Lending intermediaries are not seeing any slowdown in the availability of capital for the student housing sector in 2018. Many report that the sector is a favorite and a well-known quantity among lenders, one that they want to count among their specialties.
“Historically, student housing was viewed only as a subset of multifamily, but we have seen a distinct departure from that mindset throughout the current cycle,” says Benjamin Roelke, senior vice president, debt and structured …
BETHLEHEM, PA. — HFF has brokered the $30 million sale of a 71-building, 383-bed student housing portfolio at Lehigh University in Bethlehem. HFF represented the seller, Campus Apartments, in the transaction. A private investment vehicle managed by Hong Kong-based Beacon Assets purchased the property free and clear of existing debt. The portfolio has achieved close to 99 percent occupancy during the last two academic years. Lehigh University has an enrollment of more than 7,000
AMES, IOWA — Arrimus Capital has sold the 518-bed Stadium View in Ames for $44 million. The Class A student housing property is located adjacent to Iowa State University. The property, which features 197 units with a mix of two-, three- and four-bedroom floor plans, is currently 99 percent occupied and more than 80 percent pre-leased for the 2018-2019 academic year. Amenities include a fitness center, clubhouse, study lounge and fire pit. Arriumus used a Delaware Statutory Trust to sell the …
VICTORIA, TEXAS — The University of Houston-Victoria (UH-Victoria) has broken ground on Don & Mona Smith Hall, a $22.8 million student housing property in Victoria, about 115 miles southeast of San Antonio. The on-campus property will consist of 272 beds and span 82,000 square feet. Some amenities are still being determined, but the property will include a gaming lounge and an outdoor courtyard with seating and sports activities. Morganti Texas Inc. is serving as construction manager on …
ORLANDO, FLA. — Orlando Student Housing DST, an entity related to Inland Real Estate Group of Cos. Inc., has sold the Retreat at Orlando, an 894-bed student housing property located roughly two miles southwest of the University of Central Florida (UCF) in Orlando. Inland Private Capital Corp. (IPC) facilitated the sale of the property on behalf of one of its 1031 investment programs. The name of the buyer and the sales price were not disclosed, but the Orlando Business Journal reports the …
CHAPEL HILL, N.C. — Eyzenberg & Co. has selected Greystar to develop Grove Park, an 850-bed student housing community located at 425 Hillsborough St. in Chapel Hill, a half-mile from the University of North Carolina (UNC) at Chapel Hill campus. Eyzenberg arranged the 12.3-acre ground lease for the project, which is currently home to an existing 111-unit apartment community. Other terms of the deal were not disclosed. The community will include a mix of apartment units and townhomes, and …
PHILADELPHIA — Grandbridge Real Estate Capital has secured a $35.8 million refinancing for The Edge, a 602-unit, purpose-built student housing property near Temple University in Philadelphia. Gill Dolan and Blake Willeford of Grandbridge arranged the floating-rate, first mortgage loan for the undisclosed borrower through Freddie Mac. The financing was structured with an initial period of interest-only payments, followed by a 10-year term and 30-year amortization. The borrower requested a …
BOCA RATON, FLA. — Kayne Anderson Real Estate (KA Real Estate), a private equity investor in alternative sectors, has closed opportunistic fund Kayne Anderson Real Estate Partners V (KAREP V) at its hard cap of $1.8 billion. The fund is targeting opportunities across seniors housing, medical office and student housing. To date, KAREP V has deployed more than 20 percent of its capital. The fund is KA Real Estate’s largest to date and includes capital commitments from institutions, …
Amherst, N.Y. — China-based real estate private equity fund OC Ventures has acquired Twenty 91 North, a 640-bed student housing community located near the University at Buffalo in Amherst. TSB Realty brokered the acquisition of the property from University Student Living and Harrison Street Real Estate. The community was built in 2016, and offers shared amenities including a resort-style pool; a game area with a pool table, ping-pong and shuffleboard; a study lounge; computer lab; fitness …
LAFAYETTE, LA. — RISE: A Real Estate Co., in partnership with University of Louisiana at Lafayette (UL Lafayette), has broken ground on a 600-bed student housing community located on the university’s campus in Lafayette. The five-building development will feature 5,000 square feet of retail space and will be catered toward upperclassmen. The community will feature two-, three- and four-bedroom apartments with full kitchens, bed-to-bath parity and in-unit washers and dryers. Community …
