Student Housing Daily - December 19 - Greystar acquires $1 billion portfolio in Australia

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NEWS ROUNDUP

ACQUISITION: Greystar buys $1 billion portfolio in Australia. Greystar has acquired a seven-asset, 5,662-bed purpose-built student accommodation portfolio in Australia for approximately $1 billion. Greystar plans to upgrade these facilities, refresh their branding, and integrate its operational platforms to enhance the resident experience. The seller, Singapore-based property group Wee Hur, along with its partner GIC, had previously developed this portfolio. Greystar’s Wes Fuller and Adam Pillay stated that the acquisition is a pivotal step in Greystar’s Australian journey.

DEVELOPMENT: UpCampus submits proposal for 20-story tower in Tempe, AZ. UpCampus has submitted a proposal for Leo Tempe, a twin 20-story apartment tower in Tempe, AZ. The project aims to address housing shortages with 950 units and more than 14,000 square feet of commercial space, accommodating approximately 2,400 residents, primarily students. The project has faced time-sensitive zoning hurdles, with a final City Council vote scheduled for Dec. 19. Councilmembers Jennifer Adams and Arlene Chin, as well as Mayor Corey Woods, have expressed support for the project.

FINANCING: Landmark Properties and Stockbridge recapitalize 602-bed community. Landmark Properties has partnered with Stockbridge to recapitalize The Retreat East, a 602-bedroom cottage-style student housing community near the University of Central Florida in Orlando. This marks the second collaboration between Landmark and Stockbridge, following their acquisition of The Retreat at Tampa in late November. Wes Rogers, President and CEO of Landmark Properties, stated, "Our successful track record and ability to develop and operate high-quality student housing continues to drive strong interest from investors."

FINANCING: Colliers arranges $520 million refinancing for Grand Canyon University. Colliers has arranged a $520 million refinancing for Grand Canyon University (GCU). The refinancing consolidates two bridge loans previously arranged by Colliers in October and pays off GCU's credit line. This effort was a collaboration among GCU, Colliers, Goldman Sachs, and the law firms Ballard Spahr and Nixon Peabody. The refinancing was led by Colliers' Phoenix office, with significant contributions from Robert Kline, Todd Noel, and Mindy Korth. The Goldman Sachs team was led by John Stevenson, along with Mark Somers.

PEOPLE MOVES: ACC promotes Dan Crownover to CFO. American Campus Communities (ACC) has promoted Dan Crownover to CFO, effective January 1. Crownover, who previously served as Executive Vice President of Asset Management, will succeed Kim Voss, a 20-year veteran of the company. ACC's CEO, Rob Palleschi, praised Voss's contributions, stating, "Kim is a true champion of excellence, integrity, and leadership, and her remarkable tenure at ACC has helped shape the company into the industry leader it is today."

READ: Student housing boom not slowing down.

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