Student Housing Daily - August 14 - TSB arranges sale of 221 beds

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NEWS ROUNDUP

DISPOSITION: TSB arranges sale of 221 beds. TSB Realty has brokered the sale of The Union Corvallis, a 221-bed student housing property located close to Oregon State University in Corvallis, Oregon. Built in 2013, the 68-unit community offers one-, two- and four-bedroom layouts, with amenities including a clubhouse with pool and ping pong tables, outdoor sundeck and grilling area, resident lounge, study spaces, computer station and library. Cardinal Group purchased the asset from an undisclosed seller for an undisclosed price. “The Union has an exceptional reputation in the market and a strong operational history, including more than 16 percent rent growth from 2023 to 2024,” said Randall Calvert of TSB Realty, adding that the acquisition is a strong fit for Cardinal’s portfolio.

DEVELOPMENT: Subtext, Larson Capital break ground on 545-bed tower in Texas. A joint venture between Subtext and Larson Capital Management has started construction on EVER, a 176-unit, 545-bed student housing community in College Station, Texas, slated for summer 2027 completion. The seven-story development is the first phase of a larger 1,738-bed project announced in March. Phase two, VERVE, will feature 382 units, 1,193 beds, and 882 parking spaces, targeting delivery in 2028. Located at 401 Stasney St., within the Northgate Entertainment District and two blocks from Texas A&M University, EVER will offer studio to five-bedroom floorplans and amenities including lounges, study and meditation rooms, coffee bar, mini market, sauna, multi-sport simulator, indoor/outdoor bar and kitchen, outdoor fitness areas, pool with cabanas, sky lounge with spa, game lounge, and grilling stations. OHT Partners is the general contractor.

DEVELOPMENT: Park7 completes 555-bed tower in Austin. Park7 Group and Hoar Construction have finished Icon, a 33-story, 555-bed student housing community near the University of Texas in Austin. Standing 300 feet tall, it is now the tallest building in the city’s West Campus district. The project, Park7 and Hoar’s first collaboration, broke ground in early 2023 and is set to open for the 2025–2026 school year. Icon offers 216 one- to five-bedroom apartments with amenities including multiple student workspaces, a rooftop pool, fitness center, media room, lounge, and four levels of underground parking. Despite site constraints, supply chain issues, and equipment staging challenges, the team met deadlines through coordinated efforts, early inspections, and mock-up drills with city officials. Project partners included Rhode Partners as architect, DCI Engineers for structural engineering, and Blum Consulting Engineers for MEP services.

PEOPLE MOVES: PeakMade expands leadership team. PeakMade has appointed Patrick Yorek as director of client services and promoted Chelsi West to director of people operations. Yorek, formerly regional sales director at WithMe, will partner with clients to align the firm’s platform with their student housing strategies. “Patrick brings a wealth of experience and a strong track record of uncovering value through fresh, strategic approaches,” said Mark Winkelmann, vice president of client services. West, a six-year PeakMade veteran, will transition from daily operations to a more strategic role focused on advancing the company’s “People Matter Most” philosophy. “Chelsi is a thoughtful, strategic leader who brings integrity, presence and a people-first mindset to everything she does,” said Mike Costello, vice president of people operations.

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STUDENT HOUSING FOR SALE

Click each image for more information:

211 Beds | 3 Properties | 100% Occupancy | 100% Preleased For AY ‘25-’26

810 Beds | Class A | 97.04% Preleased For AY ‘25-’26 | 46.42% Preleased For AY ‘26-’27

Two Properties | 629 Beds + 1,134 Beds | 100% Occupancy | 80% and 75% Preleased For AY ‘25-’26

668 Beds | 100% Bed-to-Bath Parity | $2,238 Leased Rent/Unit | $794 Leased Rent/Bed | 97% Occupancy

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