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Student Housing Daily - February 4 - Tailwind acquires 924 beds

Student Housing Daily - February 4 - Tailwind acquires 924 beds

Tailwind acquires 924 beds. SDSU proposes housing project. LV Collective to build 953 beds. QuadReal provides construction loan. First Citizens Bank provides $47.7 million. Customer service is important. Four new student housing deals.

Aid Sopjani & Matt H
February 04, 2025

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NEWS ROUNDUP

ACQUISITION: Tailwind acquires 924 beds. Tailwind Group has expanded its student housing portfolio with the acquisition of BLVD Gainesville, a 924-bed property located in Gainesville, FL. Nick Sheak, Director of Investments at Tailwind Group, expressed enthusiasm about the acquisition, stating, "We are excited to enter the Gainesville market and expand our footprint in student housing. This acquisition fits into our strategic value-add platform from both a capital improvement and management standpoint.”

DEVELOPMENT: San Diego State University proposes housing project. San Diego State University (SDSU) has unveiled the Evolve Student Housing project, a comprehensive initiative designed to address the increasing demand for affordable on-campus housing. The plan aims to add approximately 4,500 beds by 2030 through a six-phase construction process.

DEVELOPMENT: LV Collective and Culpepper to build 953 beds. LV Collective, in partnership with Culpepper Realty, has commenced construction on a new student housing development in College Station, TX. The seven-story, 752,500-square-foot project will feature 316 apartments, offering a mix of studio, one-, two-, three-, four-, five-, and six-bedroom units. The project is expected to be completed in time for the Fall 2027 semester. John Culpepper of Culpepper Realty and Jonathan Reyes of LV Collective expressed great enthusiasm for this project.

FINANCING: QuadReal provides construction loan. QuadReal Property Group has announced the closure of a construction loan to Core Spaces to finance the development of Hub Packard, a student housing project serving the University of Michigan in Ann Arbor. Located just 0.2 miles from the University of Michigan campus, Hub Packard will be a 15-story building offering over 1,000 beds. Construction is slated to begin in January 2025, with an expected completion date in June 2027, in time for the 2027-2028 academic year. Prashant Raj, Managing Director for U.S. Debt Investments at QuadReal, commented, "Our latest debt financing highlights our commitment to serving high conviction residential markets with strong long-term demand drivers at all stages of the housing journey.”

FINANCING: First Citizens Bank provides $47.7 million for Maryland complex. First Citizens Bank has provided a $47.7 million loan to GTIS Partners for the development of Aspen College Park, a student housing facility near the University of Maryland in College Park. Aspen College Park comprises 129 units totaling 432 beds and 136,135 rentable square feet. GTIS Partners’ Scott Bordogna and First Citizens Bank’s Chris Niederpruem and Juan Vives applauded each other’s professionalism and expertise during this process.

READ: Customer service more important than amenities.

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