Student Housing Business

MAR-APR 2018

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

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NE WS IN BRIEF March/April 2018 StudentHousingBusiness.com 16 VESPER HOLDINGS ACQUIRES TWO COMMUNITIES NEAR THE UNIVERSITY OF WEST GEORGIA Carrollton, Ga. — Vesper Holdings has acquired two student housing com- munities located near the University of West Georgia campus in Carroll- ton. Acquisitions include the 336-bed Carrollton Crossing, and the 504- bed River Pointe community. Carrollton Crossing offers four-bedroom units with bed-to-bath parity. Shared amenities include a fitness center, community lounge, coffee station, business center, study room and grill- ing areas. River Pointe offers two- and four-bedroom units. Shared ame- nities include a swimming pool, tennis and volleyball courts, tanning, a fitness center, lounge and game room and a computer center. Vesper in- tends to allocate $3.15 million towards upfront property improvements. Peter Katz, executive managing director of IPA Student Housing, repre- sented the undisclosed seller in the transaction. ASSET CAMPUS HOUSING AWARDED MANAGEMENT OF 1,720-BED COMMUNITY NEAR VIRGINIA TECH Blacksburg, Va. — Asset Campus Housing has been awarded manage- ment of Terrace View Apartments, a 1,720-bed student housing commu- nity located near Virginia Tech University in Blacksburg. The property offers one-, two-, three- and four-bedroom units. Shared amenities in- clude a fitness center, television lounge, basketball court, spa, swimming pool and volleyball court. The property is located less than one mile from the university, and provides residents access to 14 bus stops and a bike lane to campus. PEAK CAMPUS AWARDED MANAGEMENT OF TWO COMMUNITIES IN MICHIGAN, MISSOURI Columbia, Mo. and Mt. Pleasant, Mich. — Peak Campus has been awarded management of two student housing communities located in Michigan and Missouri. Properties include Campus View, a 656-bed community located near the University of Missouri in Columbia; and University Meadows, a 616-bed community located near Central Michigan Univer- sity in Mt. Pleasant. Both properties are owned by joint ventures between Lutz Real Estate Investments and Harrison Street Real Estate Capital. Campus View in Missouri offers two- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a 24-hour fitness center, interactive game lounge, basketball court, computer center with printing, tennis courts, sand volleyball courts and a resort-style pool. University Meadows offers three- and four-bedroom units. Shared ame- nities include a 24-hour fitness center, basketball court, indoor bike stor- age, barbecue grills, complimentary tanning facilities, a resort-style pool and a large volleyball court. GILBANE DEVELOPMENT PROMOTES EDWARD BRODERICK TO PRESIDENT AND CEO Providence, R.I. — Providence-based Gilbane Development Co. has pro- moted Edward Broderick to president and CEO. Broderick previously served as COO for the company, and succeeds Robert Gilbane, who will remain as chairman. In his new role, Broderick will be responsible for the development and execution of Gilbane's strategic plan, as well as for the management of all aspects of the company and its activities includ- ing new development opportunities, acquisitions, financings and project leadership. Broderick will also serve on the company's board of directors and its investment committee. SMARTSTOP ACQUIRES 760-BED COMMUNITY NEAR THE UNIVERSITY OF SOUTH CAROLINA FOR $64.5 MILLION Columbia, S.C. — SmartStop Asset Management has acquired Aspyre at Assembly Station, a 760-bed student housing community located near the University of South Carolina, for $64.5 million. The property offers one-, two- and three-bedroom units. Shared amenities include a 24-hour fitness center, business center, computer lab, resort and lap pools, a sauna and various outdoor recreational areas. Ryan Lang, executive managing director and head of ARA Newmark's Student Housing group, repre- sented the undisclosed seller in the transaction. We'll send the industry's top news stories to your inbox every Wednesday. Subscribe at www.StudentHousingBusiness.com. Subscribe to the Student Housing Business e-newsletter

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