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.