MIAMI— A joint venture between Miami-based Vie Management and a Middle Eastern asset manager have acquired a six-property student housing portfolio totaling 911 units and 2,059 beds. The purchase price was $134.6 million.
The properties are located in six states and include:
- University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama.
- University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida.
- Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan.
- Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York.
- Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania.
- Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas.
“These acquisitions are new canvases to us,” says Ari Rosenblum, CEO of Vie. “[The are] places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.”
Claudio Sgobba of HFF represented the buyers in securing a $75.3 million loan in connection with the acquisition. The financing features a 10-year term, 65 percent loan-to-value ratio and interest-only payments for the life of the loan. The lender was undisclosed.
— David Cohen