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Student Housing Daily - January 21 - JV acquires majority stake in 1,200-unit complex

Student Housing Daily - January 21 - JV acquires majority stake in 1,200-unit complex

JV acquires majoriy stake. Cape Advisors buys 189 beds. FAMU dorm to open in August 2025. Auraria Campus to construct two housing towers. UW-Madison breaks ground on 717-bed project. Four new student housing deals.

Matt H & Aid Sopjani
January 21, 2025

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NEWS ROUNDUP

ACQUISITION: JV acquires majority stake in Richardson, TX complex. A joint venture between Connor, Clark & Lunn Infrastructure and Bestinver Infra has acquired a majority interest in Northside, a 1,200-unit student housing community located in Richardson, Texas. Balfour Beatty, the current property manager, will retain a minority equity ownership in the asset. Agentis Capital acted as financial advisor for the transaction, with White & Case LLP serving as legal counsel, Deloitte as accounting and tax advisor, and Infrata as technical advisor to the buyer.

ACQUISITION: Cape Advisors acquires 189 beds. Cape Advisors has secured a $25.4 million bridge loan from RMWC to acquire and renovate the University Club, a 135-unit residential property located in College Park, Maryland. Ripco Real Estate's Capital Advisory team, led by Adam Hakim and James Murad, arranged the financing for this project. Whereas Newmark’s Ryan Lang, Jack Brett, Ben Harkrider, John Clark, Ben Roelke, Ian Walker, Trent Houchin and Jeff Barnwell arranged the sale.

DEVELOPMENT: New FAMU dorm schedule to open in August 2025. Florida A&M University (FAMU) is set to open a new 700-bed residence hall in August 2025. The construction of this $56 million facility began in 2023 and is part of the university's strategic efforts to accommodate its growing student population. The new dormitory will feature modern amenities, including study lounges, communal spaces, and state-of-the-art security systems, enhancing the living and learning environment for students.

DEVELOPMENT: Auraria Campus is set to construct two new housing towers. The Auraria Campus in Denver is set to construct two new high-rise buildings aimed at providing housing for students and staff. The buildings will offer over 300 mixed-income housing units, catering to individuals earning between 60% and 120% of the area median income. Colleen Walker, CEO of Auraria Higher Education Center, emphasized the project's significance, stating that it will "create new spaces for accessible housing opportunities, early and higher educational programs and continue to support workforce development."

DEVELOPMENT: UW-Madison breaks ground on 717-bed complex. UW-Madison has broken ground on Theory Madison, a 12-story, 717-bed student housing development. The complex will offer a range of amenities, including a pet spa, socialization room, 24-hour fitness center, dedicated study rooms, a podcast room, and expansive rooftop decks. "Theory Madison will transform student living at UW-Madison, offering an unparalleled blend of location, design, and amenities to foster academic success and personal growth” - Nate Gundrum, VP, Mortenson Development.

READ: Harrison Street bullish on student housing.

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