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 8 CAMPUS FIRST ACQUIRES 661-BED COMMUNITY NEAR THE UNIVERSITY OF FLORIDA Gainesville, Fla. — Campus First Student Living has acquired The Ridge, a 661-bed student housing community located less than one mile from the University of Florida campus in Gainesville. The prop- erty offers two-, four- and five- bedroom, apartment- and town- home-style units. Shared amenities include a three-room fitness center, clubhouse, study lounges, a beach entry pool, hot tub and lazy river. Planned renovations for the com- munity — set for completion this fall — include improvements to the clubhouse and the addition of private study areas, fire pits, out- door game areas, a yoga studio and a dog park. Ryan Lang, execu- tive managing director and head of ARA Newmark's Student Housing group, represented the seller in the transaction. AMERICAN CAMPUS COMMUNITIES REPORTS FOURTH QUARTER AND YEAR-END 2017 FINANCIAL RESULTS Austin, Texas — Austin-based American Campus Communities Inc. (ACC) has released financial results for the fourth quarter and year-end 2017. The company re- ported net income attributable to ACC of $39.1 million or $0.28 per fully diluted share, versus $25.4 million or $0.19 per fully diluted share in the fourth quarter of 2016. ACC also grew same store net operating income (NOI) by 4.2 percent over the fourth quarter of the prior year with revenues in- creasing 1.7 percent and operating expenses decreasing 1.8 percent, primarily through targeted reduc- tions in controllable expenses. The company achieved same store av- erage physical occupancy of 96.7 percent for the fourth quarter of 2017 compared to 97.6 percent for the fourth quarter of 2016. ACC also executed a pre-sale agree- ment for a new $36.7 million de- velopment project located near Florida State University, and was awarded a massive third-party, on-campus student housing proj- ect at the University of California, Riverside, which will include as many as 6,000 beds and over $1 billion in new development. TSB REALTY ARRANGES SALE OF 480-BED COMMUNITY NEAR THE UNIVERSITY OF NORTH CAROLINA AT CHARLOTTE Charlotte, N.C. — TSB Realty has arranged the sale of Aspen Char- lotte, a 480-bed student hous- ing community located near the University of North Carolina at Charlotte. Harrison Street Real Es- tate Capital purchased the prop- erty from Aspen Heights Partners, who will remain as the property manager. The community offers two- and four-bedroom, garden- style units. Shared amenities in- clude a 24-hour fitness center, pool and hot tub, full-court volleyball, a clubhouse with game room, bas- ketball court, movie theater, study lounge and tanning beds. ASSET CAMPUS AWARDED MANAGEMENT OF 512-BED COMMUNITY NEAR MIDDLE TENNESSEE STATE Murfreesboro, Tenn. — Asset Cam- pus Housing has been awarded management of The Blue, a 512- bed student housing community located near Middle Tennessee State University in Murfreesboro. The property offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a cafe, computer lab, private shuttle to campus, swimming pool, hot tub, fitness center and sand vol- leyball courts. KEYBANK ARRANGES $27.7 MILLION ACQUISITION FINANCING FOR 97-UNIT COMMUNITY NEAR THE UNIVERSITY OF MICHIGAN Ann Arbor, Mich. — KeyBank Real Estate Capital has arranged $27.7 million in acquisition financing for 411 Lofts, a 97-unit commu- nity located near the University of Michigan campus in Ann Arbor. The property was built in 2009, and features 4,265 square feet of ground floor retail space. Caleb Marten and Chris Black of Key- Bank secured the fixed-rate, Fan- nie Mae loan with a 10-year term, five-year interest only period and a 30-year amortization schedule. The borrower was undisclosed. CREI SELLS 574-BED COMMUNITY NEAR AUBURN UNIVERSITY Auburn, Ala. — Capstone Real Es- tate Investments (CREI) has sold Eagles South Apartments, a 574- bed student housing community located near Auburn University in Alabama. The property was ac- quired by Aspen Heights for an undisclosed price. The commu- nity offers one- and two-bedroom units with bed-to-bath parity. Shared amenities include a 24- hour fitness center, barbecue grills and picnic areas, a pool, computer lab, outdoor fireplace, clubhouse, sand volleyball courts and a dog park. PEAK CAMPUS AWARDED MANAGEMENT OF 240-BED COMMUNITY AT EAST-WEST UNIVERSITY Chicago — Peak Campus has been awarded management of The Flats at East-West University, a 240-bed, on-campus student housing community located at East-West University in Chicago's South Loop neighborhood. The property offers studio, two- and three-bedroom, fully furnished units. Shared amenities include a business center, community lounges, cardio and strength train- ing facilities and a full-size basket- ball court. The community is also home to the university's Student Life Center, which features an au- ditorium for groups of up to 200, multiple classrooms, private com- puter labs and a full-sized multi- purpose room. JOSEPH HUGHES PROMOTED TO CFO OF CAMPUS LIFE & STYLE Austin, Texas — Austin-based Campus Life & Style has pro- moted Joseph Hughes to CFO. Hughes previously served as the company's senior vice president of financial planning and analysis. In his new role, Hughes will be responsible for all financial activi- ties of the company including ac- counting, financial reporting, bud- geting and financial planning and analysis. Campus Life & Style is the wholly owned property man- agement arm of Vesper Holdings. NORTHSTATE CAPITAL ACQUIRES 72-BED COMMUNITY NEAR APPALACHIAN STATE Boone, N.C. — NorthState Capital Partners has acquired the Village of Glen Wilde, a 72-bed student housing community located near Appalachian State University in Boone, North Carolina. The prop- erty offers one-, two and three- bedroom units. "We really like the Boone market, which has sig- nificant barriers to entry for new development, and we believe the Village of Glen Wilde is positioned favorably within the market," says Shane Buckner, a manag- ing partner at NorthState Capital Partners. Terms of the sale and the seller were undisclosed. The Ridge offers 661 beds less than one mile from the University of Florida campus in Gainesville. The property was recently acquired by Campus First Student Living.

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