Student Housing Business

JUL-AUG 2018

Student Housing Business is the voice of the student housing industry.

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ARRIMUS CAPITAL SELLS 518-BED COMMUNITY NEAR IOWA STATE UNIVERSITY FOR $44 MILLION Ames, Iowa — Arrimus Capital has sold the 518-bed Stadium View in Ames for $44 million. The student housing community is located ad- jacent to Iowa State University. The property, which features 197 units with a mix of two-, three- and four-bedroom floor plans, is currently 99 percent occupied and more than 80 percent pre-leased for the 2018-2019 academic year. Amenities include a fitness center, clubhouse, study lounge and fire pit. Arrimus used a Delaware Statutory Trust to sell the property to 1031 exchange buyers who otherwise might not have been able to purchase it on their own, according to the company. The buyer was not disclosed. Arrimus acquired the asset in December 2017. COASTAL RIDGE, H. KATZ ACQUIRE 800-BED COMMUNITY IN FLORIDA FOR $44 MILLION Fort Myers, Fla. — Coastal Ridge Real Estate and H. Katz Capital have acquired Coastal Village Apartments, an 800-bed student housing com- munity located near Florida Gulf Coast University in Fort Myers, for $44 million. The property offers four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a lakeside swimming pool, barbecue and picnic area, clubhouse, fitness center, resident lounge, sand volleyball court and a computer lab. Kevin Larimer, Greg Gonzales, Ja- son Stanton and Cole Whitaker of Berkadia represented the undisclosed seller in the transaction. SQUARE MILE CAPITAL PROVIDES $55 MILLION LOAN FOR COMMUNITY IN DOWNTOWN CHICAGO Chicago — Square Mile Capital Management LLC has provided a $55 million loan for Infinite Chicago, a 404-bed student housing commu- nity located in downtown Chicago. Stephen Skok of HFF arranged the financing on behalf of the borrower, CA Student Living, a division of CA Ventures. The loan was used to repay an existing loan. Infinite Chicago, formerly known as the Gibbons/Steger office buildings, includes a pair of 18- and 19-story towers, originally constructed between 1910 and 1912. CA Student Living acquired the property in 2012 and completed the con- version of the buildings into student housing in 2014. Kendall College and School of the Art Institute of Chicago control master leases for a large portion of the beds at Infinite Chicago. The remaining tenant roster in- cludes students from institutions such as DePaul University, Roosevelt University and Columbia College, among others. Shared amenities at the community include a landscaped rooftop with gas grills, fitness center, business center, group study rooms and an entertainment lounge. In ad- dition, Infinite Chicago features 6,000 square feet of ground-floor retail leased to tenants such as Just Salad, 7-Eleven, BIBIBOP Asian Grill and Hero Coffee Bar. Stadium View is located adjacent to Iowa State University. Arrimus Capital recently sold the property. WHERE STUDENT HOUSING POTENTIAL Meets PERFORMANCE A Top 10 Buyer of Student Housing since 2007, Pierce Education Properties is a major national investor and operator of student apartments. Through our acquisitions of core, core plus and value-added assets, we have: • Completed more than $970+ million in acquisitions since 2007, representing more than 23,000 beds • Targeting $400+ million in acquisitions over the next three years • Developed extensive capital relationships for best-in-class investment capacity and execution Our growing team continues to maximize value through positive investments. We are industry leaders with proven experience, innovation, and success. P i e r c e e d u c a t i o n P r o P e r t i e s . c o m Contact our acquisitions team at 619-297-0400 or email mmaruccia@PierceEducationProperties.com to discuss potential opportunities. INVESTMENT SPOTLIGHT: The Connection at Athens is a 876-bed, 340- unit community conveniently located just east of University of Georgia in Athens, GA. $970+ MILLION IN ACQUISITIONS NE WS IN BRIEF July/August 2018 14

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