and wellness studios. Northwood Ravin expects to open Magnolia ahead of UGA’s 2027-28 school year.

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Zev-Corvallis-Apts-OR

CORVALLIS, ORE. — Affinius Capital has provided a $94.8 million construction loan for Zev Corvallis, a 13-story student housing property that will serve students at Oregon State University. The borrower is Fields Holdings. Scheduled for a fall 2028 completion, Zev Corvallis will feature 667 beds across 262 studio, one-, two-, three- and four-bedroom unit. Residences will be furnished with quartz countertops, stainless steel appliances, modern cabinetry, in-unit washers/dryers and smart-home technology. Communal amenities will include a pool, rooftop deck, indoor basketball court, sauna, theater, fitness center, yoga room, study and resident lounges, as well 4,500 square feet of retail space.

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ORLANDO, FLA. AND KNOXVILLE, TENN. — Subtext has completed two student housing developments in Florida and Tennessee. Projects include VERVE Orlando, a 626-bed community located at 3133 N. Alafaya Trail near the University of Central Florida campus in Orlando; and EVER Knoxville, a 498-bed property located at 1919 Lake Ave. near the University of Tennessee campus in Knoxville. VERVE Orlando spans 446,078 square feet and offers 200 units in studio through five-bedroom configurations. Shared amenities include a 24-hour fitness center, dedicated yoga room and wellness suite with sauna and meditation rooms; a courtyard pool; outdoor green space with fire pits and grilling stations; a karaoke lounge; golf simulator; speakeasy with arcade games; study lounge with private and group study pods, an outdoor study breezeway and a podcast and content creation room; lobby coffee bar; and a pet spa. VERVE Orlando was developed in partnership with FrontRange Capital Partners and Nuveen Real Estate. Financing was provided by Simmons Bank. Additional members of the development team included Dwell Design Studio, ESG Architecture & Design, Kimley-Horn and Associates and Live Oak Contracting. The 14-story EVER Knoxville development spans 329,294 square feet and offers 136 units in one- through-five-bedroom configurations. Shared amenities include a …

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27-North-Apts-San-Jose-CA

SAN JOSE, CALIF. — LaSalle Investment Management has acquired 27 North Apartments, a 482-bed student housing community located near the San Jose State University campus. The seven-story property offers 119 units in a mix of two-, three- and four-bedroom configurations. The community was fully occupied at the time of sale. The Dinerstein Cos. has been tapped to operate the property, which was built in 2016. The seller and terms of the transaction were not released. 

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SWEETWATER, FLA. — Adam America Real Estate and JW Capital Management have secured $180 million for the refinancing of Terrazul, a 22-story student housing community located adjacent to Florida International University (FIU). Completed in 2024, the 1,201-bed property is located at 700 S.W. 107th Ave. in Sweetwater, a city in Miami-Dade County. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer and Michael Ianno of Walker & Dunlop arranged the financing through Corebridge Institutional Investment LLC. The borrowers will use the financing to pay off Terrazul’s existing construction loan and collect proceeds. The property features 932 studio, one-, two- and four-bedroom units that were 98 percent occupied at the time of financing, as well as 647 parking spaces, a suite of amenities and 15,442 square feet of retail space on the ground level.

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Verve-Tempe-AZ

TEMPE, ARIZ. — Subtext has completed VERVE Tempe, a 769-bed student housing development located at 1047 S. Terrace Road near the Arizona State University campus in Tempe. Subtext completed the 15-story community in partnership with FrontRange Capital Partners and TPG Real Estate Partners. Kennedy Wilson provided financing. The development team included ESG Architecture & Design and Brinkmann Constructors.  VERVE Tempe spans 479,388 square feet and offers 240 units in studio through four-bedroom configurations. Shared amenities include a rooftop pool and clubroom with a game lounge, photo booth and entertaining kitchen; hot tub and cold plunge; outdoor fire pits, a game lawn and grilling stations; two-story fitness center with smart workout equipment, indoor and outdoor fitness spaces, a dedicated yoga room and wellness suite with a meditation room and sauna; golf simulator; study lounge with private and group study spaces; a pet spa and dog run; lobby coffee bar; and 1,800 square feet of ground-floor retail space.

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Uptown-Landing

TAMPA, FLA. — The University of South Florida (USF) and its development partners have broken ground on the $500 million first phase of Uptown Landing, a new mixed-use project situated within walking distance of the planned USF on-campus football stadium.  The first phase of the project comprises 30 acres and will include 717 beds of student housing; 152 apartments reserved for graduate students and USF employees; four to six restaurant venues; 68,000 square feet of retail space; a hotel and conference center and academic research facilities.  Delivered through a master development agreement with ACE Fletcher LLC, this development marks the largest public-private partnership (PPP) in the history of the State University System of Florida. ACE Fletcher is a partnership between Capstone Development Partners, Aureate Development and Ellison Development. The project team also includes Provident Resources Group, CBI Construction, Baker Barrios Architects and Kimley-Horn.  Funding for the project includes $270 million in tax-exempt bond financing for the student housing, hospitality, restaurant and retail uses, as well as a roughly $225 million investment for the Translational Research Institute.  Capstone Management Partners will provide maintenance and operations services at the student housing building in a shared services agreement with USF.  The first phase is …

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