AUBURN, AL – Walker & Dunlop announced that it structured $24,500,000 for Two21 Armstrong, a 390-bed student housing property adjacent to Auburn University Auburn, Alabama. 

The Walker & Dunlop team was led by Livingston Hessam, Jeremy Pino, and Kyle Miller, of the company’s Capital Markets group, as well as HUD experts, Keith Melton and David Weird. Leveraging their vast network of diverse capital sources, which exceeded 300 in 2017, the team identified a life insurance company to provide financing for the property. 

Two21 Armstrong represented an irreplaceable investment opportunity and garnered competitive rates from lenders thanks to its unmatched location, high demand for housing, and constrained supply. Auburn University comprises nearly 30,000 students, over 5,000 faculty and staff, and is situated on 1,841 acres. The institution has a tremendous economic impact in the City of Auburn, and as demand for student housing continues to grow, high quality infill properties such as Two21 Armstrong are becoming increasingly crucial. 

Mr. Hessam stated, “We were thrilled to win this high-profile assignment and place our broad network of capital to work for the sponsor. The property was well-received by the capital markets and we were able to provide competitive proceeds thanks to the property’s quality, brilliant location, and the area’s promising growth.” 

Located just two blocks away from Auburn University’s main campus and next to a Tiger Transit stop, Two21 Armstrong is a three-tale, 156-unit student housing community. Units include balconies with storage space, fully-equipped kitchens with granite countertops, walk-in closets, and in-unit washers and dryers. The property also boasts a premium amenity package, complete with a large pool, fitness center, billiards room, grilling stations, complimentary coffee bar, on-the-go breakfast offering, and community bikes.

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LONDON – Greystar Real Estate Partners, a global rental housing leader, the Public Sector Pension Investment Board, one of Canada’s largest pension investment managers, and Allianz Real Estate, the global real estate investment and asset manager, announced the completion of a joint venture partnership to grow Chapter, London’s leading student accommodation brand.

The joint venture was announced at exchange on June 22, 2018 and has now secured all regulatory approvals, thereby allowing the transaction to complete.

Allianz has bought an interest in Chapter alongside PSP Investments and Greystar’s current stake. The equity investment volume of the transaction that Allianz Real Estate is executing on behalf of various Allianz insurance companies, stands at around £350m. The new partnership supports an expansion program targeting 10,000 student beds and doubling the size of the portfolio within five years. The partnership’s strategy is to continue to grow the portfolio through acquisitions and new developments in addition to continuing to improve the existing assets and Chapter brand.

Greystar is the global leader in the operations, investment and development of rental housing with over 435,000 units under management globally. It will continue to manage this portfolio, which currently comprises 5,100 student beds in ten central London locations, including Aldgate, Islington, King’s Cross, South Bank and Spitalfields. Chapter White City in west London and Chapter Highbury II in north London, the two newest additions to the Chapter portfolio, will launch in September 2018.

Commenting on the JV partnership on, Bob Faith, Founder and CEO of Greystar, said: “This partnership marks an vital step in the rapidly growing institutional-grade rental housing and student accommodation investment market in the UK. We are excited to partner with PSP and Allianz on this exciting endeavor. We have a hugely ambitious target to scale the business to secure major operational efficiencies. This joint venture means we’re now in a strong position with tremendous financial resources to realize Chapter’s potential.

“London’s housing market is under enormous pressure and student accommodation in prime locations is highly constrained,” added Faith. “London is a global leader in higher education attracting students from around the world and Chapter is well positioned to provide quality housing in prime locations. We have built Chapter into a strong brand, which students and parents from around the world trust to provide a safe and secure home while they are pursuing their studies.”

Commenting on the JV partnership, Stéphane Jalbert, Managing Director (Europe and Asia Pacific), Real Estate, PSP Investments, said: “We are very excited to welcome Allianz, an internationally renowned and respected real estate investor, into our established and successful partnership with Greystar. Chapter is now a recognized, income-generating business and this new partnership will strengthen and grow this highly efficient purpose-built student accommodation platform. Allianz and Greystar share our long-term view and focus on high-quality assets in central London with a steady income stream. Teaming up will facilitate a period of expansion for Chapter in London.”

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GREENVILLE, NC – Carter Multifamily announced that it bought Signature Place Apartments, a 171-unit community of Class B apartment homes located in Greenville, North Carolina, for approximately $14.8 million.

Constructed in 1980, Signature Place offers a diverse mix of garden-style and townhouse units with generous floor plans sought after by personnel of the area’s major employers. For example, Vidant Medical Center, is located adjacent to Signature Place and a major employer in Pitt County with approximately 6,560 health care and administrative professionals.  

“Signature Place is a right Middle Market America apartment community that offers residents quality, affordable housing that feels less like an apartment complex and more like a neighborhood,” said Cindy Pfeifer, CEO of Carter Multifamily. “Carter Multifamily plans to enhance and update the on-site amenities and living spaces to provide a more desirable community for the residents while also enhancing overall property value.”

Carter Multifamily intends to commence renovations to modernize the property including flooring, appliance, and lighting updates in units as well as enhancements to building exteriors and common areas, including the pool, dog park and fitness center upgrades. There are also plans to add more outdoor seating, gathering areas, an outdoor kitchen, and fire pits around the community pool. Such renovations are scheduled to start immediately. 

Carter Multifamily is a group of companies focused on multifamily real estate that offers value-add enhancement opportunities. Carter Multifamily’s leadership team has significant experience in the multifamily real estate sector and leverages key industry relationships to focus on growth and income opportunities.

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