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 STUDENT HOUSING BUSINESS .COM 18 STUDENT HOUSING MIDWEST R E A L E S T A T E B R O K E R A G E I N T H E triadrepartners.com RYAN TOBIAS SEAN LYONS SHAUN BUSS NICK GRIFFIN DANE OLMSTEAD TRIAD REAL ESTATE PARTNERS 1st BEDS SOLD TOTAL TRANSACTION VOLUME MIDWEST MARKET SHARE SINCE 2013 POS NAME MARKET BEDS PRICE STATUS MI Block 36 Michigan State University 433 $13.3 M Closed MI Wolf River Portfolio Michigan State University 195 $15.2 M Closed IL Uptown Crossing Illinois State University 210 $27.6 M Closed IL Campus Pointe & Manor Western Illinois University 639 $22.9 M Closed TN The Reserve at Martin University of Tennessee at Martin 384 $10.1 M Closed MI Hunters Ridge Michigan State University 342 $14.3 M Closed IN Village Promenade Ball State University 522 Subject to Market Available IL Star Properties Portfolio NIU, SIU & WIU 2,341 Subject to Market Available TOTAL BEDS SOLD IN 2015 : 4,286 CATEGORY VALUE TOTAL BEDS SOLD 4,286 MIDWEST MARKET SHARE 27.2% TOTAL TRANSACTIONS 12 TOTAL SALES VOLUME $237,200,000 Search BERKADIA ARRANGES $48 MILLION FINANCING FOR STUDENT HOUSING PROPERTY NEAR VIRGINIA TECH Blacksburg, Va. — Berkadia has arranged a $48 million loan for The Edge Apartment Homes, a newly constructed student housing property near Virginia Tech in Blacksburg. John Reed of Berkadia secured the 20-year, fxed-rate loan on behalf of the borrower, Related Properties I LLC, an affliate of SAS Builders Inc., through a life insurance company. The fully occupied, 252-unit property features two-, three- and four-bedroom apartments and townhomes. Units are fully furnished and contain a washer and dryer. Amenities at the center include high-speed Internet, a ftness center, yoga room, student center, heated swimming pool, picnic area and a two-story clubhouse. NAI AVANT ARRANGES SALE OF NEWLY CONSTRUCTED STUDENT HOUSING NEAR CLEMSON Clemson, S.C. — NAI Avant has brokered the sale of Pineherst Student Apartments near Clemson University for $8.18 million. NAI Avant Senior Investment Broker Dail Longaker represented Pineherst LLC in the sale. The 96-bed development has been described as "walk-to- campus" and was 100 percent leased prior to completion of construction. OGDEN & CO. ARRANGES SALE OF MARQUETTE OFF-CAMPUS APARTMENT BUILDINGS FOR $6.9 MILLION Milwaukee — Ogden & Co. has arranged the sale of four apartment buildings and a parking lot near Marquette University for $6.85 million. Brokers Michael Seramur and David Tighe of Ogden & Co. represented the seller, Wiegand Investments. Brokers Brett Garceau and Timothy Janusz of MLG Commercial represented the buyer, Charles Tunkieicz Farms Inc. The properties will be professionally managed by Ogden & Co. Inc. HARRISON STREET TO BUY CAMPUS CREST FOR $1.9 BILLION Chicago — Campus Crest Communities Inc. has agreed to be purchased by Harrison Street Real Estate Capital LLC for $1.9 billion, including debt. The acquisition, valued at $7.03 per share, includes $6.90 in cash per share and the net proceeds from Campus Crest's sale of two Montreal properties in which it shared a joint venture interest. Aaron Halfacre, president of Campus Crest, told Student Housing Business, "We are pleased to have brought the strategic review process to a successful conclu- sion. It was a long and thorough endeavor, resulting in a meaningful premium to the recent share price. [The sale] is also an important event for the student housing industry as it highlights the large amount of institutional investor capital attracted to the sector," said Halfacre. According to Dorothy Jackman, managing director of Colliers International's national student housing group, "I personally think this is a good outcome for both Campus Crest and Harrison Street. Clearly, Harrison Street has tremendous experience in student housing, with established, highly competent leadership, and Campus Crest brings some highly valuable real estate into the fold. I expect the result will be increased stock value and improved operations at the property level, and another positive story for our industry," she said. The boards of both companies have approved the transaction, which is expected to close during the frst quarter of 2016. Moelis & Co. is fnancial adviser to Campus Crest, and Kilpatrick Townsend & Stockton LLP is the com- pany's legal adviser. Raymond James and Associates is the fnancial adviser to Harrison Street, and DLA Piper LLP is its legal adviser. Christopher Merrill, President & CEO, Harrison Street