Student Housing Business

JUL-AUG 2018

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

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NE WS IN BRIEF July/August 2018 StudentHousingBusiness.com 16 CAMPUS ADVANTAGE PROMOTES JENNIFER CASSIDY TO EVP AND CO-COO Austin, Texas — Austin-based Campus Advantage has promoted Jennifer Cassidy to executive vice president and co-chief operat- ing officer. In this new role, Cas- sidy will manage the company's operations group alongside Scott Duckett, and will be directly re- sponsible for managing all joint venture relationships as well as management information sys- tems, leasing and marketing, and facilities. Cassidy joined the Cam- pus Advantage team in 2006. She most recently led the asset man- agement team, where she worked in conjunction with the invest- ments group and operations team to bridge the gaps between the property underwriting strategy and on-site execution. ARA NEWMARK ARRANGES $55.5 MILLION SALE OF 336-UNIT MULTIFAMILY COMMUNITY FOR CONVERSION TO STUDENT HOUSING Orlando, Fla. — ARA Newmark has arranged the $55.5 million sale of Arden Villas, a 336-unit multifamily community located in Orlando. The property will be converted into a student housing community serving the nearby University of Central Florida. Scott Ramey, Patrick Dufour and Ryan Lang of ARA Newmark rep- resented the seller, Pollack Shores, in the transaction. New York City- based TH Real Estate acquired the property. Shared amenities at the community include a swimming pool with an outdoor lounge and grilling stations; a clubhouse with televisions and an entertainment bar; an indoor game room; bocce ball court; and full-size basketball and tennis courts. PEAK CAMPUS AWARDED MANAGEMENT OF 484-BED COMMUNITY NEAR THE UNIVERSITY OF ARIZONA Tucson, Ariz. — Peak Campus has been awarded management of University Villa at Ironwood, a 484-bed student housing commu- nity located near the University of Arizona in Tucson. The property offers two-, three- and four-bed- room units with bed-to-bath par- ity. Shared amenities include a pri- vate shuttle service for students to both the University of Arizona and Pima Community College; a 24-hour conference space; a re- sort-style pool and spa; barbecue areas; basketball and sand volley- ball courts; and a 24-hour fitness center and theater room. PAC PURCHASES 556- BED STUDENT HOUSING COMMUNITY NEAR TEXAS TECH UNIVERSITY Lubbock, Texas — Atlanta-based REIT Preferred Apartment Com- munities Inc. (PAC) has purchased The Bloc, a student housing com- munity serving Texas Tech Uni- versity in Lubbock. The property totals 556 beds across 140 units. Amenities include a rooftop lounge, pool with cabanas, tan- ning rooms, outdoor grilling ar- eas, fitness center, coffee bar and private study rooms. The seller was not disclosed. TRIAD ARRANGES SALE OF SEVEN-PROPERTY PORTFOLIO, 300-BED DEVELOPMENT SITE NEAR UNIVERSITY OF ILLINOIS Champaign, Ill. — Triad Real Estate Partners has arranged the sale of a seven-property student housing portfolio and a 30,000-square-foot development site near the Uni- versity of Illinois in Champaign. Green Street Realty acquired the assets for an undisclosed price. The seven existing properties were predominately new construction, developed and managed by Der- mel Properties. All of the com- munities are located within walk- ing distance to the University of Illinois campus, and were fully leased at the time of sale. Green Street Realty plans to build a 300- bed property at the 30,000-square- foot development site. The prop- erty will include 6,000 square feet of retail space. ASSET CAMPUS HOUSING AWARDED MANAGEMENT OF 165-BED COMMUNITY NEAR TEXAS CHRISTIAN UNIVERSITY Fort Worth, Texas — Asset Cam- pus Housing has been awarded management of Edge 55, a 165- bed student housing community located near Texas Christian Uni- versity in Fort Worth. The prop- erty offers three-bedroom, fully furnished units with private bal- conies. Shared amenities include a 24-hour fitness center, business center, picnic areas, a swimming pool, free shuttle to campus, tan- ning, and a study and television lounge. COLLIERS INTERNATIONAL ARRANGES SALE OF TWO COMMUNITIES NEAR CLEMSON UNIVERSITY Clemson, S.C. — Colliers Inter- national has arranged the sale of two student housing communities located near the Clemson Univer- sity campus in South Carolina. Acquisitions include Summit at Cross Creek, a 300-bed commu- nity; and Cross Creek, a 314-bed community. The buyer, Redwood Capital Group, will be converting the two properties from student housing into multifamily housing. Sean Baird, Will Mathews, Ryan Griffith, and Max Kemether of Colliers International worked to facilitate the transaction. The sell- er was undisclosed. "The Clem- son market is very strong from both a multifamily and student housing perspective," says Baird of Colliers International. "As stu- dent housing has evolved, these communities became a better fit for multifamily and were in need of capital to convert and stabilize them." University Villa at Ironwood near the University of Arizona in Tucson offers shared amenities including a resort-style pool and spa. The property is now managed by Peak Campus.

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