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 14 TSB REALTY ARRANGES SALE OF 912-BED COMMUNITY NEAR WEST VIRGINIA UNIVERSITY Morgantown, W.Va. — TSB Re- alty has arranged the sale of The Domain at Town Centre, a 912- bed student housing community located near West Virginia Uni- versity in Morgantown. A joint venture between Greystar and The Carlyle Group purchased the property from an undisclosed sell- er. Randall Calvert of TSB Realty brokered the transaction. Built in 2012, the property offers one-, two-, three- and four-bedroom units with bed-to-bath parity. Community amenities include a resort-style swimming pool and poolside cabana; a dog park; out- door grilling stations and an out- door fire pit; a hammock lounge; a 24-hour fitness center; a coffee bar; stand-up tanning booths; pri- vate study rooms; lighted basket- ball and sand volleyball courts; a clubhouse; a computer lounge; and horseshoe pits. NB PRIVATE CAPITAL ACQUIRES 440-BED COMMUNITY NEAR THE UNIVERSITY OF CINCINNATI Cincinnati — NB Private Capital, a successor to Nelson Brothers Pro- fessional Real Estate, has acquired CP Cincy, a 440-bed student hous- ing community located near the University of Cincinnati in Ohio. The property was fully occupied at the time of sale, and offers two-, three- and four-bedroom units. Shared amenities include a swimming pool, full recording studio, Pilates room, fitness cen- ter, stand-up tanning beds and a gated parking garage. The prop- erty was offered in a Delaware Statutory Trust structure and eli- gible for 1031 investors. The initial total offering price to investors for the property was $30.7 million, of which approximately $13.2 mil- lion came from investor equity. HARRISON STREET ACQUIRES 318-BED RESIDENCE HALL AT ARIZONA STATE UNIVERSITY POLYTECHNIC Mesa, Ariz. — Harrison Street Real Estate Capital has acquired Century Hall, a 318-bed residence hall located on the Arizona State University Polytechnic campus in Mesa, for $27 million. Built in 2012, the community is located at the heart of campus adjacent to the university's student union building and dining and recre- ational facilities. The property of- fers shared amenities including two multi-purpose rooms, a resi- dent community kitchen, group study rooms, student activity lounges on each floor, and on-site classroom space. Capstone Man- agement Partners will manage the property in collaboration with the university. "We are excited to part- ner with Arizona State University and support the university's ef- forts to provide their students with much needed high-quality student accommodations," says Christopher Merrill, CEO of Har- rison Street. PEAK CAMPUS AWARDED MANAGEMENT OF 344-BED DEVELOPMENT NEAR MISSOURI STATE Springfield, Mo. — Peak Campus has been awarded management of The Vue on Walnut, a 344-bed student housing development currently under construction near Missouri State University in Springfield. The property is set to open in August 2019 and will offer studio, one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a package concierge; a 24-hour fitness center with complimentary indoor/ outdoor yoga sessions; a swimming pool with surrounding cabanas; pri- vate study rooms; a pet spa; and a coffee bar. The Vue on Walnut is set to open in August 2019 near Missouri State University in Springfield. Peak Campus was recently awarded management of the under-construction property.

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