New York

Jim-Sholders

New York City — Vesper Holdings has promoted Jim Sholders to the position of CEO at Campus Life & Style (CLS), the company’s wholly-owned property management arm.  In his new role, Sholders will be responsible for managing the company’s overall operations, organizational structure and growth strategy while driving profitability. Prior to joining CLS in 2015, Sholders served as senior vice president of management services for American Campus Communities.  “Jim is a man of distinguished character and unwavering loyalty,” says Elliot Tamir, co-CEO of Vesper. “His storied career, outstanding leadership style, keen …

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Rittenhouse-Oswego

Oswego, N.Y. — Rittenhouse Realty Advisors has arranged the $23.5 million sale of Lakeside Commons, a 320-bed student housing community located near the State University of New York (SUNY) at Oswego.  The newly constructed community offers 84 units with bed-to-bath parity. Shared amenities include a state-of-the-art fitness center, clubhouse, game room, media lounge, study lounge and on-site parking. “Today we are seeing a large buyer pool of active student housing investors looking to invest in the space, as student housing has shown its resiliency throughout COVID and has strong go-forward …

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Syracuse, N.Y. — Square Mile Capital has originated a $47.2 million loan for CREM Capital’s acquisition of 505 on Walnut, a 363-bed student housing community located near Syracuse University in New York. Trent Houchin of Newmark’s Austin, Texas, office brokered the transaction on behalf of CREM Capital. Michaels was the seller in the transaction. The community offers a mix of studio, one-, two-, three- and four-bedroom units alongside shared amenities including a 24-hour fitness center, computer lab, study pods, an 85-space parking garage, outdoor sky lounge, a community kitchen, pet …

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Athens, Ga. and New York City — Last week, Landmark Properties, a student housing developer and owner based in Athens, Georgia, announced a joint venture partnership with New York-based Blackstone Real Estate Income Trust Inc. The partnership will recapitalize and acquire eight student housing properties totaling 5,416 beds at the outset. The deal is valued at $784 million and brings Landmark’s portfolio to 79 student housing communities. Wes Rogers, president and CEO of Landmark, says that Blackstone wasn’t the only institutional investor to inquire about teaming up with Landmark, nor is it …

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Syracuse, N.Y. — Aptitude Development has sold The Marshall, a 300-bed student housing community, to Syracuse University. The property offers a mix studio, one-, two- and four-bedroom units with bed-to-bath parity. Shared amenities include a 24-hour fitness center, resident lounge and cafe, and private study rooms. The community opened in 2018 and features retail space leased to Five Guys and Kung Fu Tea. The sales price was undisclosed. 

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Harrison-Street-Lux

Ithaca, N.Y. — Harrison Street has acquired two student housing communities comprised of 281 beds near the Cornell University campus in Ithaca. Acquisitions include The Lux, a 207-bed community located at 112-114 Summit Ave.; and The Lofts, a 74-bed property located at 201 College Ave. Both communities were acquired from Ithaca-based Visum Development Group and equity partner East To West Capital for an undisclosed price.  The Lux offers a mix of one-, two-, three-, four- and five-bedroom fully furnished units in two four-story buildings. Shared amenities include a rooftop terrace, …

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New Rochelle, N.Y. — W.P. Carey has acquired a 94-unit residence hall leased to Monroe College in New Rochelle for $26 million. The 49,500-square-foot community was built in 2018. The property is located in close proximity to the New Rochelle transit station, which provides commuter service to New York City through the Metro-North railroad. The community is net-leased for a remaining term of 12.25 years with inflation-based rent increases.

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Buffalo, N.Y. — DMG Investments has received $32.5 million in construction financing for the development of Auden Buffalo, a 481-bed student housing community located one mile from the State University of New York at Buffalo (SUNY Buffalo) campus. The four-story, 144,000-square-foot development will offer fully furnished units alongside communal amenities including a fitness center, clubroom, study lounges and a swimming pool. A timeline for the project was not announced. Richard Horowitz, Nicholas Barbato and Justin Horowitz of Cooper Horowitz secured the loan through ACRES Capital Corp. on behalf of the borrower. 

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New York City — ButterflyMX has closed on $35 million in growth equity from Volition Capital, Egis Capital, RiverPark Ventures and Stifel Financial Corporation. The company is the creator of a smart intercom system which allows tenants to see, speak and grant building access to visitors through a secure smartphone application. The new financing will enable the company to expand into new markets, introduce new products and hire 80 new employees over the next 12 months. As part of the investment, Roger Hurwitz and Robert Chefitz of Volition Capital and …

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Brockport, N.Y. — Campus Advantage has been awarded management of The Brock, a 401-bed student housing community serving students attending The College at Brockport, State University of New York. Built in 2009, the garden-style community offers two-, three- and four-bedroom units. Shared amenities include a newly renovated clubhouse, game room, study spaces, a fitness center, laundry facilities and a shuttle service to campus. Catalyst, an Austin, Texas-based agency specializing in marketing for student and multifamily housing, will partner with Campus Advantage to manage marketing efforts for the community. 

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