Norman, Okla. — Pierce Education Properties and Harrison Street Real Estate Capital have acquired the senior note for Crimson Park.
Norman, Okla. — A joint venture between San Diego-based Pierce Education Properties and Chicago-based Harrison Street Real Estate Capital has acquired a senior note from First United Bank secured by Crimson Park, a 792-bed off-campus student housing complex near the University of Oklahoma in Norman. The amount of the note acquisition was undisclosed. Crimson Park was developed in 2005 and has 268 one-, two-, three- and four-bedroom units. Pierce Property Management, an affiliate of Pierce Education Properties, was hired as third-party manager of the complex in 2009, when it was 58 percent leased. The complex is 92 percent leased for the 2010-11 academic year. PPM will continue its role as property manager under the new ownership.
— Randy Shearin