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 20 Chicago — The Scion Group has completed three simultaneous acquisitions of student housing communities from three separate sellers in a transaction exceeding $100 million in value. The newly acquired properties, totaling 2,293 beds, serve the University of South Carolina, Oklahoma State University and Louisiana State University. Woodlands of Columbia is a 1,209- bed community in Columbia, South Carolina, serving the University of South Carolina. The property is located approximately 2.5 miles from campus in a large cluster of student housing that includes 260 townhomes and 130 apartments ranging from 1,200 to 1,900 square feet. The development was built in 2009. Scion purchased the property from the developer. Avenue East, formerly The Grove at Stillwater, is a 612-bed property in Stillwater, Oklahoma, serving Oklahoma State University. The community is located exactly one mile from the OSU campus. It was built in 1999 and redeveloped in 2012, including construc- tion of new amenity facilities and the addi- tion of nearly half of its 206 apartments and townhomes. Immediately upon acquisition, Scion rebranded the community and began a $1.4 million repositioning program, including apartment upgrades expected to be completed by fall 2015. The seller was a joint venture between a public REIT and a private equity fund. University Edge is a 472-bed commu- nity in Baton Rouge, serving Louisiana State University. The property, completed in 2013, is a three- and four-story pedestrian infll devel- opment located a half-mile from the LSU cam- pus and close to the university's new Water Research Campus. The 147 apartments offer a mix of unit types, all with private bedroom- bathroom suites. Scion purchased University Edge from the property's developer and will rebrand the community in fall 2015. northmarq.com $10,125,000 Greenwich Green SIZE: 180 UNITS CITY: GAINESVILLE, FL LENDER: FANNIE MAE DUS $51,635,000 Chase Village SIZE: 536 UNITS CITY: EUGENE, OR LENDER: FREDDIE MAC Visit us online or call 952.356.0080 to learn more. 35 Offces Coast-to-Coast Delivering Superior Student Housing Capital Solutions $21,000,000 The Preserve at San Luis Apartments SIZE: 190 UNITS CITY: TALLAHASSEE, FL LENDER: LIFE COMPANY Woodlands of Columbia is a 1,209-bed community in Columbia, South Carolina, serving the University of South Carolina. SCION ACQUIRES THREE COMMUNITIES OF 2,300 BEDS FOR OVER $100 MILLION PREISS ACQUIRES VISTA HOUSING COMPLEX AT UNIVERSITY OF DENVER Denver — The Preiss Co. has acquired, in a joint venture, The Vista, a student housing complex located directly across from the University of Denver. The 286-bed property was purchased for an undisclosed amount by the joint venture comprised of Preiss, Baltimore-based Criterion Holdings LLC as the general partner, and a separate private investment group. Preiss will oversee the property's operations, as well as an upgrade to the facilities. The Vista is one of only two purpose-built student housing com- plexes serving the University of Denver. Plans call for investing approximately $500,000 to include state-of-the-art Internet bundled servic- es, clubhouse and common area upgrades and enhancements to the multiple vistas overlook- ing Denver's Rocky Mountain range. The nine- story complex features a computer lab, business center with study rooms, clubhouse with televi- sion, outdoor television and pool table, ftness center, stand-up tanning bed, bocce ball court, outdoor fre pit and bike storage. The complex consists of fully furnished two-, three- and four- bedroom apartments.