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Gilbane and CBRE form strategic partnership

Gilbane and CBRE form strategic partnership

Gilbane and CBRE acquire 3,000 bed portfolio. The Preiss expands. Landmark acquires 616-beds. Greystar to build 624-bed complex. LV Collective and Harrison Street plan mixed-use development in Indiana. Franklin Street expands into student housing. Four new student housing deals.

Matt H & Aid Sopjani
November 21, 2024

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NEWS ROUNDUP

ACQUISITION: Gilbane and CBRE acquire 3,000-bed portfolio. Gilbane and CBRE have formed a strategic partnership to own and develop six premier, purpose-built student housing properties across the United States. The initial portfolio includes three operational communities as well as three shovel-ready projects that will offer nearly 3,000 beds. Russell Broderick of Gilbane and Matt Tepper of CBRE expressed great enthusiasm for this partnership. TSB Capital advisors arranged financing and consulted on the joint venture partnership.

ACQUISITION: The Preiss expands portfolio with two acquisitions. The Preiss, led by John Preiss, has expanded its portfolio with the acquisition of two premier properties: The Collective at Lawrence, a 784-bed cottage-style complex in Kansas and Riverfront Village, a 440-bed community in Alabama. “The acquisitions of The Collective at Lawrence and Riverfront Villlage underscore our strategic growth initiatives and our commitnment to expanding our reach in vibrant university markets” - Adam Byrley, The Preiss.

ACQUISITION: Landmark acquires 616-bed property in South Carolina. Landmark has expanded its student housing portfolio with the acquisition of The Ridge Clemson, a 616-bed community in Clemson, SC. Built in 2018, this Class A property offers a mix of two-bedroom apartments and four-bedroom townhomes, each featuring private, attached two-car garages. The property is 97% occupied for the Fall 2024 term. "Given our history of success in Clemson coupled with the university’s continued enrollment growth, we are excited to add The Ridge Clemson to our portfolio, further expanding Landmark’s footprint in the market” - JD Goering, Landmark.

DEVELOPMENT: Greystar to build 624-bed complex. Greystar has been selected to develop the first on-campus student housing at Cabrillo College in California. The planned 624-bed complex is a collaborative effort with the University of California, Santa Cruz (UCSC) and is estimated to cost $124 million. Construction is slated to begin in fall 2025, with completion targeted for fall 2027. Matt Wetstein, Cabrillo College president, and Cynthia Larive, UCSC chancellor, highlighted the project’s potential to benefit students, 20% of whom face housing insecurity, and to alleviate the local housing crisis.

DEVELOPMENT: LV Collective and Harrison Street announce plans for a mixed-use development in Indiana. LV Collective, in partnership with Harrison Street, has announced the development of Rambler Levee District, a mixed-use residential community in West Lafayette, IN, situated less than half a mile from Purdue University. The 799,289-square-foot project will comprise two buildings housing 583 apartments. Project partners include Landmark Properties, WDG as the architect, Brinkmann Constructors as the general contractor, Variant Collaborative as the interior designer, and DLA Piper as the legal counsel. Construction is scheduled to commence in the fourth quarter of 2024, with project completion anticipated in fall 2027.

PEOPLE MOVES: Franklin Street expands into student housing. Franklin Street is launching its student housing division and has successfully attracted a Marcus & Millichap team led by Patrick Mullowney and Joel Dumes to lead these efforts. Joining them at Franklin Street are brokers Kyle Teets, Seth Rosin, and David Peirce, along with analysts and coordinators Jacob Bobo, Lauren Bounsall, and Jacob Westgerdes. The team plans to focus on large deals involving properties with over 350 beds and aims to close transactions exceeding $1 billion over the next several years.

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