CORVALLIS, OR – EdR, one of the nation’s largest developers, owners and managers of high quality collegiate housing communities, announced it bought The Retreat at Corvallis, serving Oregon State University in Corvallis, Ore.                     

Built in 2015, The Retreat at Corvallis includes 1,016 beds pedestrian to the Oregon State campus in a mix of one, two, three, four- and five-bedroom floor plans in both traditional apartment configurations (60 percent) and cottages (40 percent).

“With 95 percent occupancy this year and a location pedestrian to campus, this community is a fantastic complement to our top of class student housing portfolio,” said Tom Trubiana, EdR president. “When paired with our development at Boise State, this community significantly increases our footprint in the Northwest.”

Oregon State is just one of two universities in the country to hold land-grant, sea-grant, space-grant and sun-grant status. With a Fall 2016 enrollment of 30,354 students, the university has added more than 6,500 students to its rolls since 2010. The university has nationally recognized programs in Environmental Science and Engineering as well as Forestry and Agricultural Sciences.

EdR is one of America’s largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 87 communities with more than 45,400 beds serving 54 universities in 25 states. EdR is a member of the Russell 2000 Index, the S&P MidCap 400 and the Morgan Stanley REIT indices.

Powered by WPeMatico

SAN ANTONIO, TX – The Bascom Group has bought the Redlands Apartments, a 280-unit Class A apartment community located in the affluent Stone Oak submarket of San Antonio, Texas. The property offers residents fantastic access to North San Antonio’s major employment corridors. Debt financing was arranged by De’On Collins, John Brownlee and Charles Halladay of HFF. James D’Argenio sourced and managed the acquisition for Bascom.

The property consists of 15 residential buildings and one stand-alone leasing center spread across more than 26 acres. The unit mix is comprised of 42% one bedroom units, 45% two bedroom units, and 13% three bedroom units. Community amenities include a fitness center, swimming pool, volleyball and basketball courts, BBQs, picnic areas, a children’s playground, a pet park, and a clubhouse with a business center.

San Antonio is home to many businesses across a diverse array of industries including medical, financial, technology, data management, manufacturing, sustainability, aviation, defense, retail, office and transportation. As San Antonio continues to offer an elite quality of life relative to other U.S. cities, the MSA continues to induce corporate relocations, company expansions, and commercial development. This economic growth and limited apartment supply will continue to strengthen multifamily fundamentals in San Antonio.

James D’Argenio, Principal for Bascom, comments, “We bought a well-built, low-density asset benefitting from a fantastic school system and a stable resident base. The interiors offer an upgrade opportunity when compared to newer, more expensive apartments in the submarket.”

Tony Ferrell, Director of Portfolio Operations for the Texas region adds, “North San Antonio and the surrounding markets continue to show strong apartment fundamentals and household economic statistics relative to other Texas markets. The property along with the neighboring properties are all high 90s occupancy with healthy resident analytics.”

Powered by WPeMatico

GREENWICH, CT – Starwood Capital Group, a leading global private investment firm, and Round Hill Capital, a leading European specialist real estate investment and asset management firm, announced that they have bought, through a new joint venture involving controlled affiliates, an operational portfolio of six modern, purpose-built, premium student accommodation assets across the United Kingdom. As part of the transaction, the joint venture has also entered into a forward funding agreement for the acquisition of a development scheme in Newcastle. The total buy price for the portfolio was approximately £120 million.

The direct-let properties are in central locations in top university cities across the U.K. The portfolio comprises high-specification assets with premium-quality communal areas and a total of 1,595 beds in a mixture of mainly large studios and ensuite bedrooms in cluster flats. The standing assets consist of The Haymarket in Edinburgh, Chestnut House in Cambridge, The Walls in Southampton, St James House in Glasgow and Union Square and Stepney Yard, both in Newcastle. The forward funded development in Newcastle is expected to be delivered in time for the 2018–19 academic year.

“Starwood Capital has an established platform of student housing in the U.S., with 6,855 beds under management, and based on our strong performance and track record, we are keen on expanding our footprint in this sector in the U.K.,” said Zsolt Kohalmi, Head of European Acquisitions at Starwood Capital Group. “We are excited to work with Round Hill Capital and Nido as our partners on this investment, which boasts assets in superb locations and strong student markets that provide a high-quality offering to students. We believe that the U.K. is and will continue to be one of the top educational destinations for international students. We believe that student housing offers the potential for compelling risk-adjusted returns—based on a history of producing robust rental growth and maintaining high occupancy even amidst the last economic crisis—and we look forward to building on this transaction to establish a sizeable student housing platform in the U.K.”

The portfolio will be optimised through active, hands-on management via Round Hill’s well-established Nido Collection brand and operational platform for student accommodations. Round Hill has a successful track record of investing in and operating student accommodation assets, having bought, built up and managed over 2,700 student housing beds. In 2015, Round Hill sold 2,378 beds to Greystar Real Estate Advisers in 2015 for £600 million.

“Round Hill has an established and successful investment track record and operational expertise in premium student accommodation in the U.K., and we are very pleased to make this acquisition through our new U.K. joint venture with Starwood Capital Group,” said Michael Bickford, Founder and CEO of Round Hill Capital. “We look forward to actively managing and repositioning the portfolio and building a substantial premium student accommodation platform in partnership with Starwood Capital Group in key cities across the U.K. The demand for higher education in the U.K. is continuing to rise but the student housing market still suffers from structural supply constraints for high-specification properties in key university cities. Taken together with the sector’s growing and stable cash flows and our proven Nido Collection brand and operating expertise, this acquisition provides a compelling investment opportunity.”

Powered by WPeMatico