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 of the seller, were not disclosed. TSB Capital Advisors arranged financing and consulted on the joint venture partnership, which is committed to exploring additional investment opportunities moving forward.
The six-property portfolio acquired by Gilbane and CBRE includes Bixby on College near the Clemson University campus in South Carolina.
Gilbane, CBRE Investment Management Acquire 3,000-Bed Student Housing Portfolio
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