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GMH Capital, AGC Equity Acquire The Dean Student Housing Asset in Champaign, Illinois

CHAMPAIGN, ILL. — GMH Capital Partners LP and AGC Equity Partners have acquired The Dean, a 672-bed student housing property in Champaign, for an undisclosed price. The seller, Core Spaces, completed development of the property this past summer. Spanning 240,737 square feet and rising 17 stories, The Dean is an off-campus community serving the University of Illinois-Urbana Champaign campus. Its ground-floor retail space houses Target and Jimmy John’s. Units average 683 square feet and …

Despite High Materials Costs, Student Housing Builders Don’t See Slowdown, Says NMHC/InterFace Panel

One of the most pressing issues for general contractors today is the high cost of lumber. In the past five months, the cost of lumber has increased nearly 100 percent on projects, according to Justin Walker, president of Construction Enterprises Inc. Luckily, his firm had locked in the cost of materials prior to the pandemic on all but one of its current projects.Walker’s comments came during the Construction Market Update at the 2020 NMHC/InterFace Student Housing Conference. Joining …

COVID-19 Crisis Brings Student Housing Industry Closer Together, Say Operators at NMHC-InterFace Event

Author John C. Maxwell coined the phrase “Teamwork makes the dream work,” and student housing operators are experiencing that truism firsthand as they deal with the nightmare scenario of the pandemic and its ripple effects.Closed campuses, virtual learning, COVID-19 outbreak concerns and an uncertain leasing season next spring are all challenges that property managers are tackling in real time. Ironically, industry professionals say that the pandemic may actually be a net positive in …

Preiss, Crow Holdings Acquire 752-Bed Student Housing Community Near Florida State University

TALLAHASSEE, FLA. — A joint venture between The Preiss Co. and a private equity fund advised by Crow Holdings Capital has acquired Quantum on West Call, a 752-bed student housing community located near Florida State University in Tallahassee. The property offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Communal amenities include a 24-hour fitness center, pool, yoga center, clubhouse, theater, cyber lounge, individual study nooks, group study spaces …

NMHC/InterFace Panel: Why an Aggressive Approach to Student Housing Development is Warranted

By Taylor WilliamsStudent housing developers say now is a favorable time to aggressively pursue new projects as their customers voice a strong desire to resume on-campus learning, and they are using lessons learned over the past six months to bring debt and equity partners to the table in order to jump-start deals.Whereas demand drivers for new development in the traditional multifamily space typically center on job and population growth, the student housing sector often responds to …

Gilbane Starts Construction of 978-Bed Student Housing Complex Near University of Maryland

COLLEGE PARK, MD. — Gilbane Development Co. has started construction on Tempo, a 978-bed student housing complex near the University of Maryland in College Park. The community will comprise 296 units with studio to five-bedroom floor plans. Units will be fully furnished and will feature stainless steel appliances, granite countertops, washers and dryers, walk-in closets and flat-screen TVs. Communal amenities will include study lounges, a fire pit, clubhouse, pool, sundeck, fitness center, …

COVID-19 Was ‘Black Swan’ Event for Student Housing, But Outlook Is Promising, Says NMHC/InterFace Panelist

Over the course of the past six months, the student housing industry has grappled with a variety of challenges. For colleges and universities, the largest hurdle heading into the fall semester was deciding the safest route to take for reopening campus. This included decisions on everything from whether or not in-person learning would be allowed, to whether students would be welcomed back into residence halls at normal volumes. These questions was deliberated over throughout the summer, sending …

CREI Acquires 648-Bed Student Housing Community Near Middle Tennessee State University

MURFREESBORO, TENN. — Capstone Real Estate Investments (CREI) has acquired Student Quarters – Rutherford, a 648-bed student housing community located near Middle Tennessee State University in Murfreesboro. The property — newly rebranded Landmark Apartments — is set to undergo renovations, including a revision of the current unit mix and improvements to security and management services. Landmark Apartments currently offers two-, three- and four-bedroom units alongside shared amenities …

University of Colorado Denver Tops Out 555-Bed Residence Hall

DENVER — The University of Colorado Denver has celebrated the topping out of its City Heights Residence Hall and Learning Commons development. The 182,000-square-foot residence hall — which will be the university’s first on-campus student housing complex — will offer 555 beds upon completion.The seven-story project is designed for first-year students and will feature two wings of residential units, a central campus dining hall on the ground floor and a 30,000-square-foot student …

Greystar to Break Ground on $145M Student Housing Community Near University of Washington

SEATTLE — Greystar is set to break ground on Lakeview Student Residences, a $145 million student housing community located in Seattle’s U District near the University of Washington. The Charleston, S.C.-based developer recently purchased a five-parcel assemblage of existing apartment buildings located at NE 42nd St. and 12th Ave. NE for the development for $17 million.Dan Chhan, Tim McKay and Sam Wayne of Colliers International represented Greystar and the undisclosed seller in the …

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