AUSTIN, TX – Campus Advantage, a leader in student housing, providing property management, consulting, acquisitions, and development services, announced it has been selected to manage two new student housing properties being developed in Austin, TX and Arlington, TX. The developments, Liv+ in Arlington and Skyloft in Austin, tap into Campus Advantage’s long history of third-party management capabilities and services.

“Third-party management is an integral part of our growth and success at Campus Advantage,” said Pam West, Vice President of Operations at Campus Advantage. “This was a highly-competitive selection process, and we look forward to being a part of these future world-class facilities.”

Skyloft, a 22-tale high rise, will house approximately 677 students at the West Campus location of the University of Texas. It will include an expansive amenity package including a rooftop pool and fitness center. Catalyst, an Austin-based agency specializing in creative marketing for student and multifamily housing, will partner with Campus Advantage to develop branding for the property.

“We are extremely excited to be partnering with Campus Advantage to design a very innovative brand that will speak to both students and guarantors considering West Campus housing,” said Jamie Matusek, Vice President of Catalyst. “We are ready to hit the ground running and watch Skyloft come to life right here in our own backyard in Austin.”

Located just a half mile from the new College Park District on the University of Texas at Arlington campus, Liv+ is a new 789 bed development and will feature a mix of studios, one, two, three, and four bedroom apartments. Amenities will include an expansive fitness center, Fitness on Demand, pool, outdoor cabana area, fire pits, cyber cafe, pet park, and a fresh market.

Campus Advantage provided consulting support for the Liv+ development throughout the past year. The company is currently recruiting staff and is working with the Liv+ development team to end the layout of the community amenities and unit interiors to ensure the development features the best options for students.

Catalyst is also collaborating with the Liv+ in-house marketing team to develop a brand that targets the student demographic and showcases the unique experience students can expect when living at a Campus Advantage community.

Both properties are expected to open in Fall 2018, with pre-leasing to start this summer.

Powered by WPeMatico

ATLANTA, GA – Robbins Electra, one of the fastest-growing multifamily owner-operators in the Southeastern U.S, has announced the acquisition of Ashley Vista, a 312-unit apartment community in Lithonia, Ga. The company bought the asset from Bridge Properties, and intends to renovate and rebrand it as “Belle Vista.”  

This is Robbins Electra’s second multifamily acquisition so far this year in Atlanta (earlier this month the company bought Marbella Place in Stockbridge), and it has three more Atlanta multifamily communities under contract to close in coming months. 

“Atlanta’s strong job market and continued population growth have made healthy demand for apartments, particularly in the ‘middle-market’ space where Robbins Electra operates,” said Joe Lubeck, CEO of Robbins Electra. “Our multifamily properties cater to professionals and working families who aren’t quite ready for home ownership, but still want to live in nice, reasonably priced communities with plenty of conveniences and amenities.”

Robbins Electra’s portfolio now includes three multifamily rental communities in the Atlanta area, totaling 1,669 apartment units, including Landmark at Mountainview (Stone Mountain, GA), which it already owned. Robbins Electra’s national portfolio includes more than 22,700 apartment units totaling over $2.5 billion in value.

According to the Atlanta Regional Commission, the region’s population has rapidly grown and added 69,200 new residents from 2015 to 2016, making it to the largest single-year population increase since the Fantastic Recession. The city has also experienced strong employment growth by adding 77,000 jobs in 2016.

Robbins Electra will carry out a multimillion dollar property renovation at Belle Vista, upgrading apartment interiors and enhancing the community’s amenities.

Located at 100 Camellia Lane, Belle Vista features one-, two- and three-bedroom apartments in three-tale buildings, and offers resort-style amenities including a swimming pool, soccer field, business center, clubhouse, movie room, fitness center, barbecue areas and dog park. The community is set among perfectly landscaped grounds and is conveniently located near DeKalb Medical Center, I-20 and downtown Atlanta. The property is currently 91% occupied with average monthly rents of approximately $940.

Powered by WPeMatico

MURFREESBORO, TN – National Health Investors announced it has bought five memory care facilities, totaling 223 units, located in Texas and Illinois for $61.8 million and will lease back the facilities to a new NHI tenant, The LaSalle Group.

The lease term is 15 years plus three renewal option periods and has an initial cash yield of 7% with annual fixed escalators. The acquisition was funded by a draw on NHI’s revolving credit facility.

The LaSalle Group is a private, Dallas, Texas based, family-owned business that was founded in 1990 and started focusing on senior care in 2000. The facilities bought are Autumn Leaves communities, part of The LaSalle Group’s standalone memory care design.

Eric Mendelsohn, CEO and President of NHI, stated, “NHI is pleased to be entering into a relationship with The LaSalle Group, a growth-oriented operator with long term focus. Their management team has brilliant experience with over 16 years of developing and operating memory care communities. The addition of these facilities will further strengthen NHI’s portfolio.”

National Health Investors is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s portfolio consists of independent, helped and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.

Powered by WPeMatico