Student Housing Business is the voice of the student housing industry.
Issue link: https://studenthousingbusiness.epubxp.com/i/488341
NE WS IN BRIEF MARCH/APRIL 2015 STUDENT HOUSING BUSINESS .COM 16 Fannie Mae|Freddie Mac|HUD|CMBS|Bridge|Life Company www.walkerdunlop.com Focused On YOU California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight. Commercial Real Estate Finance COLLIERS ARRANGES SALE OF AVENUE EAST AT OKLAHOMA STATE UNIVERSITY Stillwater, Okla. — Colliers International Student Housing Group has closed the sale of Avenue East (formerly The Grove at Stillwater), a 612-bed, 206- unit student housing com- munity near Oklahoma State University. The sellers were Campus Crest Communities and Harrison Street Real Estate Capital. The property was purchased by Avenue East Apartments LLC, an affliate of The Scion Group. Dorothy Jackman, Travis Prince and Sean Baird of Colliers International Student Housing Group represented the seller, with local support from Patrick Coates of Coates Commercial Properties in Tulsa, Oklahoma. Avenue East, located exactly one mile from Oklahoma State, has one- to four-bedroom apart- ments plus three-story townhomes, most with private bedroom-bath- room suites. All apartments are fully furnished and equipped with full kitchens and in-unit laundry. The Scion Group has announced a $1.4 mil- lion repositioning project to improve apartment interiors, in connection with a rebranding that took place upon acquisition. Property amenities also include bus service to Oklahoma State seven minutes away, meeting and study spaces, a clubhouse with game room and coffee bar, 24-hour on-site management, tanning beds, basketball and sand volleyball courts, 24-hour ftness center, a swimming pool and a hot tub. GMH ACQUIRES STERLING FRISCO NEAR UNIVERSITY OF ARKANSAS Fayetteville, Ark. — GMH Capital Partners has made the frst acquisition of its new joint venture with Principal Real Estate Investors. GMH pur- chased Sterling Frisco, a LEED-Gold certifed, Class A student housing community located near the University of Arkansas consisting of 219 units and 640 bedrooms, each with its own private bathroom. Sterling Frisco has convenient access to both the university's campus and down- town Fayetteville. The property features amenities including a 24-hour ftness center, computer lab, study lounges, pool with cabanas, a roof-top deck and a secured parking garage. Each of the units has its own washer and dryer as well as cable and Internet included. GMH also plans on adding a variety of other upgrades including increased bandwidth, Wi-Fi in all student living areas, enhanced cable package with digital HD service and DVRs, upgraded card access and video surveillance system, as well as additional outdoor living features to the pool patio and roof- top terrace. PEAK CAMPUS HIRES ALLISON WEBER AS VP OF MARKETING Atlanta — Peak Campus Management has hired Allison Weber as vice president of marketing. In this role, Weber will provide platform-level, as well as asset-specifc, direction of marketing and leasing strate- gies for the Peak's growing management portfolio. She will also have responsibility for brand guardianship initiatives, interactive marketing programs, and oversight of media planning, advertising and corporate communications. Weber worked 10 years at Bell Partners Inc., during which she served in all on-site operations and regional marketing posi- tions, ultimately overseeing all marketing facets related to acquisitions and dispositions for nearly $7 billion of transactions. Avenue East has one- to four-bedroom apartments plus three-story townhomes, most with private bedroom-bathroom suites.