Student Housing Business is the voice of the student housing industry.
Issue link: https://studenthousingbusiness.epubxp.com/i/564824
PEAK CAMPUS ADDS 2,175 BEDS TO MANAGEMENT PORTFOLIO Atlanta — Peak Campus has ex- panded its management portfolio in recent months with the addition of 2,175 beds located in Georgia, Tennessee and Texas. The Redland, formally known as The U Athens, is located in Athens, Georgia. Peak worked with ownership to over- see a multi-million dollar capital improvement strategy on the 495- bed property, which serves stu- dents at the University of Georgia. CastleRock at Denton, formerly known as Campus Park Denton, is located in Denton, Texas, serving the students of the University of North Texas. The 564-bed property is currently underway with capital improvements, including renova- tions in units, refreshed building exteriors and newly expanded amenity areas. College Grove, in Murfreesboro, Tennessee, features 864 beds of purpose-built student housing for the students at Middle Tennessee State University. Peak Campus was hired to improve pre-leasing, occupancy and opera- tions for the project. Savoy Apart- ments, located in Houston, Texas, provides 240 beds for the students at the University of Houston and Texas Southern University. AUDG REBRANDS AS RISE: A REAL ESTATE COMPANY Valdosta, Ga. — Ambling Univer- sity Development Group has re- branded itself as RISE: A Real Es- tate Company. The company's name, which is short for Reasonable and Reliable, Inspired and Impactful, Serve and Simplify, Experienced and Em- powering, defnes its mission and incorporates the attributes team members follow. RISE's executive team has more than 75 years com- bined experience. Over the past 20 years, the team has overseen the development of more than 70 proj- ects in 21 states, totaling more than 15 million square feet and valued at more than $2.3 billion."While we have a new name and brand, we will continue to deliver the same quality products our clients have come to know and expect," says Ryan Holmes, CEO of RISE. "The way we conduct business is not changing. Our tradition of de- veloping and managing the high- est quality on-campus housing and multifamily assets will con- tinue as it has since 1995." TRIAD ARRANGES $27.6 MILLION SALE OF MIXED-USE PROPERTY NEAR ILLINOIS STATE Normal, Ill. — Triad Real Estate Partners has arranged the $27.6 million sale of Uptown Crossing, a 135-unit, 210-bed mixed-use student housing property located near Illinois State University in Normal. The Class A asset was constructed in 2010 and is located across the street from Illinois State University (ISU). The property features an underground park- ing garage, apartments on the top foors and 56,000 square feet of commercial space on the frst two foors with CVS and ISU as anchor tenants. The seller is a re- gional developer who assembled the land and developed the prop- erty in 2009. The buyer is The Mareau Group, based in Plano, Texas. Mareau has hired Cardinal Group to manage the asset and their portfolio. The fnal sale price represents a capitalization rate of 6.75 percent. The Class A asset Uptown Crossing was constructed in 2010 and is located across the street from Illinois State University. c o l l i e r c o m p a n i e s . c o m PERFORMANCE DRIVEN A S a L E A D e r i n s t u d e n t h o u s i n g m a n a g e m e n t, w e a r e f i n e t u n e d , f o c u s e d o n t h e r o a d a h e a d , a n d w i n n i n g i s t h e o n ly o p t i o n . NE WS IN BRIEF JULY/AUGUST 2015 STUDENT HOUSING BUSINESS .COM 16