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NE WS IN BRIEF NOVEMBER/DECEMBER 2015 STUDENT HOUSING BUSINESS .COM 8 CBRE ARRANGES $75 MILLION FINANCING FOR STUDENT APARTMENTS NEAR NORTH CAROLINA STATE UNIVERSITY Raleigh, N.C. — CBRE Capital Markets' debt and structured fnance team has arranged a $75 million loan for the Stanhope Student Apartments, a fve-story, 300-unit, 822-bed, mixed-use student housing facility located adjacent to North Carolina State University's main campus in Raleigh. A joint venture led by managing partner Kane Realty Corp. developed the property. The property features nine-foot ceilings, a saltwater pool, two-story health club, cyber-lounge, art studio, tanning beds, two-story game room and ground-foor retail. Deck parking is provided for ten- ants on the same foor as their unit. Apartments contain a full washer/ dryer, en-suite full bathrooms in each bedroom, granite kitchen counters, large-screen TV, wood foors and more. Mark Fisher and Alex Furnary, of CBRE's midtown Manhattan offce, along with David Meese and Tom Kobus, of CBRE's Pittsburgh offce, facilitated the fnancing on behalf of the borrower. CBRE secured a 20-year, fxed-rate, non-recourse loan from one of its correspondent lenders, AIG Investments. The loan was com- mitted without any tenants in occupancy and closed with some retail space still to-be-leased. (Half of the retail space is leased to CVS). UNIVERSITY HOUSE BUYS THE STANDARD BATON ROUGE Baton Rouge, La. — University House Communities (UHC) has pur- chased the purpose-built student housing community currently known as The Standard Baton Rouge near Louisiana State University from Landmark Properties and will rebrand it University House. The fve- story, 287-unit property features 847 beds with one-, two-, three-, four- and fve-bedroom foor plans that are fully furnished. Each bedroom has its own bathroom, and the units include 42-inch fat screen TVs, granite countertops, stainless steel appliances and full-size washers/dryers. Penthouse units are also offered, including rooftop patios with views of the LSU campus. The community sits at the northern edge of LSU's cam- pus within walking distance to most LSU classrooms, the student union, Tiger Stadium and the Pete Maravich Assembly Center. In addition, the property features a rooftop lounge with a resort-style swimming pool, fre pits and hot tub that overlook Tiger Stadium, as well as a second, ground-foor resort-style pool with outdoor grilling and added fre pits. The community has a ftness center, yoga/spin studio, 12,000-square- foot clubhouse, game room with fat-screen televisions, golf simulator, computer center and study rooms. Institutional Property Advisors repre- sented Landmark in the transaction. A local publication reported the sale price as $108 million, or $378,000 per unit. GREYSTAR AWARDED MANAGEMENT OF THE BLAKE APARTMENTS Savannah, Ga. — CampusWorks has awarded Greystar Student Living the management of The Blake, a new student housing community under development in Savannah. The 270-bed development will include underground parking and frst-foor retail space. The Blake will be developed on a 1.12-acre site close to the historic downtown and less than a mile away from Savannah College of Art and Design. The com- munity will offer one- to fve-bedroom foor plans ranging in size from 600 to 1,986 square feet. Floor plans will be fully furnished and include 42-inch cabinets with granite countertops, wood-style plank fooring, designer lighting and upgraded fxtures. Apartments will incorporate features such as kitchen pantries, private bathrooms with every suite, walk-in closets, washers and dryers in each unit, and nine- to 10-foot ceilings. Community amenities will include a clubhouse with a reception lobby, studio space, a ftness center and tanning beds. Complimentary Wi-Fi will be available throughout the property and study lounges will be situated on each foor. Residents have access to the rooftop lounge and two courtyards featuring a resort-style swimming pool surrounded by a 5,000-square-foot terrace, private cabanas, DJ booth, grilling stations and fre pits. The secured access community will offer a cycle center as well as on-site bicycle storage. The Blake is a joint-venture partnership with Kaplan Residential and The McKinney Fund & Co. Construction is expected to be completed by fall of 2016. CARDINAL GROUP MANAGEMENT TO MANAGE 9SEVENTY NEAR THE UNIVERSITY OF COLORADO AT BOULDER Boulder, Colo. — Cardinal Group Management has been awarded the management of 9Seventy in Boulder, located on the east side of the University of Colorado at Boulder. The property is comprised of 138 units across fve, four-story buildings. 9Seventy offers studio, one-, two- and three-bedroom apartment homes. The community will have a resident clubroom with kitchen, outdoor grilling area, views overlooking Chataqua Park and the Flatirons, swimming pool, ftness center, business center, billiards table and guest patio. Cardinal Group Management will now manage more than 11,000 units in 20 states. IPA ARRANGES SALE OF $39 MILLION USC PORTFOLIO Los Angeles — Institutional Property Advisors (IPA) has arranged the sale of The Shrine Collection, a 324-bed, 103-unit student housing commu- nity near the University of Southern California (USC), for $39.1 million. The sales price equates to just under $380,000 per unit and approximate- ly $120,700 per bed. Ron Harris, IPA executive vice president of invest- ments, Director Paul Darrow and Associate Director Michael DiSimone advised the seller, and procured the buyer, a joint venture between Stuho and Cambridge Capital Advisors. Situated on seven parcels of land total- ing more than two acres, the properties are Chez Ronne, The Bungalows, Roma, Pisa, Corsica and Habitat Soozee. All are located one block from USC's main campus, one block west of Figueroa Street and less than two miles from downtown Los Angeles. The portfolio's properties feature controlled entry, security services, USC network accessibility, 24-hour on-site laundry facilities and all residents have the use of a ftness center. TRIAD ARRANGES SALE OF BLOCK 36 AT MICHIGAN STATE FOR $13.3 MILLION East Lansing, Mich. — Triad Real Estate Partners has arranged the sale of Block 36, a student housing property three miles north of the Michigan State University campus in East Lansing, for $13.3 million. The 433-bed property was originally built in 2001 and underwent a renovation in 2013 that included the addition of an extensive amenity package. The seller is a private ownership group based in San Francisco that planned to sell the asset following the renovations and full stabilization. The buyer is a family investment trust based in San Diego that already owns several apartment properties in Michigan. The sales price of Block 36 equates to $30,716 per bed and a 6.3 percent capitalization rate. Stanhope Student Apartments features nine-foot ceilings, a saltwater pool, two-story health club, cyber-lounge, art studio, tanning beds, two-story game room and ground-foor retail.