Providence, R.I. — A joint venture between Gilbane Development Co. and CBRE Investment Management has acquired a six-property student housing portfolio totaling 3,000 beds across the U.S. The transaction included the recapitalization of three communities and three “shovel-ready” development projects. The portfolio comprises Bixby on College near Clemson University in South Carolina; undisclosed communities near the University of Illinois and Syracuse University campuses; and three development projects serving students attending the University of Central Florida, University of Florida and University of California, Berkeley. Further details on the transaction, including the identity …
Illinois
Harrison Street Sells 8,724-Bed Student Housing Portfolio to Scion Group for $893 Million
Chicago — Investment management firm Harrison Street has sold a student housing portfolio for $893 million. Affiliates of The Scion Group and an institutional investor were the buyers. Totaling 8,724 student housing beds, the portfolio features 14 properties located at 13 universities. Situated across 11 states, the student housing developments serve universities including the University of Arkansas, Texas A&M and the University of Missouri. Chicago-based Harrison Street was founded in 2005 and has invested across the seniors housing, student housing, build-to-rent, healthcare, life sciences and self-storage sectors. The company’s current …
Chicago — Core Spaces has announced several changes to the Chicago-based firm’s executive leadership team. Sean Devine has been hired to the role of executive vice president of property operations and experience. Devine will lead the company’s operational teams across its student housing and build-to-rent arms. He previously oversaw 70,000 beds as vice president of student housing operations at Cardinal Group. Jennifer Holmes has transitioned to the role of chief operating officer. She most recently served as the firm’s chief financial officer. In her new role, Holmes will oversee multiple departments …
Chicago — Core Spaces has hired Matthew Claeys to the role of managing director and head of institutional capital raising. In this role, Claeys will focus on identifying and aligning with institutional investors across the Chicago-based firm’s student housing and build-to-rent verticals, expanding the company’s capital partnerships and enhancing its investment platform. Claeys brings over two decades of real estate investment experience to the position, most recently serving as executive vice president of Heitman’s client services and marketing group.
Chicago — Core Spaces has completed six student housing communities totaling 4,549 beds across the United States. All six communities have opened to residents ahead of the 2024-2025 school year. The communities are all located near the campuses of major universities, including UC Berkeley, University of Cincinnati, Penn State, University of Wisconsin-Madison and Clemson University. The six new properties include: The communities feature a variety of high-end, student-focused amenities. For example, ōLiv Madison boasts a spa, sauna, fitness center, coworking spaces, private study rooms and a sprawling rooftop sundeck with pool …
Chicago — Core Spaces has hired several industry leaders to develop the Chicago-based firm’s newly established global wealth management platform. Working alongside directors Tom Dine and John Dine, the newly appointed team includes Michael Hughes, managing director, intermediary; Angie Fisher, director of funds management operations; and Chris Best, Nick Baseel and Daniel Sexton as directors of capital formation. “Each of these new team members are extremely well respected in the industry and bring with them a wealth of experience that will add value to our growing wealth platform,” says Tom Dine, …
Dallas and Oak Brook, Ill. — Inland Private Capital Corp. (IPC) has formed a strategic partnership with University Partners focused on managing and operating off campus student housing communities near top-tier universities in the U.S. The partnership follows Oak Brook, Illinois-based IPC’s previously announced plans to expand its student housing footprint, which currently consists of 8,014 beds across 17 properties. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, will serve as the acquisition representative for Inland responsible for negotiating and closing student housing transactions. Dallas-based University Partners currently owns …
Chicago — Scion Advisory Services has launched a Stategic Housing Planning service. The collaborative planning service was designed to help colleges and institutions make critical and strategic decisions regarding their on-campus housing programs. The service will help colleges and universities determine if their current housing program appropriately supports its institutional mission; how to improve existing facilities to best support the needs of today’s students and anticipate future student needs; and address aging facilities and make them more attractive to students. The new service will also help institutions convey to university leadership the …
Chicago — The Scion Group has launched ‘Mind at Ease,’ a monthly resource guide designed to support the mental wellness and personal development of its over 80,000 student residents. The program will equip students residing in properties across the Chicago-based company’s portfolio with resources and guidance on issues including relationships, safety at college parties and navigating academic pressure and stress. “As leaders in student housing, we recognize the pivotal role we can play in the lives of our residents who spend the majority of their time in the homes we …
Walker & Dunlop Provides $380 Million Refinancing for 11-Property Student Housing Portfolio
Chicago — Walker & Dunlop has provided a $380 million refinancing for a portfolio of 11 student housing properties. The communities are owned by a joint venture between Chicago-based The Scion Group and several undisclosed investors. Colin Coleman, Brendan Coleman and Will Baker of Walker & Dunlop structured the Fannie Mae credit facility, which will allow the borrowers to eliminate all floating-rate exposure from their original credit facility. The portfolio of properties includes Ion Tuscaloosa in Tuscaloosa (The University of Alabama); University House Fayetteville in Fayetteville (The University of Arkansas); Redpoint Gainesville in …