ATLANTA, GA – A joint venture led by Campus Realty Advisors and T2 Capital Management has bought a portfolio of four student housing communities totaling 2,282 beds.  The properties are in four university markets across the U.S. including Central Washington University, Stephen F. Austin University, Austin Peay State University and Georgia Southern University. The buy expands Campus Realty’s student housing operations into a national footprint. The joint venture will immediately invest significant additional capital into these six- to eleven-year-ancient properties including improvements to unit interiors and amenities to boost their appeal and cash flow.  

Joining the investment with Atlanta-based Campus Realty and privately held T2 out of Wheaton, IL, is Realiance International Real Estate Partners, a Dutch investment group based in Amsterdam.  Campus Realty will provide asset management services and oversee the major renovations of the properties. The joint venture has engaged Asset Campus Housing to provide property management services.  

Jeff Brown of T2 noted that “This opportunity fits squarely in our value-add strategy.  We’re pleased to be able to expand our programmatic venture with Campus Realty with these strategically positioned assets.”  The group plans to upgrade the unit interiors, amenity areas and clubhouses with a focus on catering to the needs of today’s students.   According to Brown, “Our plot is to implement the capital and operating strategy for these properties quickly and efficiently.  We will then judge our success based on the positive experiences of our residents.”  Randy Herron, a Principal with Campus Realty, added “We search out and buy underperforming assets, and reposition them with market-competitive improvements while maintaining value rents. We look forward to rebranding these properties while providing top-quality service to make a fantastic living experience for students and value for our partners.”

T2 Capital Management focuses on providing capital to transitional and opportunistic middle-market commercial real estate assets throughout the United States. They provide capital structured as joint venture equity, bridge loans, mezzanine loans, and preferred equity.  As a contrarian investor, T2 primarily focuses on property types that appear to be undervalued or poised for recovery.

Campus Realty Advisors is a boutique investment and development company focused on making value in off-campus student housing.  Campus Realty identifies college markets and properties that offer significant profit potential for its partners and then executes strategic market specific plans to capitalize on the opportunities.

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CHICAGO, IL – Oakwood, wholly owned by Mapletree Investments, announced the acquisition of Jones Chicago by Mapletree, a modern 25-tale residential property at 220 West Illinois Street, in Chicago’s RiverNorth neighborhood. Renamed as Oakwood Chicago River North, the property will offer business professionals, individual travelers and long-term residents a luxurious furnished apartment experience – as well as unfurnished leases of nine months or more – in one of Chicago’s most vibrant, in-demand neighborhoods.

“Mapletree is pleased to expand its footprint in the United States (US), with Oakwood Chicago River North joining our portfolio, which currently includes properties situated in Los Angeles, Redwood City, Seattle and Raleigh,” said Chua Tiow Chye, deputy group chief executive officer. “Chicago is a top destination for many of the world’s largest companies, and we invested significant resources in selecting the best neighborhood for Oakwood’s global clients, as well as corporate and leisure travelers.”

Oakwood is rapidly increasing its management of corporate housing and serviced apartment assets worldwide, including plotted properties in Dubai, Thailand and China. “The addition of Oakwood Chicago River North – which will be one of Oakwood’s premier furnished and serviced apartment properties in the US – to our growing portfolio reflects our evolving approach to global expansion,” clarified Chris Ahearn, chief executive officer, Oakwood. 

Designed with both modern luxury and sustainability in mind, Oakwood Chicago River North comprises 188 units on 25 floors and offers a variety of flexible, one- and two-bedroom configurations. The Hartshorne Plunkard Architecture-designed building is LEED Gold Certified and boasts spectacular city views with floor-to-ceiling windows. Amenities include a rooftop lounge, a pool and sundeck area, modern athletic/fitness facilities, a covered dog run and dog-washing stations, and more. Notably, the address carries a Walk Score of 95 – ideal for pedestrians and residents to traverse the city.

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SAN DIEGO, CA – For JPI, a leader in the development of Class A multifamily communities, the goal of delivering a top-of-the-line community to the residents of Santa Clarita’s Vista Canyon is now within reach. The company announced that they have closed construction financing on Jefferson Vista Canyon, a $190 million, 480-home luxury apartment community. Comerica Bank, based in Dallas, and Colony Credit Real Estate, based in Los Angeles, will provide construction financing for Jefferson Vista Canyon.

Jefferson Vista Canyon is the first major residential development within JSB Development’s Vista Canyon, a new 185-acre, mixed-use walkable community. The master-plotted development will include retail, office, hospitality, apartments, townhomes and single-family residences, along with a new intermodal transit station and the Metrolink commuter rail at its center.

Also, a variety of single-family residences and a new 11-acre park will be located minutes away.

“Jefferson Vista Canyon is JPI’s third property within the Santa Clarita Valley and is a further reflection of our commitment to invest in developing communities in the region,” said Rosie Cooper, executive vice president and regional managing partner of the Western Region for JPI. “Our new luxury apartment homes will be a perfect fit for JSB’s vision of making a living environment that integrates urban vitality and connectivity with its own 10-mile system of bike, pedestrian and equestrian paths in one of the nation’s largest urban environments.”

“Jefferson Vista Canyon is a fantastic addition to the overall master-plotted community, and we are excited to play a part in making it possible for the citizens of Santa Clarita,” said Matt Maberry, Comerica Bank’s vice president of national real estate services and the senior lender on the project.

“JPI has been a reputable name in the Southern California market for more than 20 years,” said Andrew Nguyen, senior vice president at Colony Credit Real Estate, the mezzanine lender for Jefferson Vista Canyon. “We are honored to work together on this project to deliver another top-of-the-line community to the residents of the area.”

“JSB is pleased with the announcement of construction funding for Jefferson Vista Canyon,” said James S. Backer, president of JSB Development. “With the near-completion of Vista Canyon’s water-reclamation facility, which furthers our commitment to authentic green resources, plus the growing interest in the Gensler-designed three-tale office building plotted for the community, the anticipated groundbreaking of JPI’s development is an outstanding trendsetter for this master-plotted community.”

JPI’s Jefferson Vista Canyon community will provide a range of floorplans. A select few homes will even have rooftop decks, truly enabling residents to delight in the live-work-play environment within this master-plotted community. Jefferson Vista Canyon features unique community amenities typically found in more urban settings. 

Designed by Architects Orange, based in Orange, California, Jefferson Vista Canyon is set to be complete by spring 2020.

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