Alabama

Scholar-Birmingham

Birmingham, Ala. — Audubon has purchased Scholar Birmingham, a 198-unit student housing high-rise in Birmingham’s Five Points neighborhood. The tower was developed as an off-campus student housing property in 2020 due to its proximity to University of Alabama at Birmingham (UAB). The seller and sales price were not disclosed. Audubon plans to transition the property to market-rate housing in a retrofit that includes modernizing the interiors and enhancing community amenities. According to the Scholar Birmingham property website, the community offers fully furnished, pet-friendly studio, one-, two-, three- and four-bedroom apartments. …

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Muinzer-Auburn

Auburn, Ala. — Muinzer, alongside capital partner T2 Capital Management, has acquired Evergreen Auburn, a 486-bed student housing community located near Auburn University in Alabama. The property was recently renovated and offers units in one-, two- and four-bedroom configurations. Shared amenities include a 24-hour fitness center, swimming pool, computer lounge, clubhouse, dog park, hot tub, fire pit and coffee bar. The community is 88 percent pre-leased for the 2024-2025 academic year. Terms of the transaction and the seller were not disclosed. 

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Capstone-Jordan

Birmingham, Ala. — Capstone Development Partners has hired Jordan Gaston as vice president and head of the Birmingham-based company’s workforce housing division. Gaston previously served as director of finance in Capstone’s finance division from 2016 to 2021. During that time, he led the structuring of ownership and financing for $1 billion in on-campus and off-campus student housing and mixed-use developments. Gaston most recently served as vice president with Citigroup’s public finance department. “Escalating rents and housing shortages continue to challenge our college and university partners in their efforts to provide …

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Auburn-University

Auburn, Ala. — Auburn University has broken ground on a $63 million residence hall project along Haley Concourse on the university’s campus in Alabama. The 371-bed community will house first-year students upon completion, which is scheduled for summer 2026. The 125,651-square-foot development will feature amenities including multipurpose communal spaces and kitchens, group study rooms, laundry facilities on every floor and bike storage. The community will also be home to housing department offices and a storm shelter. The development team for the project, which is targeting LEED certification, includes Niles Bolton …

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Mustang-Village

Jacksonville, Ala. and Wichita Falls, Texas — Calidus has received $25 million for the refinancing of two student housing properties in Alabama and Texas. Communities include Mustang Village, located less than one mile from the Midwestern State University campus in Wichita Falls, Texas; and Gamecock Village, located blocks away from the Jacksonville State University campus in Jacksonville, Alabama. The properties offer a combined 504 beds in two- and three-bedroom units with bed-to-bath parity. Shared amenities at both properties include resort-style swimming pools, fitness centers, game rooms, study space, sand volleyball …

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Collective-Auburn

Auburn, Ala. — The Preiss Co. (TPCO) has recapitalized the Collective at Auburn, a 600-bed community located near the Auburn University campus in Alabama. A multi-million dollar renovation is planned for the property, which will include upgrading countertops, appliances and paint in select units; modernization of unit access controls; and fully furnishing 25 percent of units. Upgrades are slated to begin in spring 2025. The community offers two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a 24-hour fitness center, swimming pool, basketball court, tanning salon, volleyball court, …

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4315-Holmes-Avenue_UAH

Huntsville, Ala. — Capstone Development Partners and Boaz Ventures plan to break ground on a $60 million student housing property adjacent to University of Alabama Huntsville (UAH) in October. Located at 4315 Holmes Ave. NW near the UAH Campus Recreation Center, the community, dubbed Nexus on Holmes, will be a four-story, 249-unit property with a mix of one-, two- and four-bedroom apartments. Capstone and Boaz are envisioning the 239,000-square-foot residential property to house undergraduate and graduate students, as well as UAH staff. Amenities will include two courtyards, an outdoor pool, …

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Auburn, Ala. — WFI has received a $37.5 million refinancing for The Union at Auburn, a 501-bed community serving students attending Auburn University in Alabama. The property is located at 900 W. Glenn Ave. and offers two-, three-, four-, five- and six-bedroom units. Tremont Realty Capital provided the financing through Seven Hills Realty Trust, a mortgage REIT managed by the company. The loan is structured with a 30-month initial term and the option for one 12-month extension. Shared amenities include a “state-of-the-art” clubhouse; two-story fitness center, including space for barre, …

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Jacksonville-State

Jacksonville, Ala. — A public-private partnership between RISE: A Real Estate Co. and Jacksonville State University has broken ground on North Village Residence Hall. Located on the university’s campus in Alabama, the 513-bed community will offer suites that include two double-occupancy bedrooms and two bathrooms. The development team for the project includes architect Niles Bolton & Associates and general contractor Choate Construction.  Jacksonville State is also currently developing a new dining hall, which will replace the current main cafeteria on campus, and the Loring and Debbie White Football Complex. The …

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Mike-Polzin

Birmingham, Ala. — Capstone Development Partners has hired Mike Polzin as vice president of operations for the company’s property management subsidiary, Capstone Management Partners (CMS). In his new position, Polzin will oversee the company’s portfolio managers and cell teams, while assisting with the transition of new properties into CMS’ portfolio. At his former company, Polzin provided oversight for 26 communities totaling over 18,000 beds of student housing. “We are excited to have Mike join the CMP team, bringing his depth of university experience and professional management expertise to advance Capstone’s …

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