Student Housing Daily - April 1 - Blue Vista JV secures $104 million

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NEWS ROUNDUP

FINANCING: Blue Vista JV secures $104 million. A joint venture comprising PeakMade Real Estate, Blue Vista, and W5 Group has secured $104 million in construction financing for Ithaca Gateway, a 518-bed student housing development in Ithaca, New York. Kennedy Wilson provided the senior note through its debt investment platform, supporting the construction of the six- and seven-story project scheduled for completion in July 2027. Purcell Construction has been appointed as the general contractor for the development, which will rise on the site of a soon-to-be-demolished one-story building.

M&A: TriPost acquires minority stake in Arizona student housing community. TriPost has announced the acquisition of a minority stake in The Carmin, a premier student housing property in Tempe, Arizona. This acquisition was made in partnership with the property's existing owners, Invesco Real Estate Income Trust (INREIT), a publicly non-listed REIT managed institutionally, and Alden Street Capital, a student housing investment company founded in 2015. Situated just steps from the Arizona State University campus, The Carmin is a Class A, 384-unit, 833-bed student housing property offering studio, one-, two-, and four-bedroom apartments. Todd Silverman, Managing Partner at TriPost, and Chase Bolding, President at INREIT, expressed great enthusiasm for the partnership.

DEVELOPMENT: Portman and 908 Group launch vertical construction on 674-bed complex. Portman and 908 Group have commenced vertical construction on The Hall, a new 674-bed student housing development situated directly across from Florida State University’s College of Business in Tallahassee. The ambitious project aims to deliver a high-quality residential experience for students, offering 191 units across two mid-rise buildings. The project is scheduled for completion in summer 2026.

PEOPLE MOVES: Subtext appoints new SVP. Subtext has officially launched a public-private partnership (P3) vertical aimed at addressing housing demand in underserved markets, and has appointed Patrick Parsons as Senior Vice President of P3s to lead the initiative. In his new role, Parsons will collaborate with municipalities, universities, healthcare systems, and other public and private organizations to create innovative housing solutions. “Subtext has always focused on forward-thinking housing solutions and our new P3 vertical is a natural next step,” said Brandt Stiles, founding partner and co-CEO at Subtext.

EXPANSION: Student Quarters opens HQ in Atlanta. Student Quarters has officially opened its new corporate headquarters in Atlanta. “This new space is more than just an office — it’s a reflection of our vision for the future,” said Andy Feinour, President and CEO of Student Quarters.

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