Student Housing Business

MAY-JUN 2018

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

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NE WS IN BRIEF May/June 2018 StudentHousingBusiness.com 16 PREFERRED CAMPUS COMMUNITIES ACQUIRES 808-BED COMMUNITY NEAR TEXAS A&M College Station, Texas — Preferred Campus Communities, a wholly owned subsidiary of Preferred Apartment Communities, has acquired The Tradition, an 808-bed student housing community located one block away from the Texas A&M campus in College Station. The property of- fers one- and two-bedroom units with bed-to-bath parity. Shared ameni- ties include a resort-style pool, large courtyard, hammock gardens, bar- becue areas and covered grills, a fitness center, a technology center with 30-plus computer stations, 20 private study rooms, a coffee bar, movie theater room, club room with pool tables and shuffleboard, and six gam- ing suites. Haven Campus Communities sold the property for an undis- closed price. The acquisition was financed utilizing a non-recourse, first mortgage bridge loan from Macquarie Group. WINLYND ACQUIRES DISTRESSED NOTE ON 384-BED STUDENT HOUSING COMMUNITY NEAR LAMAR UNIVERSITY Beaumont, Texas — WINLYND LLC has acquired the distressed bank note on Village at Lamar, a 384-bed student housing community located near Lamar University in Beaumont, and has subsequently taken ownership of the property following a foreclosure auction. The company plans to invest in significant renovations, which are expected to be finished in time for the fall semester. The Lynd Company will lease and manage the property. The community offers four-bedroom units, with shared ameni- ties including a pool, fitness center, volleyball court and business center. Terms of the sale were undisclosed. FOURPOINT ARRANGES SALE OF TWO-PROPERTY PORTFOLIO NEAR TEXAS STATE UNIVERSITY San Marcos, Texas — FourPoint Student Housing Investments has ar- ranged the sale of a two-property student housing portfolio located near Texas State University in San Marcos. Dispositions include The Lodge, a 696-bed community featuring fully furnished units; and The Edge, a 553- bed community offering shared amenities including a resort-style pool, fitness center and full-size basketball court. Chris Bancroft, Chris Epp and Meredith Wolff of FourPoint represented the seller, Horizon Realty Advisors. Both assets were acquired by 29th Street Capital. SEC APPROVES INITIAL PUBLIC OFFERING FOR STRATEGIC STUDENT & SENIOR HOUSING TRUST Ladera Ranch, Calif. — The Securities and Exchange Commission (SEC) has allowed a new housing REIT, Strategic Student & Senior Housing Trust, to launch its $1.1 billion initial public offering. The public, non- traded REIT will focus exclusively on student housing and seniors hous- ing assets. SmartStop Asset Management, a Ladera Ranch-based com- pany specializing in self-storage assets, is the sponsor of the new REIT. The company acquired a 760-bed student housing community near the University of South Carolina for $64.5 million in February, and a 345-bed student housing community near the University of Michigan for $43.8 million in January of this year. ASSET CAMPUS HOUSING TO MANAGE 401-BED COMMUNITY NEAR SUNY BROCKPORT Brockport, N.Y. — Asset Campus Housing has been awarded manage- ment of The Brock, a 401-bed student housing community located near The College at Brockport, State University of New York. The community is located two blocks from campus and offers two-, three- and four-bed- room units. The property is currently undergoing upgrades to its club- house, game room, study spaces and fitness room, as well as adding new outdoor activities to its amenity list. PARTNERSHIP FORMS ARROWROOT REAL ESTATE, ACQUIRES FIRST MULTIFAMILY ASSET Los Angeles — A partnership between D & B Capital Partners, Arrowroot Family Office and ARB Investments has formed Arrowroot Real Estate, a new entity which will invest in modernizing and rebranding well lo- cated, Class B multifamily and student housing properties in the U.S. Ar- rowroot Real Estate is led by Brennen Degner and Adam Barzilay, former executives of MJW Investments, as well as Devin Antin, co-founder of D & B Capital Partners. The team recently closed on its first multifamily acquisition, 11415 Venice Blvd in Los Angeles. Arrowroot targets total acquisitions in excess of $200 million over the next 18 to 24 months. When it comes to acquisition, development, and managing of innovative student housing communities, University Partners is in a class by ourselves. With 15 years working together, we pride ourselves on delivering an exceptional experience to owners, investors and ultimately students and their families. The Edge, located near Texas State University in San Marcos, offers shared amenities including a resort-style pool.

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