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 20 THE PREISS COMPANY, TH REAL ESTATE ACQUIRE 472-BED COMMUNITY NEAR INDIANA UNIVERSITY Bloomington, Ind. — A joint ven- ture between The Preiss Company and TH Real Estate has acquired The Park on Morton, a 472-bed student housing community lo- cated near Indiana University in Bloomington. The property offers one-, two-, three- and four-bed- room, fully furnished units with bed-to-bath parity. Shared ameni- ties include a clubhouse, resort- style pool, sun deck, study rooms, a fire pit, state-of-the-art fitness center and game room. The new ownership plans to upgrade the property's clubhouse and amenity spaces, alongside a substantial portion of the units. GRANDBRIDGE PROVIDES $51.5 MILLION FANNIE MAE ACQUISITION LOAN FOR COMMUNITY IN MIDWEST Minneapolis — Grandbridge Real Estate Capital has provided a $51.5 million Fannie Mae loan for the acquisition of a 538-bed stu- dent housing community in the Midwest. Brett Olson of Grand- bridge's Minneapolis office ar- ranged the 15-year loan with three years of interest-only payments and a 30-year amortization sched- ule on behalf of the undisclosed borrower. The community is lo- cated one mile from a large uni- versity in the Midwest. The name of the property was not disclosed. Shared amenities include a resort- style pool, outdoor kitchens, sand volleyball court, bocce ball, fitness center, game room and rooftop terraces. WAYPOINT RESIDENTIAL ACQUIRES 576-BED COMMUNITY NEAR UNC CHARLOTTE Charlotte, N.C. — Waypoint Resi- dential LLC has acquired 901 Place, a 576-bed student hous- ing community that serves the University of North Carolina at Charlotte. The name of the seller and sales price were not disclosed. Constructed in 2000, the garden- style community features a club- house, computer room, game room, swimming pool, fitness center, yoga studio, sand volley- ball courts, tennis courts and bas- ketball courts. Waypoint plans to invest $3 million in property up- grades across unit interiors, com- mon areas and amenities. MARCUS & MILLICHAP ARRANGES $20.9 MILLION SALE OF 251-BED STUDENT HOUSING PORTFOLIO NEAR WAKE FOREST Winston-Salem, N.C. — Marcus & Millichap has arranged the $20.9 million sale of Deacon Proper- ties, a 64-home, 251-bed student housing portfolio located near Wake Forest University in Win- ston-Salem. Nate McDaniel, Allen Smith and Ian Turnbull of Mar- cus & Millichap represented the seller, Deacon Rental Properties, and procured the buyer, Mission Bay Investments, in the transac- tion. The portfolio features three- and four-bedroom homes ranging from 1,800 to 2,100 square feet. ASSET CAMPUS HOUSING AWARDED MANAGEMENT OF TWO COMMUNITIES NEAR THE UNIVERSITY OF NOTRE DAME South Bend, Ind. — Asset Cam- pus Housing has been awarded management of Campus Court and Campus View, two adjacent student housing communities lo- cated near the University of Notre Dame in South Bend. The 221-bed Campus Court offers one-, two- and three-bedroom units and the 330-bed Campus View offers one- and two-bedroom units. Each of- fers shared amenities including a yoga studio, study room, game room, fitness center, outdoor grill- ing area and volleyball, basketball and tennis courts. YOU BRING THE LEMONS. WE'LL BRING THE SUGAR. FIND OUT HOW WE CAN SWEETEN YOUR DEAL, CALL US AT 607.444.2202 • 5-STAR REPUTATION • TOP 50 ORA POWER RANKING • 98.3% OCCUPANCY • 4.1% RENT GROWTH • 12.3% NOI GROWTH • TIER 2 & 3 MARKET EXPERTS DEVELOPMENT | MANAGEMENT | ACQUISITION 607.444.2202 • WWW.NDGLIVING.COM Shared amenities at The Park on Morton — which was recently acquired by a joint venture between The Preiss Company and TH Real Estate — include a resort-style pool.

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