Courtesy of Trinitas

Trinitas Sells Five Properties to Lubert-Adler, Candlebrook for $230 Million

by Scott Reid

Philadelphia — Philadelphia-based Lubert-Adler Partners has partnered with New York-based Candlebrook in the $230 million acquisition of five student housing properties in the Midwest and Southeast. The seller was Trinitas.

Candlebrook is launching a new subsidiary, Letter 9, to manage its student housing platform, beginning with the five newly acquired properties comprising more than 3,400 beds. Each property offers students a range of amenities including clubhouses, pools, hot tubs, basketball and volleyball courts, game rooms, and fitness facilities. The five properties include:

The Dillon (formerly The Collegiate on Paterson), with 635 beds, located in Bloomington, Indiana, and serving the University of Indiana;

The Tyler, with 675 beds, located in Indianapolis and serving Indiana University-Purdue University Indiana (IUPUI);

The Blake, (formerly The Collegiate on Busbee), with 736 beds, located in Kennesaw, Georgia, and  serving Kennesaw State University;

The Wyatt (formerly The Collegiate on Angliana), with 699 beds, located in Lexington, Kentucky, and serving the University of Kentucky;

The James (formerly The Collegiate at VCU), with 690 beds, located in Richmond, Virginia and serving Virginia Commonwealth University.

Lubert-Adler was co-founded in 1997 by Ira Lubert and Dean Adler, who collectively have approximately 50 years of experience in underwriting, acquiring, repositioning, refinancing, and disposing real estate assets. Today, the Philadelphia-based firm has grown to include more than 20 investment professionals and has invested $6.5 billion of equity into assets valued at more than $16 billion.

Candlebrook is an owner-operator of apartment and multi-family properties throughout New York, New Jersey and Pennsylvania.

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