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Student Housing Daily - January 14 - JLL facilitates sale of 524-bed community in Illinois

Student Housing Daily - January 14 - JLL facilitates sale of 524-bed community in Illinois

JLL sells 524 beds. Newmark sells 446 beds. Knightvest acquires 417-unit complex next to SMU. NMU approves plans for new housing. UCC completes first phase of renovations. BWE secures $47 million. Four new student housing deals.

Matt H & Aid Sopjani
January 14, 2025

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NEWS ROUNDUP

DISPOSITION: JLL facilitates sale of 524-bed community in Illinois. JLL has successfully facilitated the sale and financing of Campus Circle, a 524-bed student housing community located in Urbana, IL. The buyer and borrower, Horizon Realty Advisors, secured a five-year, fixed-rate loan through Freddie Mac. The JLL team representing the seller was led by Scott Clifton, Kevin Kazlow, and Jack Goldberger. The Debt Advisory team working on behalf of the borrower included Jake Wisness, Dan Kearns, Mike Brady, Sam Tarter, and Bill Maloney.

DISPOSITION: Newmark sells 446 beds. Newmark has successfully arranged the sale of The Hue, a 446-bed property in Savannah, GA. Ryan Lang, Jack Brett, Ben Harkrider, Mallory Rodriguez, Hope Brunner, Annarose Childress, Daley Heller, John Clark, Ben Roelke, Ian Walker, Trent Houchin and Jeff Barnwell are part of Newmark’s student housing team.

ACQUISITION: Knightvest acquires 417-unit apartment next to SMU. Knightvest Capital has acquired Mockingbird Flats, a 417-unit apartment community in Dallas, TX. Built in 2012, Mockingbird Flats is centrally located adjacent to Southern Methodist University (SMU) in Northeast Dallas. Knightvest plans to fully renovate the majority of the units and make substantial enhancements to the community's amenities. As part of the renovation efforts, the community has been renamed Belclaire. “With our headquarters in Dallas, this is a market we know extremely well, and our entire team was excited about this property” - David Moore, Knightvest.

DEVELOPMENT: Northern Michigan University approves plans for new housing. Northern Michigan University (NMU) has approved the construction of two new apartment complexes along Presque Isle Avenue. These developments will provide accommodations for 384 students, featuring a mix of studio, one-bedroom, two-bedroom, and four-bedroom units. The NMU Board of Trustees has allocated $3.5 million for the design, development, and construction management of these projects, with an estimated total cost of $55 million.

DEVELOPMENT: Umpqua Community College completes first phase of renovations. Umpqua Community College (UCC) has completed the first phase of its student housing renovations in downtown Roseburg, OR. Suzi Pritchard, UCC's Executive Director of Communications & Marketing, stated that developing student housing in downtown Roseburg is a key component of the college's strategic plan to expand programming and provide accessible living spaces for students. Dr. Rachel Pokrandt, UCC President, expressed pride in contributing to the revitalization of downtown Roseburg, supporting both the college's growth and the community's success.

FINANCING: BWE secures $47 million. BWE has secured a $47 million loan to refinance Lakemoor Station, a newly constructed student housing development serving the University of Tennessee, Knoxville. Jim Collins, Executive Vice President in BWE’s Knoxville office, originated the financing from Nationwide Insurance on behalf of Dominion Group.

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