REBusinessOnline

Champion Real Estate Acquires 524-Bed Student Housing Portfolio Near Michigan State for $42M

EAST LANSING, MICH. — Champion Real Estate Co. has acquired a portfolio of six student housing properties near Michigan State University for $42 million. The communities offer a total of 524 beds and are located at 635 Abbot Road, 129 Burcham Drive and 731-787 Burcham Drive in East Lansing. Champion MSU, a subsidiary of Champion, is set to begin a complete rebrand and gut renovation of the communities. Stewart Hayes of JLL represented Champion and the undisclosed sellers in the

Public-Private Partnership Underway on 1,055-Bed Residence Hall at University of Washington Bothell

BOTHELL, WASH. — Construction is underway on a 1,055-bed residence hall at the University of Washington Bothell. The community is being developed through a public-private partnership (P3) between the university, Capstone Development Partners and Harrison Street. The 300,000-square-foot development will replace Husky Village, an existing on-campus student housing community in Bothell, which is situated roughly 15 miles outside Seattle.The project will include three six-story residential …

Harrison Street Sells Two Student Housing Portfolios Totaling Over 23,000 Beds for Combined $1.9B

CHICAGO — Chicago-based Harrison Street has sold two student housing portfolios totaling over 23,000 beds for a combined $1.9 billion. The firm sold a 12-property portfolio totaling 8,182 beds to Global Student Accommodation (GSA) and a 25-property portfolio totaling 15,817 beds to a joint venture affiliated with The Scion Group. Both transactions were brokered by Peter Katz and Institutional Property Advisors (IPA) Student Housing.The portfolio sold to GSA — which includes The Hub at …

Centurion Property Group Acquires 422-Bed Student Housing Community Near Iowa State for $25M

AMES, IOWA — Centurion Property Group has acquired Aspen Ames, a 422-bed student housing community located near the Iowa State University campus in Ames, for $25 million. Built in 2017, the property offers a mix of two-, three- and four-bedroom floorplans with bed-to-bath parity across four buildings. Shared amenities include a fitness center, game room, computer lab and study room. Centurion plans to begin renovations on the community and add a pet park and basketball court. Asset …

Construction Underway on 1,600-Bed P3 Project at the University of California, Davis

DAVIS, CALIF. — Construction is underway on Orchard Park, a 1,600-bed student housing community located on the University of California, Davis campus. The property will target graduate students, offering units at below-market rates. The community is scheduled for completion in fall 2023.Orchard Park is Phase II of a larger development named The Green at West Village, which is being built through a public-private partnership between the university and Michaels. Phase I of the project …

Armada Hoffler Sells Student Housing Property in Baltimore for $75M

BALTIMORE — Armada Hoffler Properties Inc. has sold Nine East 33rd, a 157-unit student housing property in Baltimore, for $75 million. The buyer was not disclosed. Aaron Moll, Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu of Berkadia arranged a $62 million loan from PIMCO for the sale.Nine East 33rd offers one-, two-, three- and four-bedroom floorplans with an average unit size range of 590 to 1,120 square feet. The fully furnished units feature in-unit washers and dryers, …

CIM Group Provides $150M Refinancing for 1,039-Bed Student Housing Community Near San Jose State

SAN JOSE, CALIF. — CIM Group has provided a $150 million refinancing to AMCAL Equities and Star America for The Grad, a 1,039-bed student housing community located near San Jose State University.The 19-story property offers fully furnished studio, two-, three- and four-bedroom units. Shared amenities include 14,889 square feet of ground-floor retail space, study rooms, a computer lab, fitness center, swimming pool and bicycle storage.Bryan Gortikov of Gortikov Capital arranged the …

Ready Capital Closes $15M Loan for Student Housing Acquisition, Conversion in Birmingham

BIRMINGHAM, ALA. — Ready Capital has closed a $15 million loan for the acquisition, conversion, renovation and stabilization of an unnamed, 176-unit student housing property in Birmingham. The undisclosed sponsor plans to transform the property from student housing to traditional multifamily through a rebranding and renovation program. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding …

Friedman Brokers Sale of 269-Unit Off-Campus Housing Community Near Southern Illinois University

CARBONDALE, ILL. — Friedman Real Estate has brokered the sale of University Village in Carbondale for an undisclosed price. The 269-unit apartment community, situated on nearly 17 acres, is located about a mile from Southern Illinois University. Below-market rents at the property, built in 1973, present a value-add opportunity for the undisclosed buyer. Rich Deptula and Kellen Duggan of Friedman advised both parties in the

Greystar Closes $600M in Financing for Three Student Housing Projects in Texas, Maryland

AUSTIN, TEXAS AND COLLEGE PARK, MD. — Greystar has closed on $600 million in financing for the development of three student housing projects located in Texas and Maryland. Construction on all developments began in October with completion scheduled for fall 2024. The projects include Union on San Antonio, a $171 million, 991-bed high-rise being built through a public-private partnership with the St. Austin Catholic Parish. The project is located one block from the University of Texas at …

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