Student Housing Business

MAR-APR 2015

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

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MARCH/APRIL 2015 STUDENT HOUSING BUSINESS .COM 10 NE WS IN BRIEF Floor plans at Millennium Apartments in Norman, Okla., come with a furniture package and provide students with layouts that offer each resident space as well as privacy. GREYSTAR AWARDED MANAGEMENT OF MILLENNIUM APARTMENTS IN OKLAHOMA Norman, Okla. — Real Capital Solutions has awarded Greystar Student Living the management of Millennium Apartments, a new development located in Norman. The 698-bed, purpose-built student housing com- munity is located on the southeast side of the University of Oklahoma. Millennium is located near Gaylord Family-Oklahoma Memorial Stadium and OU's Everest Training Center. The fve-story gated commu- nity is being developed by Park Green Living and offers a variety of stu- dio, two-, four-, and fve-bedroom apartment homes ranging in size from 375 to 1,705 square feet of living space. Floor plans come with a furniture package and provide students with layouts that offer each resident space as well as privacy. Interior fnishes include granite countertops, stainless steel appliances, kitchen islands, custom cabinetry and wood-style foor- ing. Apartment homes include features such as 48-inch fat screen TVs, built-in USB outlets, high-speed Wi-Fi access in all units, walk-in closets, full-size washers and dryers, and balconies. Millennium will offer a bike- sharing program, a private shuttle to and from campus, individual study lounges, a tech lounge, Wi-Fi access throughout the property, a state-of- the-art ftness center and tanning beds. Other gathering spaces include a luxury resort-style pool, a large community park with disc golf and mini soccer feld, sand volleyball courts, a bark park, courtyard with a fre pit feature and grilling stations. The community will welcome frst move-ins starting fall 2015. Construction is being performed by Parkcrest Builders of Houston. LUTZ AND HARRISON STREET BUY UNIVERSITY MEADOWS AT CENTRAL MICHIGAN UNIVERSITY Mount Pleasant, Mich. — A joint venture between Lutz Real Estate Investments and Harrison Street Real Estate Capital has acquired University Meadows, a student housing community adjacent to Central Michigan University in Mount Pleasant. This purchase is the sev- enth student housing community acquired by the group. University Meadows consists of 616 beds and offers an amenity package including washers/dryers in every unit, a sand volleyball court, basketball court, business center, a resort-style swimming pool with a hot tub, a recreation room and ftness center. It is located within walking distance to CMU's campus and nightlife. Constructed in 1999, University Meadows recently received a signifcant capital infusion in interior upgrades: new black appliances, hardwood-style fooring throughout the common areas, and new leather-style furniture. According to Lutz, the property has been more than 95 percent occupied for the past fve years. Over the past three years, Lutz and Harrison Street have acquired more than 2,800 beds at fve major universities around the country. THE MARK Consulted on mezzanine fi nancing for the construction of a 303-unit, 919-bed student housing complex near the University of Georgia in Athens. T is transaction marked TSB's second closing in the Landmark Properties-AIG Global Real Estate partnership. Consulted on joint venture partnership and construction fi nancing for the development of a 389-unit market rate multifamily residential community in Pittsburgh, Pennsylvania. T is transaction marked TSB's fi fth closing with Ambling University Development Group and continued the company's successful relationship with Kayne Anderson Real Estate Advisors. STERLING FRISCO Consulted on acquisition fi nancing for a 219-unit, 640-bed student housing complex near the University of Arkansas in Fayetteville. T is transaction marked TSB's fi rst closing with GMH Capital Partners. SKYVUE

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