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Bentley-Hall
Company NewsNew YorkNewsTexas

Blackstone Completes $12.8 Billion Acquisition of American Campus Communities

by Katie Sloan

New York City and Austin, Texas — Blackstone Inc. has completed the previously announced acquisition of American Campus Communities (ACC) in a deal valued at $12.8 billion, including the assumption of debt. Austin, Texas-based ACC is the largest publicly traded owner, manager and developer of student housing in the United States.  New York City-based Blackstone will take the company private following the acquisition. This move comes as the price of public equity has been more expensive than private institutional capital over the past few years, according to Bill Bayless, co-founder …

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Cherry-Street
FeaturesNew YorkNews

Berkadia: Pre-Leasing Velocity, Rental Rate Growth Exceed Pre-Pandemic Levels

by Katie Sloan

New York City — Pre-leasing velocity and rental rate growth for the upcoming academic year in student housing are exceeding pre-pandemic levels, according to Berkadia’s latest Student Housing: Pre-leasing Report 2022.  The report, which utilizes data from universities tracked by Axiometrics, shows that student housing properties across the country are 86.3 percent leased on average ahead of the 2022-2023 academic year. This is 6.5 percentage points higher than levels seen heading into the 2019-2020 academic year. Average rent per-bed is $771, with rents in communities less than .5 miles from …

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Company NewsNew YorkNews

ButterflyMX Acquires Cloud-Based Access Control Company CloudKeyz

by Katie Sloan

New York City — ButterflyMX has acquired cloud-based access control company CloudKeyz. The New York City-based company’s acquisition of CloudKeyz will provide existing and future clients with four access control devices. These devices fully integrate with ButterflyMX OS — its online operating system — allowing property owners and managers to remotely manage building access, integrate their property management software and smart locks, and create custom workflows to improve building operations from a smartphone or computer. These four new access control devices include IP security cameras, which provide full building visibility; gate …

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Tooker-House
Company NewsNew YorkNewsTexas

Blackstone Agrees to Acquire American Campus Communities for $12.8 Billion

by Katie Sloan

New York City and Austin, Texas — Blackstone Inc. (NYSE: BX) has agreed to acquire American Campus Communities (NYSE: ACC) in a deal valued at $12.8 billion, including the assumption of debt. ACC is the largest publicly traded owner, manager and developer of student housing in the United States. Blackstone plans to take the company private following the acquisition. This move comes as the price of public equity has been more expensive than private institutional capital over the past few years, according to Bill Bayless, co-founder and CEO of ACC, in a …

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Campus-Hill
Investment SalesNew YorkNews

Champion Real Estate Acquires 715-Bed Community Near Syracuse University for $65 Million

by Katie Sloan

Syracuse, N.Y. — Champion Real Estate Co. has acquired Campus Hill Apartments, a 715-bed student housing community near Syracuse University, for $65 million. The property offers fully furnished units across 51 buildings. The community will be rebranded Victory at Syracuse and is set to undergo renovations imminently. Victory House Syracuse LLC, a subsidiary of Champion, will oversee community upgrades including fresh paint and the addition of vinyl plank flooring, new cabinetry, quartz countertops, stainless steel appliances and modern fixtures. Ken Wellar and Douglas Sitt of Rittenhouse Realty represented Champion and …

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DevelopmentNew YorkNewsOff-campus

Aptitude Breaks Ground on 494-Bed Community Near the Rochester Institute of Technology

by Katie Sloan

Rochester, N.Y. — Aptitude Development has broken ground on The Marshall at Rochester, a 494-bed student housing community located near the Rochester Institute of Technology in New York. The six-building property will offer units with bed-to-bath parity. Shared amenities are set to include hot tubs, a resort-style swimming pool, individual and group study areas, an e-sports gaming lounge and a fitness center. The development is being built by Lecesse Construction and is set for completion in summer 2023. Landmark Properties will manage the community upon completion. “The Rochester Institute of …

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FinanceNew YorkNewsNorth Carolina

Berkadia Secures Preferred Equity Partner for Recapitalization of 1,350-Bed Student Housing Portfolio

by Katie Sloan

Rochester and Buffalo, N.Y. and Wilmington, N.C. — Berkadia has secured a preferred equity partner for the recapitalization of a 1,350-bed student housing portfolio owned by OC Ventures. The properties are located in Rochester and Buffalo, New York, as well as Wilmington, North Carolina. Chinmay Bhatt, Noam Franklin, Cody Kirkpatrick, and Matthew Tu of Berkadia Joint Venture Equity & Structured Capital secured the undisclosed private equity partner on behalf of the borrower. All of the communities will be managed by Varsity Campus.

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Mark_Ortiz
Company NewsNew YorkNews

Global Student Accommodation Names Mark Ortiz Chief Financial Officer

by Katie Sloan

New York City — Global Student Accommodation (GSA) has appointed Mark Ortiz to the role of Chief Financial Officer. Ortiz will play a key role in developing the company’s business internationally and in the U.S. following the opening of GSA’s New York office. Prior to joining GSA, Ortiz spent over 28 years in financial and operational management roles at GE across the U.S., Europe and Asia. Most recently, he served as global financial planning and analysis leader and chief diversity officer at GE Capital. “Mark’s wealth of expertise encompassing finance, strategy and …

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Dan-Shoepe
Company NewsNew YorkNews

Vesper Holdings Promotes Dan Shoepe to Chief Operating Officer at Campus Life & Style

by Katie Sloan

New York City — Vesper Holdings has promoted Dan Shoepe to the position of COO at Campus Life & Style (CLS), the company’s wholly-owned property management arm. In his new role, Shoepe will be responsible for planning and managing the company’s day-to-day operations, assessing business strategies and their operational impact, and achieving company benchmarks and goals. He previously served as senior vice president of operations with CLS. Prior to joining the company, Shoepe seved as regional vice president with American Campus Communities. “Dan Shoepe is a man of great integrity, …

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APEX
Investment SalesNew YorkNews

Harrison Street Acquires Majority Ownership in Community Near Rochester Institute of Technology

by Katie Sloan

Rochester, N.Y. — Harrison Street has acquired a majority ownership in APEX, a student housing community located across the street from the Rochester Institute of Technology in New York. The seller, Michaels, has retained a 2 percent ownership in the property and will continue to oversee operations. The community offers one-, two-, four- and five-bedroom units. Shared amenities include an e-sports arena, outdoor fire pits, a virtual reality studio, electric car charging stations, dual hot tubs, ingenuity labs and a pet spa. 

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