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Student Housing Daily - January 30 - Halstatt sells student housing asset in Orlando

Student Housing Daily - January 30 - Halstatt sells student housing asset in Orlando

Halstatt sells student housing asset. Asset near Clemson University fetches high price. Allens advises Greystar. URI enters P3. Seven Hills closes $31.2 million bridge loan. Student housing in 2025. Four new student housing deals.

Aid Sopjani & Matt H
January 30, 2025

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NEWS ROUNDUP

DISPOSITION: Halstatt sells student housing asset in Orlando. Halstatt has announced the sale of UnionWest at Creative Village, a mixed-use student housing tower located in Orlando, FL. The asset was acquired by Provident Resources Group. Developed in partnership with Development Ventures Group and Ustler Development, the 15-story UnionWest building comprises 644 student housing beds, over 100,000 square feet of academic space, 11,000 square feet of street-level retail, and a 600-space parking garage. Bobby Sullivan, Managing Director of Halstatt, expressed pride in the project, stating, "We are incredibly proud to have been a part of the development of UnionWest at Creative Village and what has become a best-in-class collaborative, learning, and academic campus in the heart of Orlando. Whereas Thom Cunningham, CEO of Development Ventures Group, noted the innovative approach to the transaction.

ACQUISITION: Asset near Clemson University sells at one of the highest per-unit prices in the area. Kayne Anderson’s acquisition of 114 Earle, a 706-bed complex in Clemson, SC, marked one of the highest per-unit transactions in the area over the past five years. This acquisition underscores the growing investor interest in student housing assets, particularly in proximity to major universities like Clemson.

PARTNERSHIP: Allens advises Greystar on $1.6 billion purchase. Allens has advised Greystar on its landmark acquisition of a $1.6 billion PBSA portfolio in Australia. The Allens legal team included Tim Chislett, Penny Nikoloudis, Jamil Diu, Hannah O’Flynn, Emily Tate, Mark Kidston, Emma Nicholson, Nat Bogatyreva, Chris Blane, James Nguyen, Chris Yuan, Moussa Mourad, Wendy Rae, Andrew Wong, David Donnelly, and Soha Refaat.

DEVELOPMENT: URI enters P3 for 1,100-bed project. The University of Rhode Island has entered into a public-private partnership (P3) with Gilbane to construct a new residence hall complex on its Kingston campus, aiming to add 1,100 beds to accommodate both undergraduate and graduate students. The project is currently in the feasibility study phase, with construction anticipated to commence in fall 2025 and initial occupancy targeted for fall 2027. The development will feature multiple residence hall buildings offering apartment-style units, enhancing on-campus living options for URI students.

FINANCING: Seven Hills closes $31.2 million bridge loan. Seven Hills (SEVN) has announced the closing of a $31.2 million first mortgage floating rate bridge loan to finance the acquisition of The Lodge, a student housing property near Texas State University in San Marcos, TX. Tremont Realty Capital, SEVN's manager, facilitated the transaction, which was introduced by Walker & Dunlop, advising the sponsor, Palladius Capital Management. “We continue to identify and close compelling loan investment opportunities, such as this loan for the acquisition of The Lodge, a student housing community near Texas State University” - Tom Lorenzini.

READ: Student housing in 2025.

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