HARRISON STREET, TEXLA AND VERMILION BUY $19.3M ASSET NEAR UK

LEXINGTON, KY. — VerTex Student Housing Partners, a joint venture of Vermilion Development and Dallas-based TEXLA Housing Partners, has acquired a 182-unit, 676-bed student housing development near the University of Kentucky from McKinney Properties. The acquisition marks the first transaction in a partnership with Chicago-based Harrison Street Real Estate Capital. The acquisition in Lexington has a total cost of $19.3 million and will be financed by a $16.9 million loan assumption with Bank of America. Known locally as The Courtyards, the 676-bed student apartment community was originally constructed in 1996. It consists of eight three-story residential buildings and a one-story clubhouse and leasing office. In addition to re-branding the property, the partnership will invest roughly $3.5 million in capital improvements. Both the buyer and the seller were represented by Dorothy Jackman and Travis Prince of Colliers International Student Housing Group.