ATLANTA, GA – Preferred Apartment Communities announced that it has entered into a Buy and Sale Agreement to sell its student housing portfolio to TPG Real Estate Partners for $478.7 million. The transaction is expected to close in the fourth quarter of 2020 and is subject to customary closing conditions. The Portfolio was marketed for sale by CBRE.
The Portfolio includes eight, high-quality student housing communities located in Arizona, Florida, Georgia, North Carolina, and Texas. The communities include more than 6,000 beds with a wide range of indoor and outdoor amenities. The communities to be sold include: NxNW, a 679-bed student housing community located in Tallahassee, Florida; Knightshade, an 894-bed student housing community located in Orlando, Florida; The Tradition, an 808-bed student housing community located in College Station, Texas; The Bloc, a 556-bed student housing community located in Lubbock, Texas; Ursa, an 840-bed student housing community located in Waco, Texas; SoL, a 639-bed student housing community located in Tempe, Arizona; Stadium Village, a 792-bed student housing community located in Kennesaw, Georgia near Atlanta, Georgia; and Rush, an 887-bed student housing community located in Charlotte, North Carolina
“We look forward to closing the sale of our student housing portfolio to TPG Real Estate in the coming months,” said Joel Murphy, Preferred Apartment Communities’ President and Chief Executive Officer. “This is consistent with our previously stated objectives to exit the student housing space, simplify our focus to our core Sunbelt multifamily business, and improve our balance sheet. TPG Real Estate has demonstrated their commitment to the transaction and their sector experience throughout the process, and both groups worked well together during the due diligence phase.”
“This transaction represents a scaled entry for TPG Real Estate into the U.S. student housing sector and an extension of our student housing initiatives in Europe. We believe the assets in this portfolio will benefit from their adjacency to high-quality academic institutions that are well positioned to weather the challenges resulting from the Covid-19 pandemic,” said Ty Newell, Principal at TREP. “In spite of these near-term challenges, these student housing communities are poised to experience a combination of strong regional demographic fundamentals and favorable supply dynamics that should continue to support performance. Preferred Apartment Communities has continued to operate and lease the Portfolio in a first-rate manner following the signing of the buy agreement. We look forward to leveraging TREP’s expertise in building and scaling high-quality real estate platforms, as well as the operating capabilities of our partners at Cardinal Group, to generate additional growth and value across the portfolio.”

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COLUMBUS, OH – Trilogy Real Estate Group, a Chicago-based real estate investment, property management and development firm, announced the acquisition of The Mirada, a 256-unit multifamily community in the Columbus suburb of Lewis Center, Ohio.
“Trilogy seeks to identify and aggressively pursue attractive investment opportunities on behalf of our clients. The Mirada is an exceptional example of this thesis,” said Trilogy Founder and Chief Executive Officer Neil Gehani. “We believe this premier Class A apartment community, located in a dynamic suburban area of Columbus, Ohio, will perform well for our investors, both in the small- and long-term.”
Built in 2018, The Mirada is comprised of 224,635 square feet of space with one-, two-, and three-bedroom units as well as studio apartments. Situated on 9 acres of land, the community was 95% leased upon acquisition and features several community amenities that include a heated outdoor pool, grilling area, sand volleyball court, club room, game area, fitness center and a separate exercise studio. The well-appointed units feature vinyl plank floors, granite countertops, tile backsplashes and stainless-steel appliances.
The Mirada is situated in the highly rated Olentangy school district and is just two miles north of Interstate 270, providing residents with premier access to downtown Columbus as well as suburban employment centers. Major employers located in the community’s surrounding area include, JPMorgan Chase & Co., Honda, Nationwide, Amazon and Anheuser-Busch, among others.
Trilogy Real Estate Group has sponsored seven private investment and qualified opportunity zone funds. Since 2002, the principals of Trilogy have successfully invested in real estate assets valued in excess of $1.7 billion, including 27 multifamily properties located in 12 states across the country.

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TEMPE, AZ – FCP announced the $77.0 million acquisition of Solara at Mill Avenue, a 515-unit apartment community in Tempe, Arizona, through a joint venture with Tides Equities. The acquisition of Solara at Mill Avenue, which is adjacent to the partnership’s June acquisition, Tides at South Tempe, marks its second investment in Tempe in three months.
“Solara at Mill Avenue provides FCP with a well-located community that will benefit from our asset management strategies,” said FCP Vice President for Acquisitions concentrating on FCP’s Western U.S. investments, Bart Hurlbut. Mr. Hurlbut continued, “We anticipate operational efficiencies with Solara being immediately adjacent to our Tides at South Tempe property.”
“Tides is thrilled to partner with FCP on our second transaction together in South Tempe,” said Sean Kia, Co-Founder and Principal of Tides Equities. “Solara at Mill will give us further efficiencies and economies of scale in that submarket, allowing us to further reduce our expenses across the board.”
Solara at Mill Avenue is located close to Superstition Freeway and Interstate 10, proximate to major job centers, downtown Tempe, downtown Phoenix and the Phoenix Sky Harbor International Airport. Residents delight in convenient access to shopping, restaurants and entertainment areas. The community features one and two-bedroom units with updated kitchens with new cabinets and quartz countertops, wood-style flooring and large windows. Private, fenced-in yards and stainless steel appliances are available in select units. Community amenities include a clubhouse, covered parking, dog park, firepit and event lawn, pool and 24-hour parcel/package concierge.
FCP and Tides Equities extend their appreciation to Matt Pesch at CBRE, who brokered the sale.

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