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Student Housing Daily - February 18 - JLL facilitates sale of 533-bed property

Student Housing Daily - February 18 - JLL facilitates sale of 533-bed property

JLL sells 533 beds. CushWake sells 510 beds. ACC opens $200 million property. Tufts University receives green light for 299-unit dorm. Canyon Partners JV secures $79 million. Four new student housing deals.

Aid Sopjani & Matt H
February 18, 2025

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NEWS ROUNDUP

DISPOSITION: JLL facilitates sale of 533-bed property. JLL has announced the sale of The Stretch, a 170-unit, 533-bed student housing community serving the University of Kentucky in Lexington, KY. JLL represented the seller, a joint venture between Campus Advantage and Tramview Capital Management, in the sale to GMH Communities. The Stretch offers two-, three-, and four-bedroom units averaging 1,155 square feet. JLL’s Investment Sales and Advisory team was led by Managing Directors Teddy Leatherman and Scott Clifton, Director Kevin Kazlow, and Associate Jack Goldberger.

DISPOSITION: Cushman & Wakefield sells 510 beds. Cushman & Wakefield has sold Arcadia, a 510-bed community in Milledgeville, GA. CushWake’s Victoria Marks, Travis Prince, Shawn Lubic, Taylor Bird, Nelson Abels, Gideon Gil, Alan Blank, Rich Martinez, and Bill Iacobucci facilitated the sale.

DEVELOPMENT: ACC opens $200 million property. American Campus Communities (ACC) has officially opened xučyun ruwway, a 761-bed graduate student housing community for the University of California, Berkeley. The five-building complex features 286 fully furnished apartments, tripling UC Berkeley’s supply of single graduate housing.

DEVELOPMENT: Tufts University receives green light for 299-unit dorm. The Medford Community Development Board has approved Tufts University’s proposed two-building dormitory complex, allowing construction to begin this spring. Set to open in 2027, the dorm will feature 299 units and accommodate nearly 700 upperclassmen.

FINANCING: Canyon Partners JV secures $79 million refinance. A joint venture between Canyon Partners, GMH Communities, and CRG has secured a $78.5 million refinancing loan for The Dean Reno, a 773-bed student housing high-rise serving the University of Nevada, Reno. Northmarq arranged the financing, with Managing Director Justin Glasgow leading the transaction. The new financing replaces a $75.2 million construction loan originally issued by Citizens Financial Group and Nevada State Bank in 2021. The joint venture was formed that same year, with Canyon Partners investing $36.2 million in equity for the opportunity zone development.

READ: How Landmark became the largest student housing developer.

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