Champaign, Ill. — BWE has secured $10 million in acquisition financing for a portfolio of student housing properties near the University of Illinois Urbana-Champaign campus. Mike Guterman of BWE secured the financing on behalf of an undisclosed student housing owner and operator based on the East Coast. The financing was provided by a Midwest regional bank and features a five-year, 60 percent loan-to-cost ratio. The portfolio includes a mix of single family properties and small student housing communities totaling 616 beds across 170 units.
Kingston, Ontario — Harrison Street has acquired a two-property student housing portfolio located near Queen’s University in Kingston. The adjacent properties, dubbed Division and Garrett, consist of 53 units and 145 beds. Construction on the communities was completed over the past year. Both properties were fully leased at the time of sale. Varsity Communities has been tapped to manage the properties. Following this transaction, Harrison Street’s open-ended Canada Alternative Real Estate Fund has closed on investments valued in excess of $1 billion CAD since launching in 2021.
Vancouver, British Columbia — QuadReal Property Group has acquired the U.S. student housing business of CA Ventures, which totals 25,000 beds. Under QuadReal’s ownership, the CA Student Living portfolio — which includes 48 properties across 38 university markets — will operate under a new banner, Article Student Living. QuadReal first partnered with CA Student Living in 2017 and has held an indirect and passive stake in its business since September 2020. “We are thrilled to launch Article Student Living, which represents a key part of QuadReal’s long-term investment strategy in the …
Baltimore — TSB Realty has brokered the sale of The Academy on Charles, a 328-bed student housing community located adjacent to the Johns Hopkins University campus in Baltimore. Randall Calvert of TSB Realty arranged the disposition from GMH Communities to an undisclosed buyer. The luxury property was originally built in the early 1930s, and renovated and converted into student housing in 2014. The community offers fully furnished units alongside shared amenities including a rooftop terrace, state-of-the-art fitness center, games center, garage and surface parking, and private and group study lounges. …
Denton, Texas — Vesper Holdings has acquired University Courtyard Denton, a 792-bed community located near the University of North Texas (UNT) campus in Denton. Built in 2001, the property offers a mix of one-, two- and four-bedroom, fully furnished units. Shared amenities include a resort-style swimming pool, fitness center, clubhouse, study rooms, fire pits, basketball and volleyball courts and a UNT shuttle stop. The community was acquired from an undisclosed seller in an off-market transaction. The new ownership plans to implement capital improvements, which will focus on unit, amenity and …
Winooski, Vt. — CBRE has arranged the sale of Spinner Place, a 308-bed student housing community located near the University of Vermont in Winooski. The community offers shared amenities including a media room, fitness center and recreation room. The property also features ground floor retail, which was leased to The Archives Bar, Champlain Nails, Asian Bistro and La Bella Skin Boutique at the time of sale. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the undisclosed seller in partnership with CBRE Vermont Multifamily’s John Reed and …
Tampa, Fla. — A joint venture between the CBRE Strategic Partners U.S. Value 9 fund and GMH Communities has acquired Venue at North Campus in Tampa. The mid-rise student housing property is located adjacent to the University of South Florida campus at 13702 42nd St. Venue at North Campus offers 734 beds in studio, two-, four- and five-bedroom units. Shared amenities resort-style swimming pools, state-of-the-art fitness centers, grilling stations, a study room and internet cafe, volleyball court, convenience store and 704 parking spaces.
State College, Pa. — Pierce Education Properties has acquired two student housing communities located near the Pennsylvania State University campus in State College. Acquisitions include The Bryn and Tremont Student Living. Constructed in 1995, The Bryn is composed of 11 buildings offering 684 beds in two-, three- and four-bedroom units. Tremont was developed in 1996 and is composed of 17 buildings. The property offers 696 beds in two- and four-bedroom units. Both properties offer bed-to-bath parity and shared amenities including swimming pools with sun decks, hot tubs, study rooms, fitness …
It’s no secret that the investment sales market has been sluggish this year. But while sales volume is unquestionably slower, investors are still finding stabilized opportunities that are poised to deliver outsized yields in the near term, according to Timothy Bradley, founder of TSB Capital Advisors and principal with TSB Realty. Most of the properties that are transacting can be found in Power Five university markets, or those that exhibit similar supply and demand metrics, notes Bradley. And the investors making these deals pencil tend to be experienced in the …
Athens, Ga. — CBRE has brokered the sale of The Connection at Athens, an 876-bed student housing community located near the University of Georgia campus in Athens. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the sellers, Pierce Education Properties and Nuveen Real Estate, in partnership with CBRE Pittsburg Multifamily’s Laura Lawrence and Melissa Maggi. Priderock Capital Partners acquired the community for an undisclosed price. The Connection at Athens offers shared amenities including a resort-style pool pavilion with four pools, clubhouse, private study rooms, grilling stations, a fire pit, basketball court, sand volleyball …