Contractors Face Uncertain Materials Costs, Lull in Student Housing Activity Due to COVID-19

Rising construction materials costs have been one of the biggest stories of the pandemic era. When COVID hit, many factories ramped down production. In addition, some raw materials industries had challenges like tariffs, natural disasters and COVID-related slowdowns. When construction continued during the pandemic, supply suffered and pricing rose dramatically. This has been especially true for lumber and steel, but natural disasters in areas like Texas have even hampered the manufacturing of …

CBRE Arranges $31.4M Sale of Boardwalk at Morris Bridge Student Housing Community in Tampa Bay Area

TEMPLE TERRACE, FLA. — CBRE has arranged the sale of Boardwalk at Morris Bridge, a 146-unit student housing property in the Tampa Bay area. Brooklyn, New York-based NorthEnd Equities purchased the property from Los Angeles-based Buff Management for $31.4 million. Michael Regan and Francesco Carriera of CBRE represented both the buyer and seller in the transaction.Built in 2001, Boardwalk at Morris Bridge is located at 8800 Boardwalk Trail Drive in Temple Terrace. The property is situated …

TREO Group Completes $36M Student Housing Development Near University of Miami

MIAMI — Miami, Fla.-based The TREO Group has completed Vox Miami, a 326-bed student housing community located at 7202 S.W. 72nd St. in south Miami. The development cost for the 193,250-square-foot project was $36 million.Vox Miami offers a mix of one-, two-, three- and four-bedroom units with a TV in every living room, floor-to-ceiling windows, stainless steel appliances, washers and dryers, walk-in closets in most units, exposed industrial ceilings, furniture and cable and internet …

Parallel to Develop 802-Bed Student Housing Community in College Station

COLLEGE STATION, TEXAS — Austin-based developer Parallel will build an 802-bed student housing community within the Northgate Campus area near Texas A&M University in College Station. Parallel has entered into a ground lease with the University Lutheran Church of College Station to develop the 18-story community. The property’s 298 units will be furnished with quartz countertops, stainless steel appliances, tile backsplashes and smart technology features. Amenities will include a …

Landmark, Blackstone Form $784M Joint Venture, Plan to Acquire Student Housing Portfolio

ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and New York-based Blackstone Real Estate Income Trust Inc. (BREIT) have formed a joint venture partnership in order to recapitalize and acquire eight student housing properties totaling 5,416 beds across the United States. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT in the $784 million deal. The sellers and the locations of the eight student housing properties were not …

Gantry Arranges $32.5M Refinancing for Triton Court Student Housing Community Near Seattle

LYNNWOOD, WASH. — Gantry has arranged a $32.5 million refinancing for Triton Court, a student housing community located adjacent to Edmonds College in Lynnwood, roughly 17 miles north of Seattle. The property offers 220 beds alongside 13,000 square feet of retail and 15,000 square feet of office space.The newly built community is the result of a public-private partnership, wherein an undisclosed private developer built and owns the complex managed by the Housing and Residence Life Office …

Sacramento State University, Greystar Open 1,100-Bed Hornet Commons Residence Hall

SACRAMENTO, CALIF. — A public-private partnership between Sacramento State University and Greystar has opened Hornet Commons, a 1,100-bed residence hall on the university’s campus in Sacramento.The community offers apartment-style, fully furnished units for upper-division and graduate students. Shared amenities include a swimming pool, fitness center, volleyball and bocce ball courts, retail space leased to Einstein Bros. Bagels, fire pits, a clubhouse and yoga lawn.“We are …

Aspen Heights, Platform Ventures Open 202-Unit Student Housing Community Near University of Arkansas

FAYETTEVILLE, ARK. — Aspen Fayetteville, a 202-unit student housing community located less than one mile from the University of Arkansas campus in Fayetteville, has opened ahead of schedule. Austin, Texas-based student housing developer and owner Aspen Heights developed the property and will manage it on behalf of the owner, an entity affiliated with Platform Ventures.Located on Beechwood Avenue, Aspen Fayetteville offers a mix of two-, three- and four-bedroom units that are fully …

Core Spaces Acquires 822-Bed Student Housing Community in Raleigh

RALEIGH, N.C. — Core Spaces has acquired Stanhope Student Apartments, an 822-bed student housing community located at 3001 Hillsborough St. in Raleigh. The seller was an affiliate of locally based developer Kane Realty and Val Valentine of Raleigh-based Valentine Properties. The sales price was not disclosed.Situated about a quarter-mile from North Carolina State University (NC State), Stanhope opened in the fall of 2015 and includes studio, one-, two-, three- and four-bedroom options. …

InterFace Panel Predicts Wave of Student Housing Investment Sales Transactions in Second Half of 2021

AUSTIN, TEXAS — In 2020, the COVID-19 pandemic brought an unexpected interruption to the student housing investment sales market. Following a strong leasing season for fall 2021, executives are seeing increased interest from buyers and sellers in the space, leading many to wonder what the next two quarters of 2021 will look like.In a discussion led by Kieran O’Shea, managing director of Eastdil Secured, at the InterFace Student Housing conference in Austin, Texas, last week, a group of …

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