REBusinessOnline

Newmark Brokers Sale of 384-Bed Rio West Student Housing Near UT Austin

AUSTIN, TEXAS — Newmark has brokered the sale of Rio West, a 384-bed student housing community located less than a quarter of a mile from the University of Texas at Austin’s campus. The property offers a private parking garage, onsite management and maintenance services, a complimentary coffee bar, private study lounges, a resort-style pool with an outdoor patio and grilling stations and a 24/7 fitness center. Ryan Lang and Jack Brett of Newmark represented the seller, Virginia-based ILM …

On-Campus Housing Prepares for a Better Year

It was a rough year for everyone, but certain industries absorbed more of the brunt than others in 2020. This would include hospitality, airlines, restaurants and on-campus student housing. There was no clear map for navigating the COVID-19 pandemic, and while campuses and on-campus housing officials tried their best to keep everyone safe and healthy, everyone experienced a turbulent year. Some on-campus housing communities closed for parts of the school year. Others issued lockdowns that …

Becovic, Next Realty Acquire 232-Unit Apartment Portfolio Near Marquette University for $16.1M

MILWAUKEE — A joint venture partnership between Becovic and Next Realty has acquired a 14-building, 232-unit apartment portfolio within a one-mile radius of Marquette University in Milwaukee. The purchase price was $16.1 million. Units range from studios to four-bedroom floor plans. The portfolio was 95 percent leased at the time of sale. Taylor Grant of Park Equities represented the seller, Wiegand Enterprises LLC, which had owned the portfolio for roughly 20 years. Marquette University is …

Cardinal Group, TPG Real Estate Acquire Four-Property Student Housing Portfolio Near University of Oregon

EUGENE, ORE. — A joint venture between Cardinal Group Investments and TPG Real Estate Partners (TREP) has acquired The Element Portfolio, a four-property student housing portfolio serving students attending the University of Oregon in Eugene.The 383-bed portfolio is located within walking distance of campus. The new ownership plans to enhance the portfolio through in-unit renovations, furnishing units at three communities and amenity space enhancements. Unit upgrades will include updated …

MJW Investments, Redstone Buy 924-Bed Student Housing Community Near Brigham Young University

PROVO, UTAH — A joint venture between MJW Investments and Redstone Residential has acquired a 924-bed student housing community located near Brigham Young University in Provo.The property offers shared amenities including a sand volleyball court, hot tub, swimming pool, on-site laundry and a game area. The partnership plans to renovate the property’s units and shared amenity spaces.Voya Investments provided financing for the acquisition. Redstone Residential will oversee operations …

W. P. Carey Acquires Student Housing Property in New Rochelle, New York, for $26M

NEW ROCHELLE, N.Y. — W. P. Carey Inc. (NYSE: WPC) has acquired a student housing property in the New York City suburb of New Rochelle that serves students at Monroe College for $26 million. Built in 2018, the transit-oriented residence hall’s 94 units total 49,500 net rentable square feet. The property also offers proximity to dining, entertainment and fitness uses. Thomas Greeley, Devlin Man, Cory Gubner and Alex Haendler of Newmark represented the seller, St. Katherine Group, and procured …

Farco Properties Buys Multifamily Development Site Near USC in Los Angeles for $5M

LOS ANGELES — Farco Properties has acquired an 0.29-acre development site located near the University of Southern California (USC) in Los Angeles. A private seller sold the property for $5 million.Located at 647 W. 28th St., the multifamily site provides a development opportunity on the area’s “Fraternity/Sorority Row” within walking distance of USC. The site, which is currently unentitled and used as a parking lot, is within a designated opportunity zone and is classified as a tier …

Brickstone Partners Acquires Two Student Housing Communities Near Colorado State University for $81M

FORT COLLINS, COLO. — Brickstone Partners has acquired two student housing communities near the Colorado State University campus in Fort Collins for $81 million. The 288-unit portfolio includes Landmark and Stone Creek apartment properties.The new ownership is set to begin comprehensive upgrades on the properties, which will include modernizing units with the addition of new flooring, kitchen and bathroom cabinets, quartz countertops, stainless steel appliances, upgraded doors, lighting …

Public-Private Partnership Breaks Ground on 616-Bed Student Housing Project in Nashville

NASHVILLE, TENN. — A public-private partnership between Balfour Beatty Campus Solutions, Axium Infrastructure and Vanderbilt University has broken ground on a 616-bed student housing project in Nashville.The total cost of the project was not disclosed, but the Nashville Post and Nashville Business Journal both reported late last week that the development team received approximately $107 million in construction financing. According to Vanderbilt University’s news service, construction of …

HighBridge Properties Starts Construction of 706-Bed Student Housing Community Near the University of California, Davis

DAVIS, CALIF. — HighBridge Properties has started construction of The Ryder on Olive, a 706-bed development near the University of California, Davis. The 260,000-square-foot community is set for delivery in August 2021 and will offer a mix of fully furnished two-, three-, four- and five-bedroom units.Shared amenities will include a fitness center, yoga room, study areas, game rooms, a swimming pool, karaoke room, dog park and a 24-hour micro-market offering food and drinks.The …

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