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.
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.
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 …
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.
Albany, N.Y. — KeyBank Real Estate Capital has secured a $29.4 million refinancing for Auden Albany Student Housing, a 322-bed community serving students attending the University at Albany — State University of New York. The fixed-rate, Fannie Mae loan is structured with a 12-year term and a 36-month, interest-only period. Erik Storz and Pete Rand of KeyBank structured the financing on behalf of the borrower, DMG Investments. The community offers units with bed-to-bath parity alongside shared amenities including a fitness center, game room, yoga studio and clubhouse.
New York City — Blackstone has entered into an agreement to acquire U.K.-based student housing firm iQ Student Accommodation from a partnership between Goldman Sachs and Wellcome Trust for $6 billion. This sale is said to be the largest ever private real estate transaction in the U.K. IQ Student Accommodation owns and manages more than 28,000 beds across the U.K. and has a development pipeline of over 4,000 beds. The company’s portfolio is concentrated in London. “This acquisition is a continuation of our strategy to invest in high-quality assets and …
Rochester, N.Y. and Wilmington, N.C. — OC Ventures has acquired two student housing communities located in New York and North Carolina. Acquisitions include The Hill at Rochester, a 362-bed community located near the Rochester Institute of Technology in New York; and The Lighthouse, a 348-bed community located pedestrian to the University of North Carolina Wilmington campus. Both properties offer fully furnished units with bed-to-bath parity. Shared amenities include fitness centers, study lounges, recreation rooms, pet parks, outdoor swimming pools, hot tubs, grilling stations and hammock gardens. Varsity Campus has been …
New York City — A joint venture between Pebb Capital and TriArch Real Estate Group has sold The Alabama, a 175-bed student housing community located at 15 E. 11th St. in New York City’s Greenwich Village neighborhood, for $104 million. The buyer in the transaction was undisclosed. The property serves students attending Cardozo Law School, The New School and New York University in lower Manhattan. The Alabama was acquired by the partnership for $58 million in October 2016 and underwent large-scale renovations. The community offers fully furnished units with shared …
New York City — The Collective, a multifamily developer based in London, has unveiled plans to build a $150 million co-living project located at 292 N. 8th St. in Brooklyn’s Williamsburg neighborhood. Known as North 8th, the development will feature 242 units, 97 of which are designed for students attending local universities. The remaining 127 studio units are designed for nightly and monthly stays. At full capacity, North 8th is expected to house 321 occupants. “North 8th will be the first project of its kind for New York City,” says Reza Merchant, …
New York City — DMG Investments has named Jeffrey Amengual COO. In his new role, Amengual will oversee all operations and lead the company’s undertakings to improve efficiency across the New York City-based enterprise. Amengual joined DMG Investments in 2017 and most recently held the position of senior vice president. Prior to joining DMG, Amengual worked as the director of construction at Largo Investments.