Student Housing Business is the voice of the student housing industry.
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TRIAD ARRANGES $14 MILLION SALE OF COMMUNITY NEAR MICHIGAN STATE East Lansing, Mich. — Triad Real Estate Partners has arranged the $14 million sale of The Hunters Ridge Apartments, a 170-unit mul- tifamily property located in East Lansing. The Hunters Ridge com- plex was originally constructed in 2006 and is located 3.5 miles north of Michigan State University. The seller was East Lansing-based Atlantis Development Group and the buyer was Champaign, Ill.-based Regency Consolidated Residential. The new owner will continue to operate the stabilized asset as a combination student and multifamily property. The f- nal sales price refected a price per unit of $83,625. THE SCION GROUP BUYS SEVEN STUDENT HOUSING COMMUNITIES FROM ACC FOR $175 MILLION Chicago — The Scion Group has acquired seven communities from American Campus Communities (ACC) in a transaction valued at approximately $175 million. The 5,096-bed portfolio includes prop- erties serving students at James Madison University, the Univer- sity of Florida, the University of Georgia and the University of Ten- nessee. Scion plans to reposition the properties through the invest- ment of $16 million in upgrades across the portfolio, complement- ed by a rebranding program to highlight the physical improve- ments. Peter Katz of Institutional Property Advisors advised ACC on the transaction. Scion's portfo- lio now comprises nearly 24,000 beds, including more than 21,000 owned and operated beds at 21 campuses in 14 U.S. states. The portfolio includes three communi- ties located in Harrisonburg, Vir- ginia, serving students at James Madison University, formerly called South View, Stone Gate and Campus Edge. Scion has re- branded the three communities under a new unifed brand, The Hills of Harrisonburg. The acqui- sition includes a 1,044-bed com- munity in Gainesville, serving students at the University of Flor- ida. Formerly called The Estates, the property is situated less than a mile from the center of campus and adjacent to several other stu- dent housing communities. Scion is planning comprehensive apart- ment and common-area upgrades and is rebranding the community as West 20. The portfolio includes two communities in Athens, serv- ing students at the University of Georgia. Formerly called Lakeside and The Club, Scion will invest in interior and exterior improve- ments and is rebranding the com- munities together as The Park at Athens. The acquisition includes a community in Knoxville serv- ing students at the University of Tennessee. The former University Heights has views of both the uni- versity and downtown Knoxville, and Scion intends to upgrade and rebrand as The Heights of Knox- ville. LUTZ REAL ESTATE EXPANDS STUDENT HOUSING MANAGEMENT TEAM Birmingham, Mich. — Lutz Real Estate Investments (LREI) has hired Ashley Lanagan as market- ing coordinator and Jacob Timmis as an analyst. Both Lanagan and Timmis will be based in LREI's corporate headquarters in Bir- mingham. Lanagan is responsible for developing, coordinating and executing the marketing program for LREI's growing student hous- ing ownership/management company. She will work with the on-site management/leasing teams to create marketing initia- tives, coordinate an online market presence, plan special events at the properties and manage social media outlets. Timmis is respon- sible for providing support to senior management in oversee- ing the operations of the frm's real estate portfolio. This support includes strategic planning, risk management, operations report- ing, fnancial analysis and inves- tor communication. STARKVILLE Consulted on joint venture partnership and construction fi nancing for development of a 258-unit, 802-bed student housing complex near Mississippi State University in Starkville, Mississippi. T is transaction marked the fi rst closing in the Homestead Development Partners and Columbus Pacifi c Properties venture. Consulted on permanent fi nancing for a 550-unit market rate multifamily residential community in Schaumburg, Illinois. T is transaction marked TSB's fi rst closing with First Realty Company. NINE AT LOUISVILLE Consulted on joint venture partnership for development of a 105-unit, 385-bed student housing complex near the University of Louisville in Louisville, Kentucky. T is transaction marked TSB's fi rst closing with 908 Development and continued the company's successful relationship with Harrison Street Real Estate Capital. AUTUMN CHASE The Hunters Ridge complex in East Lansing, Mich., was originally constructed in 2006 and is located 3.5 miles north of Michigan State University. NE WS IN BRIEF JULY/AUGUST 2015 STUDENT HOUSING BUSINESS .COM 10