Here’s what’s happening in student housing …
San Marcos, Texas—New Luxury Development Planned for The Preiss Company, Stonemont Financial
Stonemont Financial Group and The Preiss Company announced plans to develop and complete Ella Lofts, a 252-bed student housing community within walking distance to Texas State campus. It replaces former efforts by another developer to build 817 Lofts, a project that was abandoned in 2013, leaving the property dormant until Stonemont’s purchase in September.
Moab, Utah—Master Housing Plan Proposed for New USU Moab Campus
A plan is in the works to supply housing for students at the new Utah State University, Moab, and it’s looking out for more than students. Officials from the School and Institution Trust Lands Administration (SITLA) intends to develop combined student and workforce housing on the state agency’s 320-acre property next to the proposed 40-acre USU, Moab site in order to alleviate pressure on the Moab housing market created by the new school.
Los Angeles—IPA Arranges Sale of USC Collection for $39.1 million
Institutional Property Advisors arranged the sale of a 324-bed student housing community known as The Shrine Collection this week, for a sales price just under $380,000 per unit. The community sits on seven land parcels totaling more than two acres, all within one block of USC’s main campus and less than two miles from downtown.
New York—Fortis Property Group Floats Ideas for Student Housing in Cobble Hill
After a series of costly delays, Fortis Property Group shocked local citizens of the Cobble Hill community with a new idea for a 260,000 square foot student housing community on the former site of the Long Island College Hospital. Fortis purchased the property for $240 million from SUNY, and in the past two months has proposed two separate housing scenarios that met with resistance from neighborhood residents.
Des Moines—Iowa Western Community College Pilots Housing Program for Transgender Students
Iowa Western Community College offered a pilot housing program this semester aimed at helping transgender students feel more comfortable with their living arrangements. Students were given the options of joining the program that would assign a roommate based on expressed gender identity rather than on legal sex. More than 80 students expressed interest, of which 35 were accepted.
San Francisco—UC San Francisco Closes on Three Properties near Mission Bay
UC San Francisco closed escrow this week on their purchase of three parcels at 566, 590, and 600 Minnesota Street. The properties currently host aging warehouses that the university is proposing to replace with affordable housing for graduate students, postdoctoral students, fellows, clinical residents, and trainees.
Eau Clair, Wisc.—Four 4-Plexes Unanimously Approved for Student Housing at UW-Eau Claire
Local real estate company JCAP Real Estate won unanimous approval for their proposed 16-unit student housing facility on the corner of 2nd Avenue and Chippewa. The site plan will add up to 48 bedrooms for UW-Eau Claire students.
Charlotte, NC—Harrison Street to Purchase Campus Crest for $1.9 Billion
Harrison Street Real Estate Capital LLC is set to acquire one of the largest student housing owner and operators, Campus Crest Communities Inc. for a cool $1.9 billion, including all assumed debt. The terms of the deal dictate that Harrison Street will purchase Campus Crest at $7.03 per share. Campus Crest’s shares leapt by nearly 15% on Monday.
San Luis Obispo, Calif. and San Marcos, Texas—Asset Campus Housing Adds Two to Managed Portfolio
Asset Campus Housing was awarded with management of two off-campus student housing facilities this week: Mustang Village of San Luis Obispo, Calif., and The Reserve at West Avenue of San Marcos, Texas. These two properties add a total of 1,984 beds to ACH’s portfolio
Indianapolis—Annex Set to Break Ground on 558-Bed Indianapolis Complex
Annex Student Living is beginning construction on a $32 million project near to Indiana University Purdue University at Indianapolis. Branded as The Annex on Tenth, the $32 million project recently received the final OK from the development commission and is slated for completion in early summer of 2018.
Clemson, S.C.—NAI Avant Brokers Sale of Clemson Development for $8.18 million
NAI Avant arranged for the sale of the newly constructed Pinehurst Student Apartments at Clemson University for $8.18 million. The 96-bed community sits within walking distance of campus and was 100 percent leased before construction was completed.
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