Student Housing Business

SEP-OCT 2018

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

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NE WS IN BRIEF September/October 2018 StudentHousingBusiness.com 10 JV ACQUIRES COMMUNITY NEAR UNIVERSITY OF GEORGIA Athens, Ga. — A joint venture between Pierce Education Properties (PEP) and TH Real Estate has acquired The Connection at Athens, an 876-bed student housing community located near the University of Georgia in Ath- ens. The garden-style property offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a resort-style pool, volleyball court and lap pool, an indoor gaming area, a lighted basketball court, tanning bed, 24-hour fitness center and outdoor grill areas. The acquisition was financed with debt provided by Regions Bank. PEP plans to further upgrade units with flat screen televisions. JOINT VENTURE ACQUIRES 924-BED COMMUNITY NEAR FLORIDA GULF COAST UNIVERSITY FOR $78.8 MILLION Fort Myers, Fla. — A joint venture between Coastal Ridge Real Estate and M Group has acquired The Reef, a 924-bed student housing community located near Florida Gulf Coast University in Fort Myers, for $78.8 mil- lion. Built in two phases in 2016 and 2017, the garden-style property of- fers fully furnished units with bed-to-bath parity. Shared amenities in- clude two resort-style swimming pools with cabanas; outdoor billiards; a fire pit; bocce ball and sand volleyball courts; a clubhouse; a 24-hour fitness center; a cyber café; and private study rooms. GREYSTONE PROVIDES $28.2 MILLION LOAN FOR COMMUNITY NEAR BRIGHAM YOUNG UNIVERSITY-IDAHO Rexburg, Idaho — Greystone has provided a $28.2 million Fannie Mae DUS loan for the acquisition of Northpoint Apartments, a student hous- ing property located near Brigham Young University-Idaho in Rexburg. Built in 2014, the 1,024-bed community offers shared amenities includ- ing a private gym, theater, music rooms and study areas. Dale Holzer of Greystone originated the loan for the undisclosed borrower. The loan car- ries a 10-year term, a fixed rate and five years of interest-only payments. STUDENT QUARTERS ACQUIRES 698-BED COMMUNITY NEAR THE UNIVERSITY OF OKLAHOMA Norman, Okla. — Student Quarters has acquired Millennium Student Apartments, a 698-bed student housing community located near the University of Oklahoma in Norman. The property offers studio, two-, four- and five-bedroom units with bed-to-bath parity. Each unit — which may be rented fully furnished — features a flat screen television, key- less entry and a patio or balcony. Shared amenities include a resort-style swimming pool, sun deck, hot tub, grilling areas, a gated pet park, study lounges, a coffee bar and pool tables. SQ Caliber, a property management joint venture between Student Quarters and Caliber Living, will manage the property. LANDMARK PROPERTIES AWARDED MANAGEMENT OF TWO COMMUNITIES NEAR FLORIDA STATE Tallahassee, Fla. — Landmark Properties has been awarded management of two student housing communities totaling 535 beds near Florida State University in Tallahassee. Both properties — named Vertex and Indigo Row — are located within a half mile of campus, and offer shared ame- nities including swimming pools and game rooms. Multi-million dollar renovations are underway at both communities, including the addition of on-site gyms; and unit updates including plank flooring, granite coun- tertops, stainless steel appliances, in-unit wine refrigerators and modern cabinets and backsplash. Landmark will provide operations support to the redevelopment process including vendor recommendations, market analysis and resident logistics. Landmark will also implement training and operations expertise at the properties to provide best-in-class cus- tomer service and increase revenue for the undisclosed, Colorado-based ownership group. TSB REALTY ARRANGES SALE OF 772-BED COMMUNITY NEAR THE UNIVERSITY OF MINNESOTA Minneapolis — TSB Realty has arranged the sale of Radius @ 15th, a 772- bed student housing community located near the University of Minne- sota in Minneapolis. The property is master-leased to the university, and offers fully furnished units. Shared amenities include a clubhouse, fitness center, community center, study rooms on every floor, a hot tub, fire pits, barbecue grills and tanning. A joint venture between Timberline Real Es- tate Ventures and Heitman LLC acquired the asset on behalf of a Heit- man affiliate from University Student Living and North Bay Companies. Pinnacle Campus Living has been tapped to manage the property. COVERING EVERY ANGLE $216,000,000 ASSISTED LIVING / NEW YORK $195,000,000 H O T E L / A R U B A $283,790,000 R E S O R T / U T A H $101,224,000 A S S I S T E D L I V I N G / N E W Y O R K $100,000,000 O F F I C E B U I L D I N G / N E W Y O R K $90,000,000 M U L T I - U S E C O M M E R C I A L / N E W Y O R K $34,490,336 M U L T I - U S E C O M M E R C I A L / N E W Y O R K $16,000,000 M U L T I - U S E C O M M E R C I A L / N E W Y O R K For more information, please contact: AmTrustTitleGroup.com AmTrust Title is backed by the financial strength of AmTrust Financial Group Services Inc. (NASDAQ AFSI), a leading multi- national insurer with a history of providing market-leading, technology-driven solutions. One Allen Center – Motiva Plaza 500 Dallas Street Suite 1360 Houston, TX 77002 832.764.8550 220 East 42nd Street 24th Floor New York, NY 10017 212.499.0100 Millennium Student Apartments, located near the University of Oklahoma in Norman, offers shared amenities including grilling areas, a sun deck and a resort-style swimming pool. Student Quarters recently acquired the property.

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