Student Housing Business

MAY-JUN 2018

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

Issue link:

Contents of this Issue


Page 8 of 88

NE WS IN BRIEF May/June 2018 8 CBRE ARRANGES SALE OF 316-BED COMMUNITY NEAR TEXAS STATE UNIVERSITY San Marcos, Texas — CBRE has ar- ranged the sale of Dakota Ranch, a 316-bed student housing com- munity located near Texas State University in San Marcos. The property offers one-, two- and three-bedroom units. Shared ame- nities include a resort-style swim- ming pool with a fountain, an outdoor kitchen, sand volleyball court, dog park, updated business and fitness centers and a grilling area. An affiliate of New York City-based Alden Street Capital purchased the asset from an af- filiate of Alex Brown Realty for an undisclosed price. Jaclyn Fitts, Williams Vonderfecht and Casey Schaefer of CBRE arranged long- term financing on behalf of the buyer through CBRE's Fannie Mae Delegated Underwriting and Servicing program. The financing featured a seven-year loan term with a flexible prepayment struc- ture and full-term interest-only payments. HUNT MORTGAGE PROVIDES $187 MILLION REFINANCING FOR AFFORDABLE, STUDENT HOUSING PROPERTIES IN SOUTHEAST, TEXAS New York City — New York-based Hunt Mortgage Group has pro- vided $187 million in refinancing for a portfolio of affordable and student housing properties locat- ed throughout Texas, Florida and South Carolina. The portfolio in- cludes more than 3,500 units and 16 properties. The specific names and locations were not disclosed. The financing included $102 mil- lion in floating-rate debt through Freddie Mac and $83 million in fixed-rate financing through Fan- nie Mae. Hunt also provided a $2 million loan, as well as addi- tional financing through its pro- prietary lending group. Hunt Mortgage originated the financing package on behalf of the borrow- er, Atlantic Housing Foundation, a community housing develop- ment organization in the afford- able housing sector. The company plans to invest $14 million in the portfolio to make green improve- ments and other renovations. QUANTUM CAPITAL SECURES $25 MILLION REFINANCING FOR COMMUNITY NEAR USC Los Angeles — Quantum Capital Partners has secured a $25 million refinancing on behalf of Park City LLC for City Park Apartments, a 130-unit community located near the University of Southern Cali- fornia near downtown Los Ange- les. The property consists of two, four-story buildings offering two- and three-bedroom units. Shared amenities include on-site parking, a fitness center and a recreation room. Although the property is not operated as traditional stu- dent housing, the community's proximity to USC has made it an attractive option for students. The community was 99 percent occu- pied at the time of financing. ROBERT MORRIS UNIVERSITY OFFERS COMCAST'S XFINITY ON CAMPUS Moon, Pa. — Comcast has launched its Xfinity On Campus Service at Robert Morris University, located in the Pittsburgh suburb of Moon. The service allows students to watch Xfinity On Demand, live television and recorded content on their IP-enabled devices, in- cluding laptops, tablets, smart- phones and Roku players. The service is included with room and board for students living in on- campus housing. While off cam- pus, students can use the Xfinity Stream app to login and access TV Everywhere programming as part of their subscription. ASSET CAMPUS HOUSING AWARDED MANAGEMENT OF 816-BED COMMUNITY NEAR JAMES MADISON UNIVERSITY Harrisonburg, Va. — Asset Cam- pus Housing has been awarded management of North 38, an 816- bed student housing community located near James Madison Uni- versity in Harrisonburg. Chain Bridge Capital acquired the com- munity earlier this month. The property offers fully furnished three- and four-bedroom units. Shared amenities include a resort- style pool, gas fire pit, volleyball court, green grass pet park, out- door lounge with hammocks, computer lounge, 24-hour fitness center, yoga room, tanning center, 24-hour clubhouse, study rooms with free printing, a pool table and a coffee bar. WELLINGTON REALTY ARRANGES SALE OF WEST CAMPUS LOFTS NEAR BAYLOR UNIVERSITY Waco, Texas — Wellington Realty has arranged the sale of West Campus Lofts, a student housing community located near Baylor University in Waco. The property was redeveloped in 2017, and of- fers 180 two- and three-bedroom units. Shared amenities include a swimming pool with a cabana, a 24-hour fitness center, a game room and a student study lounge. David Shaffer, Caleb Jones, Tam- my Shaffer and William Hubbard of Wellington brokered the trans- action. The buyer and seller were undisclosed. WAYPOINT RESIDENTIAL ACQUIRES TWO STUDENT HOUSING COMMUNITIES, HIRES THREE Auburn, Ala. And Lawrence, Kan. — Waypoint Residential has ac- quired two student housing com- munities located in Alabama and Kansas. Acquisitions include The Social at Auburn, an 844-bed com- munity located near Auburn Uni- versity in Alabama; and Rockland West, a 500-bed community lo- cated near the University of Kan- sas at Lawrence. Waypoint plans to invest $3.7 million to substan- tially renovate unit interiors, exte- riors and common spaces at The Social at Auburn. The company also plans to invest $1 million into renovations at Rockland West to address deferred maintenance and complete an amenity and unit upgrade program that was initi- ated by the prior owner. Waypoint has also expanded its senior team with the recent appointments of Doug Wolski as managing director of portfolio management, James Driscoll as senior vice president of development and Gina Lujan as vice president of talent. Waypoint entered the student housing space in 2016, and has grown its portfo- lio to nearly 6,000 beds with a to- tal capitalization of approximately $400 million. VESPER ACQUIRES 600-BED COMMUNITY NEAR THE UNIVERSITY OF NORTH CAROLINA AT GREENSBORO Greensboro, N.C. — Vesper Hold- ings has acquired University Vil- lage, a 600-bed student housing community located near the Uni- versity of North Carolina at Greens- boro. The community is located across the street from the main en- trance to the university's campus, and offers two-, three- and four- bedroom units with bed-to-bath parity. Shared amenities include a clubhouse, swimming pool, 24- hour fitness center, business center, computer lab and tanning beds. Vesper acquired the property from an undisclosed seller for $40 mil- lion in an off-market transaction. The company plans to invest over $1 million in capital expenditures, including the renovation of units and amenity spaces; extensive en- hancements to the property's ex- terior; and substantial technology upgrades throughout the complex. Dakota Ranch offers one-, two- and three-bedroom units near Texas State University in San Marcos.

Articles in this issue

Links on this page

Archives of this issue

view archives of Student Housing Business - MAY-JUN 2018