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Emerging Trends Report Predicts Rebound in Transaction Volume in 2025 as Capital Markets Are ‘Poised for Recovery’

by John Nelson

LAS VEGAS — At the September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve lowered the federal funds rate by 50 basis points, which is the first easing of monetary policy in four years. This move lowered the short-term interest rate to a target range of 4.75 to 5 percent. Elevated borrowing costs have stifled commercial real estate transaction volumes the past couple years as buyers and sellers found that values were a moving target. Now with a reduction in interest rates, many real estate professionals expect transaction volume to rebound at least moderately. “In 2025, we expect lower interest rates will reduce borrowing costs, aid in price discovery and ultimately encourage an uptick in [commercial real estate] transactions,” said Angela Cain, global CEO of the Urban Land Institute (ULI). Cain’s comments came in a prepared statement to summarize the findings of Emerging Trends in Real Estate 2025, an annual report jointly produced by PwC US and ULI. The report was published in conjunction with ULI’s Fall Meeting, which is taking place this week at Resort World Las Vegas. Cain said that the real estate professionals surveyed for the report relayed that sentiment is improving, though many remain cautious. …

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AcquisitionsMidwestMissouriMultifamilyStudent Housing

Preiss Co. Acquires 972-Bed Student Housing Community Near University of Missouri

by Kristin Harlow

COLUMBIA, MO. — A joint venture between The Preiss Co. and a private equity real estate fund advised by Crow Holdings Capital has acquired Elevate 231, a 972-bed student housing community located near the University of Missouri campus in Columbia. The development, which has been rebranded The Collective at Columbia, offers 318 cottage-style units in two- through four-bedroom configurations. Shared amenities at the 50-acre property include a newly renovated clubhouse, resort-style swimming pool, dog park, sand volleyball court and outdoor grilling and cornhole areas. The community was fully occupied at the time of sale. The new ownership plans to launch a comprehensive interior renovation for approximately half of the units imminently. Upgrades will include the installation of new cabinets, countertops, lighting and flooring, as well as the addition of modern furniture packages and smart home technology. Ben Roelke and Ian Walker of Newmark arranged $47.5 million in acquisition financing. An undisclosed life insurance company provided the five-year loan, which features a fixed interest rate of 5.56 percent and interest-only payments for the full term. Aspen Square Management was the seller.

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LoansMultifamilyNortheastPennsylvaniaStudent Housing

BridgeInvest Provides $54.3M Loan for Refinancing of Philadelphia Student Housing Property

by Taylor Williams

PHILADELPHIA — BridgeInvest has provided a $54.3 million loan for the refinancing of The Avery, a 796-bed student housing property in Philadelphia. The Avery, which serves students at Temple University, features one- and two-bedroom units and amenities such as a fitness center, community kitchen, lounge areas, game rooms and study spaces. The property also houses 5,900 square feet of ground-floor retail space. The undisclosed sponsor acquired The Avery in 2021 and implemented capital improvements and rebranded it from The Edge.

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DevelopmentGeorgiaSoutheastStudent Housing

Toll Brothers Campus Living Completes $91M Student Housing Development Near Georgia Tech

by John Nelson

ATLANTA — Toll Brothers Campus Living has completed Kinetic, a $91 million student housing development located near the Georgia Institute of Technology (Georgia Tech) campus in Midtown Atlanta. US Bank provided construction financing for the 752-bed project, which broke ground in July 2022. The community offers 239 fully furnished units with bed-to-bath parity in one- through five-bedroom configurations. Shared amenities include study lounges with private and collaborative workspace; a high-tech content studio; coffee bar; community room with a large-screen TV; e-sports lounge; social lounges; and a fitness center with modern equipment and a sauna. Kinetic also features a sky lounge on the 34th floor with a swimming pool and an outdoor courtyard with grills and rooftop dining space.

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LoansMultifamilyStudent HousingTexas

Orion Real Estate Refinances 253-Bed Student Housing Property Near Texas State University

by Taylor Williams

SAN MARCOS, TEXAS — Orion Real Estate Partners has refinanced The Timbers, a 253-bed student housing property located near the Texas State University campus in San Marcos. The loan amount was not disclosed. The Timbers houses 155 units in one-, two- and three-bedroom configurations. Select apartments offer wood-burning fireplaces and vaulted ceilings. Shared amenities include a pool, clubhouse with an arcade, pet park, full basketball court, 24-hour fitness center and a barbecue station. Dan Kearns, Patricia Heminger, Rebecca Brielmaier and Katia Novi of JLL originated the debt.

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AcquisitionsAlabamaSoutheastStudent Housing

Muinzer Acquires 752-Bed Student Housing Community Near Auburn University

by John Nelson

AUBURN, ALA. — Muinzer has acquired Samford Square, a 752-bed student housing community located near the Auburn University campus. The property offers units in two-, three- and four-bedroom configurations, all of which were fully leased at the time of sale. Shared amenities at Samford Square include a resort-style swimming pool, cyber café, resident activity room, sand volleyball court, clubhouse, hammock garden, 24-hour gaming lounge and a tanning bed. Peter Katz of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction. The seller and terms of the deal were not disclosed.

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CaliforniaDevelopmentMultifamilyStudent HousingWestern

California State University, Fullerton Breaks Ground on $160M Student Housing Project

by Amy Works

FULLERTON, CALIF. —California State University, Fullerton has broken ground on Sequoia, a $160 million student housing project located on the university’s campus. The six-story community will span 155,000 square feet and offer 510 beds for graduate students and students completing their senior year of undergraduate study. Four students will occupy each two-bedroom unit, which will include two bathrooms, a kitchen and a living area. The community will also include student resident adviser apartments, one staff apartment, a laundry area, mail room, market and outdoor eating and seating areas. A portion of the project’s units will be deemed affordable housing, offered at rental rates below the standard rate for students facing housing insecurity. Financing for the state-funded project includes $89 million for the affordable housing units, according to Sarab Singh, the university’s associate vice president for capital programs and facilities management. The community is scheduled for completion in fall 2026.

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DevelopmentIndianaMidwestMultifamilyStudent Housing

Toll Brothers Completes 810-Bed Student Housing Community Near University of Notre Dame in South Bend

by Kristin Harlow

SOUTH BEND, IND. — Toll Brothers Campus Living has completed The 87, an 810-bed student housing community located near the University of Notre Dame campus in South Bend. Centier Bank provided $91 million in construction financing for the project, which broke ground in September 2022. The community also serves students attending Holy Cross College and St. Mary’s College. The development offers 335 fully furnished units with bed-to-bath parity in studio through four-bedroom configurations, alongside townhomes. Shared amenities include study lounges with private seating options; a social lounge and coffee bar; content creation studio; golf and sports simulator; fitness center; lounge with four large-screen televisions; and multiple courtyards with grills, fire pits, yard games and hammocks. KTGY designed the property.

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DevelopmentLoansStudent HousingTexas

Northmarq Arranges Construction Financing for 142-Unit Student Housing Project Near UT Austin

by Taylor Williams

AUSTIN, TEXAS — Northmarq has arranged construction financing for Avalon Pointe, a 142-unit student housing project that will be located near the University of Texas at Austin’s West Campus neighborhood. The 10-story building will offer studio, one- and two-bedroom units. Amenities will include a first-floor study lounge, fitness center, electric vehicle charging stations and a social room. Cheryl Higley, Ryan Shoars, Noah Villicana and Haylee Williamson of Northmarq originated the debt on behalf of the undisclosed borrower. The name of the direct lender and a construction timeline were also not disclosed.

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DevelopmentMultifamilyNew YorkNortheastStudent Housing

PX4 Development Completes $15M Student Housing Conversion Project on Long Island

by Taylor Williams

JERICHO, N.Y. — PX4 Development has completed a $15 million student housing conversion project on Long Island. The project converted a former 80-room hotel in Jericho into a 79-unit, 188-bed resident hall for students at The New York Institute of Technology.  Units come in one-, two- and three-bedroom floor plans, and amenities include private and communal study spaces, lounge and recreation areas and an indoor pool. TPG Architecture designed the project, construction of which began last October.

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