Student Housing Daily - August 7 - Monument Square JV acquires 381-bed student housing community

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NEWS ROUNDUP

ACQUISITION: Monument Square JV acquires 381-bed community near LSU. A JV between Monument Square Investment Group (MSIG) and a New York-based single family office has acquired University Grove, a newly built, 381-bed (127-unit) student housing property in Baton Rouge’s Arlington submarket, just 2.7 miles from Louisiana State University (LSU). Delivered in 2024, University Grove features three-bedroom, three-bathroom cottage-style units with high-end interior finishes, averaging 1,250 square feet. The JV plans to enhance the property further with upgraded landscaping and expanded amenities. The asset was 98.5% pre-leased for the 2025–2026 academic year at the time of acquisition, underscoring strong leasing demand.

DEVELOPMENT: Landmark delivers 521-bed student housing tower near University of Michigan. A JV between Landmark Properties and Cerca Trova has completed The Legacy at Ann Arbor, a 521-bed, mixed-use student housing community adjacent to the University of Michigan campus. The development features 253 units spread across a 19-story tower and an attached five-story building, connected to the historic Michigan Theater. The project broke ground in 2022 with the help of a $110 million construction loan from Nationwide and is now fully leased for the 2025–2026 academic year. Designed by ESG Architecture & Design and built by Landmark Construction, the Legacy includes studio to five-bedroom units, all with in-unit laundry, and select apartments featuring private balconies or patios. Sixteen units are designated as affordable housing.

DEVELOPMENT: Trinitas Ventures proposes 12-story, 326-unit apartment tower in Pittsburgh. Trinitas Ventures is advancing plans for a 12-story apartment development in Oakland, Pittsburgh, set to deliver 326 units and 674 beds. The project will offer a mix of studio, one-, two-, and three-bedroom apartments, along with 114 parking spaces. Slated to break ground in 2026 with completion expected in 2028, the development will redevelop a full city block previously eyed by Walnut Capital as part of its unfulfilled Oakland Crossings master plan. Trinitas is currently operating under an option agreement for the site and will present the proposal at the Pittsburgh Planning Commission's early September meeting.

PEOPLE MOVES: The Scion Group appoints new Chief Human Resources Officer. The Scion Group has appointed Sarah Arvanites as its new Chief Human Resources Officer. In her role, Arvanites will lead talent acquisition, learning initiatives, and employee development strategies across the company. She brings a strong background in both general HR leadership and HR legal specialization, including risk mitigation, M&A support, and employee relations. Before joining Scion, Arvanites held roles at Ernst & Young, KPMG, Grant Thornton LLP, and The Chartis Group, and most recently served as Senior Director of Strategy and Business at Baxter International.

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STUDENT HOUSING FOR SALE

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98% Occupied | 98.8% Pre-Leased For AY ‘25-’26 | 100% Bed-to-Bath Parity | 0.3 Miles to Campus | CFO: August 13

504 Beds | Below Market Rate Assumable Debt of $12,783,321 At a 3.875% Interest Rate | 72.82% Prelease | 0.1 Miles to Campus

242 Beds | 0.75 Miles to Campus | Substantial NOI Growth | 29% Of The Property Has Been Renovated

Shovel Ready Land | 0.36 Acres | Approved For a 75-Unit, 181-Bed Community

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