Student Housing Business

JAN-FEB 2018

Student Housing Business is the voice of the student housing industry.

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Page 18 of 88

NE WS IN BRIEF January/February 2018 18 BERKADIA SECURES $46.5 MILLION FINANCING FOR 892- BED COMMUNITY NEAR THE UNIVERSITY OF IOWA Iowa City, Iowa — Berkadia has secured $46.5 million in financing for The Quarters at Iowa City, an 892-bed student housing community lo- cated near the University of Iowa. Peter Benedetto and Aaron Moll of Berkadia secured the bridge financing through Voya Investment Man- agement on behalf The Tailwind Group. The property offers studio, two- and three-bedroom, fully renovated units. Shared amenities include a resort style pool and spa, outdoor sand volleyball courts, a fitness center, game lounge, indoor and outdoor basketball courts, a racquetball court, tanning beds, a golf simulator room, an outdoor grill area and a private shuttle to campus. SMARTSTOP ACQUIRES 345-BED COMMUNITY NEAR THE UNIVERSITY OF MICHIGAN FOR $43.8 MILLION Ann Arbor, Mich. — SmartStop Asset Management has acquired 411 Lofts, a 345-bed student housing community located three blocks from the Uni- versity of Michigan in Ann Arbor, for $43.8 million. The 10- story building offers one-, two-, three- and four-bedroom, fully furnished units. Shared amenities include a 24-hour fitness facility, 10th floor sky lounge, com- puter center, study rooms, free common area washers and dryers, on-site restaurants and a tanning room. Asset Campus Housing will manage the community. HARRISON STREET, BRANDYWINE SELL 850-BED COMMUNITY IN PHILADELPHIA'S UNIVERSITY CITY FOR $197.5 MILLION Philadelphia — A joint venture between Harrison Street Real Estate Capi- tal and Brandywine Realty Trust has sold Evo at Cira Centre South, an 850-bed student housing community located in Philadelphia's Univer- sity City neighborhood, for $197.5 million to Mapletree Investments. The property was built in 2014, and is the tallest purpose-built student hous- ing tower in the U.S., serving students at the University of Pennsylva- nia and Drexel University. The community offers one-, two-, three- and four-bedroom units. Shared amenities include a rooftop infinity pool and lounge; 11 two-story study lounges; free weekly studio fitness classes in- cluding Zumba, yoga and Pilates; a 24/7 two-story fitness center; and a business and print center. The name of the buyer was not disclosed. PEAK CAMPUS SELECTED TO MANAGE 413-BED COMMUNITY NEAR EAST CAROLINA UNIVERSITY Greenville, N.C. — Peak Campus has been selected to manage Univer- sity Edge and Dickinson Lofts, a 413-bed community currently under construction near East Carolina University in Greenville. The property's pre-leasing office is now open, and the community is set for delivery in August of this year. The development will offer one-, two- and four- bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include a state-of-the-art fitness center with 24-hour access; a media center with computers and printing services; a resort-style pool with a sundeck; fire pits; multiple outdoor patio areas; grilling stations; and a social lounge with private study rooms and a game room.

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