Student Housing Business is the voice of the student housing industry.
Issue link: https://studenthousingbusiness.epubxp.com/i/564824
NE WS IN BRIEF JULY/AUGUST 2015 STUDENT HOUSING BUSINESS .COM 14 TIAA-CREF ACQUIRES STUDENT HOUSING PROPERTY NEAR UNIVERSITY OF NORTH TEXAS Denton, Texas — TIAA-CREF has acquired 33º North, a stu- dent housing complex located in Denton near the University of North Texas that was developed by Fountain Residential Partners. The 427-bed property was built in 2013 and is located southeast of the university. FourPoint Student Housing Investments co-founders Chris Epp and Chris Bancroft lead the sales eforts, along with the assistance of Director Meredith Wolf. 33º North is purpose-built and leased by-the-bed, with each student (and parents as guaran- tors) responsible for the rent for their own separately locked bed- room within a multi-bedroom unit. There is a one-to-one bath- room-to-bedroom ratio and each unit has a shared kitchen and common living area. CAMPUS ADVANTAGE HIRES VP OF COMMUNICATIONS AND MARKETING Austin, Texas — Campus Advan- tage has hired Rosemary Whaling as vice president of communica- tions and marketing to help con- tinue its growth. Whaling joins Campus Advantage to lead the company's awareness-building activities, including corporate marketing, public relations and employee communications. Whal- ing joins the company with more than 20 years of consumer mar- keting and public relations experi- ence at companies such as Procter & Gamble, Dell, Commemorative Brands and Sweet Leaf Tea. MB FINANCIAL BANK PROVIDES $40 MILLION LOAN TO BLUE VISTA CAPITAL MANAGEMENT Chicago — MB Financial Bank has provided a $40.3 million construc- tion loan to Blue Vista Capital Management for the development of a 218-unit student housing de- velopment near the University of South Carolina's fagship Colum- bia campus. Located at the corner of Gervais and Harden Streets in Columbia's Five Points district, the 660-bed development will be completed in time for the fall 2016 semester. MB Financial Bank ar- ranged the fnancing and will act as administrative agent. HUNT FINANCES PURCHASE OF STUDENT HOUSING PROPERTY IN IOWA Ames, Iowa — Hunt Mortgage Group has provided a Fannie Mae loan in the amount of $6.4 million to fnance the acquisition of a stu- dent housing property located in Ames. South Meadow Apartments is a 182-unit apartment complex that is located near the campus of Iowa State University. The prop- erty consists of seven, two- and three-story buildings and the unit mix is 148 one-bedroom, one- bathroom apartments; 15 two- bedroom, one-bathroom units; and 19 three-bedroom, one-bath- room units. South Meadow Apart- ments is 100 percent occupied and has been for three consecutive semesters. The property is also fully pre-leased for the 2015-2016 school year. The borrower is South Meadow Co-Op Inc., backed by Daniel Joseph, Hagan Brown and David Raisner. The loan has a sev- en- year term that will amortize over 30 years. Property amenities include common laundry areas with coin-operated washers and dryers and each building has a courtyard with a picnic table and barbeque. Five of the seven build- ings have carports available for rent and storage is available on the lower level of these buildings. South Meadow Apartments has a total of 108 carports and 150 open parking spaces. JOINT VENTURE HOMESTEAD DEVELOPMENT PARTNERS FORMS Park City, Utah — Homestead De- velopment Partners has formed as a venture between Michael Augus- tine, Jared Miller, Evan Schwartz and Columbus Pacifc Properties. The company's focus is to develop high-caliber student housing com- munities nationwide and acquire assets through a value-add strat- egy. Target communities will be focused in tier-two and tier-three markets with a smaller empha- sis on tier-one. HELIX Starkville, Homestead's frst development, is currently under construction at Mississippi State in Starkville, Mississippi. HELIX Starkville will be 258 units comprising 802 beds in one-, two-, and four-bedroom foor plans located across the street from campus. Leasing will begin fall 2015. Two additional Homestead developments are in the planning stages. The frst is located at another southern uni- versity, while the second will be located in the Northeast. Develop- ments and value-add acquisitions will be acquired by Homestead Development Partners and man- aged by Homestead-U, an afli- ated management company based in Columbus, Ohio. MJW INVESTMENTS BUYS GATEWAY AT LUBBOCK NEAR TEXAS TECH Lubbock, Texas — MJW Invest- ments has acquired Gateway at Lubbock, a Class A, 744-bed stu- dent housing property located near Texas Tech University in Lubbock. Amenities at Gateway at Lubbock include a 4,326-square- foot water oasis made up of three swimming pools and a Jacuzzi. The community also features a 9,204-square-foot deck with ca- banas, lounge areas and free Wi-Fi. Gateway at Lubbock is the most recent acquisition associated with the $200 million student housing value-add fund established by MJW Investments. Other recent transactions have included 810 beds at Liberty Square Apartments at Brigham Young University, 301 beds at 2900 Place Apartments at Michigan State University and 405 beds at Cougar Ridge Apartments at Washington State University. MJW Investments closed escrow on Gateway at Lubbock in June. Drowning In Mail and Packages? SM 60,000+ BEDS PER DAY NATIONWIDE Solved That! uspostalsolutions.com | 866-378-8157 Get Full Access To 33º North near the University of North Texas in Denton, Texas, is purpose-built and leased by-the-bed.