Graystone Fund I Acquires 456-Bed Student Housing Portfolio Near Virginia Tech for $33.8M

BLACKSBURG, VA. — Graystone Fund I (GFI) has acquired a 456-bed, 140-unit portfolio of student housing near the Virginia Tech University campus in Blacksburg for $33.8 million. The properties were previously owned and managed by BCR Property Management. GFI plans to make improvements and repairs to the acquired portfolio, aiming to increase the overall quality and marketability of the product. Further details on the acquisition were not disclosed. Graystone Cos. also plans to construct an …

Centurion Property Group Acquires 737-Bed Student Housing Community in Lubbock

LUBBOCK, TEXAS — Miami-based private equity firm Centurion Property Group has acquired The Ranch at Lubbock, a 737-bed student housing community serving Texas Tech University. The property features 243 units in one-, two- three- and four-bedroom floor plans. Amenities include two pools, a volleyball court, basketball court, fitness center, study lounge and pet park. The new ownership plans to renovate the property and rebrand it as The ONE at Lubbock. Ryan Lang, Jack Brett and Ben Harkrider …

Joint Venture Acquires 1,156-Bed Value-Add Student Housing Community Near Brigham Young University

PROVO, UTAH — A joint venture between investment affiliates of Redstone, MJW Investments and MHE Enterprises has acquired The Lodges at Glenwood, a 1,156-bed student housing community located near Brigham Young University in Utah.The community offers a mix of studio, one- and three-bedroom units. Communal amenities include a study area, swimming pool and spa, volleyball court, gaming tables, cabanas and barbecue grill.Brian Eisendrath and Cameron Chalfant of CBRE secured acquisition …

Landmark Properties Purchases 898-Bed Student Housing Property in Baton Rouge

BATON ROUGE, LA. — Landmark Properties, a student housing developer and owner-operator based in Athens, Ga., has purchased The Exchange at Baton Rouge, a 299-unit, 898-bed student housing property located at 449 Ben Hur Road in Baton Rouge. The sales price was not disclosed, and Halstatt was Landmark's capital partner on this transaction. The Exchange at Baton Rouge is a garden-style property located approximately 1.5 miles from the Louisiana State University (LSU) campus and is situated …

Multifamily Investors Await Clarity on Nashville’s Economic Recovery

Owners and buyers remain apart on pricing. Unlike some densely populated urban areas where the extent of the damage to local commercial real estate operations is unknown, the gap in Nashville persists due to uncertainty regarding the upside potential rather than downside risks. Owners are hesitant to list properties because the metro remains a safe portion of their portfolios. If this disconnect persists, pricing will return to pre-recession levels before many other areas of the country.In …

TPG Real Estate, Cardinal Group Acquire 887-Bed Student Housing Property Near Montana State

BOZEMAN, MONT. — A joint venture between TPG Real Estate Partners and Cardinal Group Investment Management has acquired The Arrow Townhomes and Flats, an 887-bed student housing community located near the Montana State University campus in Bozeman.Constructed in 2019, the property offers a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, state-of-the-art fitness center, 24-hour clubhouse, sauna, steam …

Newmark Arranges $95M Sale of New Student Housing Property Near Georgia Tech in Atlanta

ATLANTA — Newmark has arranged the $95 million sale of Signature West Midtown, a student housing community situated at 800 Marietta Street NW in Atlanta’s West Midtown district. The 525-bed property was completed in 2019 and primarily serves the student population at nearby Georgia Tech.Ryan Lang, Jack Brett and Bert Sanders of Newmark represented the sellers, Investcorp and Preiss Cos., in the transaction. Trent Houchin of Newmark arranged acquisition financing on behalf of the buyer, …

Student Housing Rounds COVID-19’s Twists and Turns, Light Shines at End of Tunnel

By Kevin Larimer and Brandon Buell, BerkadiaThroughout the COVID-19 pandemic, confidence fluctuated around the performance and resilience of student housing properties. Understandably, commercial real estate investors pressed pause at the beginning of last year, as there was no way to know what this global pandemic meant for property performance. However, with steady collections for student housing throughout the year, confidence quickly regained. Towards the end of last year, …

Capstone Brokers $10.1M Sale of Student Housing Portfolio Near Murray State University in Kentucky

MURRAY, KY. — Capstone Apartment Partners has brokered the sale of a 248 unit, 898-bed student housing portfolio in Murray for $10.1 million. The portfolio features two properties: CEV Murray North and CEV Murray South, which are situated less than a half mile north of Murray State University’s campus. Capstone’s Jonathan Hawks, Adam Klenk, Austin Heithcock and Tyler Mayo represented the seller, Timberline Real Estate, in the transaction. The buyer, Hillcrest Acquisitions, plans to do …

Landmark, AECOM-Canyon to Develop 32-Story Student Housing Tower in Downtown Atlanta

ATLANTA — Landmark Properties and AECOM-Canyon Partners have partnered to co-develop The Metropolitan at Atlanta, a 32-story, 835-bed student housing development located a quarter-mile from Georgia State University (GSU) in downtown Atlanta. Construction at The Metropolitan will begin later this month and is scheduled for completion by August 2023. Located at Luckie Street and Ted Turner Drive, the 265-unit project will span 325,000 square feet, including approximately 5,700 square feet …

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