Student Housing Daily - December 5 - Inland acquires South Carolina student housing property

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NEWS ROUNDUP

ACQUISITION: Inland acquires South Carolina student housing property. Inland has acquired Sawyer on Lincoln, a newly developed 277-unit, 673-bed student housing property adjacent to the University of South Carolina campus in Columbia. The property is currently 100% occupied and has begun leasing for the 2025-2026 school year. University Partners will manage the property. Inland’s Mark Cosenza and Brett Smith facilitated the transaction.

DEVELOPMENT: New student housing complex proposed for State College borough. Landmark Properties has proposed The Retreat at Westerly Parkway, a 142-unit housing development in State College, Pennsylvania. The project aims to revitalize the largely vacant east side of Westerly Parkway Plaza by replacing two dilapidated commercial buildings with 21 residential structures and a 10,423-square-foot clubhouse. Borough Planning Director Ed LeClear noted that the shopping center has been mostly vacant for an extended period, and the community has expressed a strong desire for redevelopment in that area. If approved, construction is expected to begin in 2026.

DEVELOPMENT: Parallel announes land closing for its latest student housing project. Parallel has announced the successful land acquisition for a new 671-bed student housing community in Lubbock, Texas. Construction is set to begin in spring 2025, with completion targeted for fall 2027. David Pierce, Principal of Parallel, expressed enthusiasm for the project, stating, "We are thrilled to be moving forward with all our partners on this development. We would particularly like to thank Kayne Anderson Real Estate Co. for their commitment to executing this fantastic opportunity with us." The development team includes BOKA Powell, A Royal Interiors, Parkhill, VP Consulting Engineers, RLG Consulting Engineers, and Teinert Construction as the General Contractor.

FINANCING: Shore to Shore obtains $42 million bridge loan. Shore to Shore has secured a $42 million first-mortgage bridge loan to refinance The Domain at Oxford, a 642-bed student housing community serving the University of Mississippi. The floating-rate loan, provided by Seven Hills Realty Trust, has a three-year initial term with two one-year extension options. Newmark advised Shore to Shore Properties on the transaction. "The Domain at Oxford is expected to benefit from growing demand for high-quality student housing as a result of rising enrollment at the University of Mississippi” - Tom Lorenzini, President, Seven Hills Realty Trust.

FINANCING: Hawkins Way secures $45 million for Berkeley development. Hawkins Way has secured a $45 million acquisition loan for Garden Village, a 225-bed student housing community near the University of California, Berkeley. The two-year, floating-rate financing was arranged by JLL Capital Markets' Brandon Smith, Annie Rice, and Gyasi Edmondson through Limekiln Real Estate Investment Management. The new ownership plans to rebrand the property as FOUND Study Southside Berkeley, with management by FCL Management. "This acquisition reflects our ongoing commitment to investing in high-quality housing that meets the evolving needs of today’s students and young professionals” - Ross Walker, Managing Partner, Hawkins Way.

PEOPLE MOVES: Coastal Ridge appoints new managing director. Coastal Ridge, a has appointed Laura Formica as Managing Director of Corporate Operations. In this role, Formica will oversee various corporate teams at the company's headquarters, aiming to enhance performance and streamline operations across Coastal Ridge's investment, development, and property management sectors. Prior to joining Coastal Ridge, she served as Senior Managing Director of Operations at Core Spaces.

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