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 8 EDR STOCKHOLDERS APPROVE $4.6 BILLION ACQUISITION BY GREYSTAR Charleston, S.C. — The proposed $4.6 billion acquisition of EdR by GSH- GIF REIT, an affiliate of Charleston-based Greystar, has been approved by the company's stockholders. A special meeting of EdR's stockholders was held, at which 99.9 percent of votes were cast in favor of the acquisition. Attendees represented 83.95 percent of EdR's total outstanding shares of common stock as of Aug. 10. Under the terms of the agreement, each share of EdR common stock and each unit in Education Realty Operating Partnership LP and University Towers Operating Partnership LP will be converted automatically into the right to receive a cash payment of $41.50 per share or unit. This price represents a premium of 13.6 percent over the May 31 closing share price, the last day before rumors of the sale were published. The acquisition closed on Thursday, Sept. 20. CAMPUS ADVANTAGE ACQUIRES SIX PROPERTIES Austin, Texas — Austin-based Campus Advantage has acquired six stu- dent housing properties totaling 1,910 beds in a joint venture with a ma- jor state pension fund. Acquisitions include Evolve Auburn near Auburn University in Alabama; The Flats near Illinois State University in Normal, Illinois; Uncommon Eugene near the University of Oregon in Eugene; Evolve Knoxville near the University of Tennessee in Knoxville; and Identity and LIV, two properties located near the University of Wash- ington in Seattle. The properties are located within walking distance of their respective campuses, and offer a variety of floorplans ranging from studios to five-bedroom units. "This acquisition marks the end of a suc- cessful investment period on our joint venture, and we look forward to delivering strong returns to our partners," says Michael Orsak, execu- tive vice president of investment for Campus Advantage. "We also look forward to establishing new relationships and replicating the successful track record we have built over the last 10 years." CBRE ARRANGES SALE OF 464-BED COMMUNITY NEAR THE UNIVERSITY OF TEXAS AT AUSTIN Austin, Texas — CBRE has arranged the sale of Aspen Heights West Cam- pus, a 464-bed student housing property located three blocks from the University of Texas at Austin. The 17-story community features a pool, fit- ness center, private study areas, lounges and community kitchens. A joint venture between The Preiss Co. and TH Real Estate purchased the asset from Austin-based Aspen Heights Partners, which developed the prop- erty, for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE brokered the sale. Ben Roelke and Ian Walker of CBRE arranged a five- year, fixed-rate acquisition loan through Northwestern Mutual for the transaction. The loan featured a sub-4 percent interest rate. JOINT VENTURE ACQUIRES 282-BED COMMUNITY NEAR UTAH VALLEY UNIVERSITY Orem, Utah — A joint venture between Millstream Partners and Redstone Residential has acquired Summerwood Condos, a 282-bed community located near Utah Valley University in Orem. The property was built in 2003, and is set to undergo a complete renovation and rebranding. Unit in- teriors will be updated with new furniture and appliances; new flooring; fresh paint; quartz countertops; and a gigabit Internet upgrade. Exterior upgrades will include the addition of a new fitness center and clubhouse; a triple-decker hot tub; fire pit; and refreshed outdoor living amenities. The property was purchased under a Freddie Mac green program. In ac- cordance, the new ownership will be installing equipment to reduce wa- ter consumption by over 50 percent, and will install solar panels to offset common area electric expenses. The seller in the transaction, and a time- line for renovations were undisclosed. The University of South Florida For 28 years student housing has been our focus. From Boston to Tampa to Seattle, we are partnering with colleges and universities nationwide to develop new housing communities for their campuses. Whether you are seeking to bring housing to your campus for the first time or want to create a mixed-use residential village we will work with you to creatively finance and deliver student housing that achieves your campus goals. www.capdevpartners.com Developing Housing Communities for Students to . . . LIVE. LEARN. PLAY. THRIVE.

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