Student Housing Business is the voice of the student housing industry.
Issue link: https://studenthousingbusiness.epubxp.com/i/616872
NE WS IN BRIEF NOVEMBER/DECEMBER 2015 12 CORVIAS TO PARTNER WITH GILBANE FOR ON-CAMPUS STUDENT HOUSING CONSTRUCTION Cary, N.C. — Corvias Campus Living has partnered with Providence, Rhode Island-based Gilbane Building Co., who will provide construc- tion services for some of Corvias's on-campus student housing projects nationwide. Institutions such as the University System of Georgia have contracted with Corvias to provide modern on-campus student housing. Corvias was selected by the Board of Regents of the University System of Georgia for a $548 million student housing partnership to develop 3,753 beds and manage 6,195 beds for nine campuses across Georgia for the next 65 years. This partnership is the frst time a public university system has privatized a portfolio of campuses. "Gilbane has built approximately $13 billion worth of higher education projects and is currently working on 55 college campuses in approximately 40 states," says Kurt Ehlers, managing director of Corvias. "Aligning with a construction company of their caliber will allow Corvias to scale faster to meet the growing demand for our innovative student housing partnership model." STERLING BUYS SITE NEAR TEXAS A&M; College Station, Texas — Sterling University Housing, the student hous- ing division of The Dinerstein Cos., has acquired a development site near Texas A&M; University. Located near campus in the Northgate area, Sterling Northgate will open in August 2017. Construction will break ground this month. Dinerstein is pursuing LEED Silver certifcation. The property will consist of 750 beds and offer one, two, four and fve bed- room foor plans. Planned amenity offerings include a rooftop pool and hot tub overlooking campus and Kyle Field, fully furnished residences, and a multi-functional social lounge including a game room, cyber café, ftness center and private study rooms. RREEF BUYS UNIVERSITY OF GEORGIA OFF-CAMPUS PROPERTY FOR $27 MILLION Athens, Ga. — RREEF Property Trust Inc. has acquired The Flats at Carrs Hill, a Class A 138-unit, 316-bed student housing community located within walking distance of the University of Georgia, for $27 million. The fully leased property offers an amenity package including a full-size, indoor basketball court, multiple lounges, resort-style pool, 24-hour ft- ness center and on-site parking. The property is located less than a quar- ter-mile from the University of Georgia campus and less than one mile from Sanford Stadium. The university recently approved an expansion of the North Oconee River Greenway trail, a 3.65-mile walking and bik- ing path that will provide residents direct pedestrian access to additional parts of campus. Travis Prince, managing director with Tampa, Florida- based Colliers International Student Housing, brokered the transaction. "A newer asset in a pedestrian location at a major SEC school attracts a lot of interest," Prince told SHB. "RREEF was excited about the quality and location of the asset and recognized some opportunity to add value early in the hold period. They were a great buyer, going from price agree- ment to closing inside of 40 days." COLLIERS ARRANGES SALE OF THE GROVE AT SAN ANGELO IN TEXAS San Angelo, Texas — Colliers International has closed the sale of The Grove at San Angelo, a 504-bed, 192-unit student housing property that serves the students of Angelo State University. Chicago-based Harrison Street Real Estate Capital sold the property to Franktown, Colorado- based Monarch Investment Management Group LLC. Dorothy Jackman, managing director; Travis Prince, managing director; and Sean Baird, associate, of Colliers' Student Housing Group represented the seller. The Grove at San Angelo is located less than two miles from campus, and has two- and three-bedroom apartments with private bedroom-bathroom suites. All apartments are fully furnished and feature full kitchens and in-unit laundry. Other amenities include study spaces, a clubhouse with game room and coffee bar, 24-hour on-site management, basketball and sand volleyball courts, 24-hour ftness center, swimming pool and fre pit. Members of AGC, ABC, CFMA, UCON and NAWIC Associations PentaRisk.com INSURING YOUR SUCCESS ™ With decades of experience insuring large construction projects, PentaRisk is expanding to include specialty products specifc to the unique needs of the student housing industry. PentaRisk is your one-stop brokerage frm for advanced construction risk management and insurance solutions. Because what you may not know about insuring student housing can hurt you. ...the PentaRisk Way. Judson King Stewart 205-533-0677 jstewart@pentarisk.com Selina Simpson 205-572-9858 ssimpson@pentarisk.com