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Student Housing Daily - January 23 - Alden Street JV sells Georgia asset for $99 million

Student Housing Daily - January 23 - Alden Street JV sells Georgia asset for $99 million

JV sells $99 million development. Palladius buys 696 beds. Newmark sells 104 beds. Shawmut tops off building in Boston. Granite shuffles executive team. Four new student housing deals.

Aid Sopjani & Matt H
January 23, 2025

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NEWS ROUNDUP

DISPOSITION: Alden Street JV sells Georgia asset for $99 million. A joint venture between Alden Street and Invesco has sold Bixby Kennesaw, a 179-unit, 656-bed student housing community serving Kennesaw State University. The Kennesaw State University Foundation acquired the property for $99 million ($150,914/bed), financing the purchase with a $100 million acquisition loan from Fifth Third Bank, maturing in December 2025. TSB Realty Advisors facilitated the sale and arranged the financing on behalf of the buyer. JLL oversaw the transaction, with Teddy Leatherman, Scott Clifton, Kevin Kazlow, and Jack Goldberger leading the sales team representing the seller.

ACQUISITION: Palladius acquires 696 beds. Palladius has expanded its student housing portfolio with the acquisition of The Lodge SMTX, a 696-bed student housing community serving Texas State University in San Marcos, Texas. The acquisition was facilitated by Chris Epp, Will Baker, and William Shell of Walker & Dunlop. The deal also involved collaboration with 29th Street Capital and Tremont Realty Capital. The internal effort was led by Nitin Chexal, Jaime Hinojosa, George Knight, Nancy Ngai, and other members of the Palladius team.

DISPOSITION: Newmark sells development serving the University of Mississippi. Newmark has successfully arranged the sale of Gather Oxford, a 104-bed property in Oxford, MS. 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.

DEVELOPMENT: Shawmut has topped off mixed-use building in Boston. Shawmut has reached the topping-off milestone for a new sustainable mixed-use building located at 100 South Campus Drive in the Allston neighborhood. This development is set to provide 276 modern student housing units for Harvard University. The ground level of the facility will include 75 car parking spaces and 250 sheltered bicycle parking spaces, promoting eco-friendly transportation options. The design incorporates tree-lined areas and green spaces, fostering a biophilic environment and enhancing urban connectivity. An integrated stormwater management system further underscores the project's commitment to environmental responsibility.

PEOPLE MOVES: Granite shuffles executive team. Granite Management has announced the appointment of John Rabold as Chief Executive Officer, succeeding Brent Gutwein, who will transition to the role of Executive Chairman. Since joining Granite Management, Rabold has led initiatives across sales, operations, marketing, and finance. He previously served as President, a position that will remain unfilled as part of the company's strategic succession plan.

READ: InterFace panel on student housing.

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