Pacific Western, Square Mile Provide $93M Loan for Student Housing Project Near University of Florida

GAINESVILLE, FLA. — Pacific Western Bank and Square Mile Capital have provided a $93 million construction loan for Theory Gainesville, an 861-bed student housing community underway within a half-mile from University of Florida. Pacific Western was the primary lender, and Square Mile was the mezzanine capital provider. The borrower and developer is Blue Vista Capital Management, a Chicago-based entity that has a student housing affiliate, PeakMade Real Estate. Blue Vista expects to deliver …

MassHousing Provides $41.2M Permanent Loan for Metro Boston Residential Community

SUNDERLAND, MASS. — MassHousing has provided $41.2 million in permanent financing for North 116 Flats, a newly built residential community in Sunderland, located in the northern central part of the state. Of the property’s 150 units, 38 are reserved for households earning 80 percent or less of the area median income. The remaining 112 market-rate units feature 329 beds that serve students at the nearby University of Massachusetts at Amherst. Amenities include a community building with …

Core Spaces, Tom Winkopp Development Plan 4,000-Bed Clemson Student Village at The Pier

CLEMSON, S.C. — Core Spaces and Tom Winkopp Development have formed a joint venture to develop Clemson Student Village at The Pier, a 4,000-bed student housing community located on a 140-acre plot near Clemson University.The project is an extension of The Pier, a project that has already added 1,400 beds to Clemson’s student housing supply. Amenities at the new project include athletic and fitness facilities, pools, outdoor grills, student clubhouses, beachfront access to Lake Hartwell …

Investment in Student Housing Remains Robust Despite Volatility in Debt, Equity Markets, Says InterFace Panel

AUSTIN, TEXAS — As we move toward the start of a new academic year, the outlook in the student housing industry keeps getting brighter, according to experts within the industry. All signs point to further movement out of the COVID-19 pandemic — a testament to which was seen at the 14th annual InterFace Student Housing conference in Austin, where over 1,300 attendees gathered last week at the JW Marriott downtown.The sector’s resilience during the pandemic was once again a major topic …

Four Ways Technology Can Keep Onsite Multifamily Staff Happier During the Great Resignation

The Great Resignation. The Big Quit. Call it what you will. The widespread trend of employees leaving their jobs in 2021 and 2022 has placed a burden on onsite property management staff at multifamily communities.Like other industries nationwide, the multifamily industry has been hit hard by this period where record numbers of employees are leaving their current positions.According to the National Apartment Association (NAA), rental owners and operators have reported up to 70 percent of …

Yardi: Student Housing Shows Healthy Rent Growth, Preleasing Levels for Fall 2022

SANTA BARBARA, CALIF. — The student housing industry continued to show strong fundamentals in the first quarter of this year, with preleasing levels off to a robust start and annual rent growth exceeding pre-pandemic levels, according to the latest installment of Yardi’s National Student Housing Report.As of March, preleasing for fall 2022 was reported at 63.8 percent — a number that is 13.5 percent higher than the same time last year and 9.9 percent higher than March 2019 — and the …

Pinecrest Breaks Ground on 509-Bed Student Housing Community Near VCU in Richmond

RICHMOND, VA. — Pinecrest has broken ground on Parc View at Commonwealth, a 509-bed community in Richmond serving students attending Virginia Commonwealth University (VCU). The 275,000-square-foot property will offer a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity.Shared amenities within the 16-story community are set to include study spaces; a two-story parking garage with bike parking; a penthouse-level clubhouse; multi-purpose art studio; Zen wellness …

Vesper Holdings Acquires Student Housing Portfolio for $240M

NEW YORK CITY — New York City-based Vesper Holdings has acquired a four-property, 2,761-bed student housing portfolio for approximately $240 million. The properties are located in Georgia, Virginia, Kentucky and Indiana. Jaclyn Fitts of CBRE negotiated the transaction on behalf of the undisclosed seller.The properties in the portfolio include a 635-bed community located near Indiana University in Bloomington, Ind.; a 699-bed community located near the University of Kentucky in Lexington, …

Armada Hoffler Disposes of Student Housing Property in Charleston

CHARLESTON, S.C. — Armada Hoffler Properties Inc. has sold Summit Place, a 357-bed student housing community located at 530 Meeting St., about one mile from the College of Charleston. The sales price and buyer were not disclosed.Completed by Armada Hoffler in 2020 at the corner of Spring and Lee streets, Summit Place is a five-story building offering private bathrooms, roommate matching, a study lounge, individual leases available and individual locking bedrooms. Community amenities …

Blackstone Agrees to Acquire Student Housing Giant American Campus Communities for $12.8B

NEW YORK CITY AND AUSTIN, TEXAS — Blackstone Inc. (NYSE: BX) has agreed to acquire American Campus Communities (NYSE: ACC) in a deal valued at $12.8 billion, including the assumption of debt. ACC is the largest publicly traded owner, manager and developer of student housing in the United States.Blackstone plans to take the company private through Blackstone Real Estate Income Trust Inc. and Blackstone Property Partners, which unlike its traditional private-equity funds can hold …

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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