Student Housing Daily - February 5 - Coastal Ridge buys OSU-area portfolio for $6.75M

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NEWS ROUNDUP

ACQUISITION: Coastal Ridge buys OSU-area portfolio for $6.75 million. Coastal Ridge has acquired a portfolio of apartment buildings and rental homes near Ohio State University for $6.75 million, below the $8.5 million asking price. The deal included 28 parcels—mostly south of campus—with nearly 150 bedrooms combined, a typical per-bedroom student housing rent structure.

DISPOSITION: CBRE arranges sale of 1,098 beds. CBRE has arranged the sale of The London, a 1,098-bed complex serving Texas A&M University. CBRE’s Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Carson Ford, Brad Peters, and Victoria Langston handled the sale.

DISPOSITION: Marcus & Millichap brokers $26.5 million sale. Marcus & Millichap has brokered the $26.5 million sale of a three-property multifamily portfolio in Auburn totaling 187 units, including Vue on Dean (61 units), Vue on Glenn (72 units), and Vue on Ross (54 units). Josh Jacobs of Marcus & Millichap’s Birmingham office represented the seller and procured the buyer, both of whom requested anonymity. The seller had recently invested $3.3 million to upgrade approximately 90% of unit interiors and complete exterior improvements, including landscaping, painting, and rebranding, prior to the sale.

DEVELOPMENT: WashU plans two dorms to add 600 beds. Washington University in St. Louis (WashU) has filed plans with the City of Clayton to build two new dormitories to house 600 additional students, supporting its goal of housing all first- and second-year students in the residential area.

READ: Student housing pre-leasing rebounds after slow start.

STUDENT HOUSING FOR SALE

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691 Beds | 94% Current Occupancy | Built in 2012

309 Beds | Avg. Pricing is $118 Per Bed Below Nearby Competitive Properties | 95.3% Current Occupancy | Asking Price: $31,000,000 | CFO: February 9
 

489 Beds | 2 Properties | Asking Price: $14,000,000 | CFO: February 10

341 Beds | 94% Current Occupancy | Class A | Zero Development Pipeline in the Area

ONE MORE THING

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