REBusinessOnline

Outlook is Bright for Student Housing in Post-COVID-19 World, Says Developer

The student housing industry has been uniquely affected by the coronavirus (COVID-19) pandemic. The niche asset class has been proclaimed "recession-proof" since its inception, and COVID-19 has been the ultimate test. One after another, universities across the country shut down, transitioned to online classes and sent their students home. What we have found during this time is that college students do not go home just because class is cancelled. Across the nation, students are still living …

Grandbridge Arranges $35.4M Refinancing for 199-Unit Multifamily Community Near University of Minnesota

MINNEAPOLIS — Grandbridge Real Estate Capital has arranged a $35.4 million refinancing for The Arrow Apartments, a 199-unit multifamily community located near the University of Minnesota in Minneapolis. Chris Perry, Brett Olson and Joe Lindberg of Grandbridge originated the permanent, fixed-rate loan, which was funded through an undisclosed credit union. The financing offers an initial period of interest-only payments with a five-year term and 30-year amortization schedule. The Arrow …

KeyBank Arranges $29.4M Loan for Refinancing of Student Housing Community Near University at Albany

ALBANY, N.Y. — KeyBank Real Estate Capital has arranged a $29.4 million loan for the refinancing of Auden Albany Student Housing, a 322-bed community serving students attending the University at Albany in Upstate New York. The fixed-rate Fannie Mae loan is structured with a 12-year term and a 36-month interest-only period. The community features amenities including a fitness center, game room, yoga studio and clubhouse. Erik Storz and Pete Rand of KeyBank arranged the loan on behalf of the …

Student Housing CEOs Expect Lower International Enrollment, Changes to On-Campus Living for Fall Semester

With summer break fast approaching, many universities are beginning to turn their attention to the upcoming academic year. The question lingering on the minds of many is: What will fall semester look like during a pandemic? Will international students return? Will enrollment numbers fall? And will campuses even host in-person classes? The answer to each of these questions begets an impact on student housing, both on and off campus.  On Friday, April 17, Student Housing Business (SHB) …

Student Housing CEOs Provide Insight on April Rent Collections, Pre-Leasing, Upcoming Academic Year

The impact of the coronavirus (COVID-19) is being felt across every facet of the student housing industry. On  and off campus, owners and operators have grappled with the cancellation of in-person classes and administrative orders by universities for students to vacate campus entirely in hopes of slowing the spread of the virus. As the situation continues to escalate, many in the industry are wondering what the virus’ impact will be on the months ahead and on the upcoming academic year. …

Partnership to Complete $231M Student Housing Development Near Florida International University by Start of School Year

MIAMI — Construction is underway on The One at University City, a planned 1,244-bed student housing community located across the street from the Florida International University (FIU) campus in Miami. University Bridge provided a $231 million bond issuance for the project. A partnership between Global City Development, RER Ventures and Podium Developments is building the community, which is slated for completion before the 2020-2021 academic school year. Landmark Properties has been …

The Art and Science of Branding, Repositioning Student Housing Communities

When prospective college student residents and their parents first encounter a housing property, be it in person or online, the brand is undoubtedly one of the first things they notice.  Along with the name of the property, they’ll notice the logo and color scheme, and gradually the story told by other aspects of the building as well, from amenities to design choices. Returning students will usually have heard about the property one way or another, and will have an idea of what sort of …

MultiVersity Housing Partners Acquires 94-Bed Student Housing Community in Pittsburgh

PITTSBURGH — MultiVersity Housing Partners has acquired Union on 5th, a 94-bed student housing community located near Duquesne University and the University of Pittsburgh, for an undisclosed price. The property features 35 fully furnished units in two- and three-bedroom floor plans. Renovations are planned for the property and will include a redesign of the lobby, the relocation of the office and leasing area, the addition of study space, hallway renovations, the construction of additional …

Eyzenberg & Co. Structures Ground Lease and Selects Greystar to Develop a 424-Unit Student Housing Property Near Virginia Tech

BLACKSBURG, VA. — Greystar will redevelop an 11.5-acre site near Virginia Tech University into 424 student housing units. Sturbridge Square Apartments currently sits at the property, which is located at 1001 University City Blvd., one mile north of campus. The developer expects to break ground on the development this summer, with completion slated for fall 2022. Sturbridge Square Apartments currently comprises 11 buildings. The new community will offer six buildings offering one- through …

New Orleans Redevelopment Fund Receives $45M Loan to Convert Hotel into Student Housing for Tulane Medical Students

NEW ORLEANS — The New Orleans Redevelopment Fund (NORF) has received a $45 million loan to convert the Warwick Hotel in downtown New Orleans into student housing for Tulane University medical students. The 12-story building will offer 154 units that are expected to be move-in ready by August 2021. The property is situated at 1315 Gravier St., adjacent to Tulane University Medical School. Tulane University has signed a long-term lease with NORF. The community will feature ground-level retail …

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