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Student Housing Daily - December 10 - Blue Vista and Clarion acquire 2,787 beds

Student Housing Daily - December 10 - Blue Vista and Clarion acquire 2,787 beds

Blue Vista and Clarion acquire 2,787 beds. UNC Charlotte acquires $70 million complex. LV Collective and Harrison Street to build 1,009 beds. Up Campus breaks ground on new building. Blackstone lands $1 billion refinancing. JLL secures construction financing. Four new student housing deals.

Matt H & Aid Sopjani
December 10, 2024

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NEWS ROUNDUP

ACQUISITION: Blue Vista and Clarion purchase 2,787 beds. A joint venture between Blue Vista and Clarion Partners has acquired a four-property, 2,787-bed student housing portfolio from Columbus Pacific Group. The properties serve Pennsylvania State University, the College of Charleston, and Texas A&M University. Management of the properties will be handled by PeakMade Real Estate, a Blue Vista affiliate. TSB Realty brokered the transaction, with TSB Capital Advisors providing debt placement services. "This portfolio reflects Blue Vista’s student housing strategy of pursuing high-quality, in-demand accommodations at top-tier universities with growing student populations” - Jason Schwartz, Blue Vista.

ACQUISITION: UNC Charlotte to acquire complex for $70 million. UNC Charlotte has announced plans to acquire The Edge Apartments, a 15-acre, 720-unit student housing complex near Martin Hall, for $70 million through a three-year loan. During a Board of Trustees meeting, Dr. Richard Amon, Vice Chancellor for Business Affairs, outlined the acquisition plan, which includes an agreement with ACC to continue managing the property during the three-year loan period.

DEVELOPMENT: LV Collective and Harrison Street to build 1,009-bed project. LV Collective and Harrison Street are set to develop Rambler Ann Arbor, a 1,009-bed luxury student housing project located across from the University of Michigan campus in Ann Arbor. Site work began in October 2024, with completion anticipated for fall 2027. Kennedy Wilson and Forum Investment are providing construction financing. "With the University of Michigan’s rising enrollment and Ann Arbor’s status as a premier college town, creating high-quality living spaces that match this growth and enhance students’ overall experience is essential” - Thomas Whitesell, Head of the Debt Investment Group at Kennedy Wilson.

DEVELOPMENT: Up Campus breaks ground on five-story building. Up Campus has acquired the former Summit United Methodist Church site for $5.1 million. The developer plans to demolish the vacant church to construct a five-story student apartment complex catering to Ohio State University students. Stephen Bus, managing partner for Up Campus, said in a press release, "Blume on 16th reflects our continuing commitment to provide our residents with premium amenities, convenient location, and living spaces tailored to support both academic success and personal wellness for OSU students."

FINANCING: Blackstone lands $1 billion refinancing for student housing portfolio. Blackstone has secured a $1 billion refinancing loan for a segment of its student housing portfolio, encompassing multiple properties in Texas. The five-year loan will refinance $809.8 million of existing debt, cover closing costs, and return $115.3 million to the sponsor. The loan is collateralized by 32 student housing properties comprising 18,502 beds across 19 universities, including Texas Tech University and Texas A&M University. These properties are part of a larger portfolio owned by American Campus Communities, which Blackstone acquired for $12.8 billion in 2022.

FINANCING: JLL secures construction financing for 168-unit project. JLL has secured construction financing and equity placement for Hartwell Ridge, a 168-unit student housing development near Clemson University in South Carolina. The JLL team, comprising Jeremy Sain, Teddy Leatherman, and Lauren Dow, represented the developer, Fountain Residential Partners, in arranging equity through FrontRange Capital and Atlantic American Partners. BankUnited provided the construction loan.

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