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Student Housing Daily - January 7 - Virtu Investments pays $55 million for student property

Student Housing Daily - January 7 - Virtu Investments pays $55 million for student property

Virtu Investments pays $55 million. Greystar sells 589 beds. Coastal Ridge purchases LSU complex. Landmark JV to build 397 beds. PeakMade adds 5,400 beds to management portfolio. Landmark starts construction on SUNY Binghamton complex. Four new student housing deals.

Matt H & Aid Sopjani
January 07, 2025

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NEWS ROUNDUP

ACQUISITION: Virtu Investments pays $55 million for student property. Virtú Investments has acquired Elevate Apartments, a 417-bed student housing property in Bellingham, WA for $55 million ($131,894/bed). Michael Green, Founder Principal of Virtú Investments, stated that the multifamily market is undergoing a significant shift, presenting opportunities to acquire high-quality assets from motivated sellers at favorable valuations. This acquisition marks Virtú's second purchase in Bellingham and its 26th in the Pacific Northwest since the company's inception in 1997, reinforcing its strategic presence in the region.

DISPOSITION: Greystar sells 589 beds. Greystar has sold Hale Mahana Apartments, a 589-bed student housing complex near the University of Hawaii at Manoa for $95.2 million ($161,629/bed). A Timberline Real Estate Ventures and Ares Management JV was the buyer. Andrew Stark, CEO of Timberline and B.Hom Student Living, noted that their involvement with the Walter Dods, Jr. RISE Center on the UH Manoa campus led to their interest in acquiring Hale Mahana.

ACQUISITION: Coastal Ridge purchases student housing complex near LSU. Coastal Ridge has acquired Arlington Cottages and Townhomes, a student housing complex near Louisiana State University (LSU) in Baton Rouge. The transaction was executed through BNCR Student Housing JV LLC, with WSCR Arlington Owner IX LP as the seller. Arshon Afrakhteh of Walton Street Capital represented the seller, while Andy Lallathin represented Coastal Ridge in the transaction.

DEVELOPMENT: Landmark JV eyes 397-bed community in Colorado. Landmark Properties, in partnership with Silverpeak and Peninsula Investments, has acquired a development site in Midtown Fort Collins, Colorado to develop The Mark Fort Collins, a 397-bed student housing community near Colorado State University. Jason Doornbos, Executive Managing Director of Development at Landmark Properties, expressed enthusiasm for the project, highlighting its proximity to campus and local amenities, making it an attractive housing option for students.

DEVELOPMENT: PeakMade adds 4,500 beds to its management portfolio. PeakMade has been awarded management of eight student housing communities totaling 5,400 beds over the past 60 days. Each community offers fully furnished units with private bedrooms, catering to the needs of students in these regions. Mark Winkelmann, Vice President of Client Services at PeakMade, attributes this growth to the dedication and drive of the entire PeakMade team. He emphasizes that the success of their student platform is due to outstanding leaders who consistently achieve successful lease-ups.

DEVELOPMENT: Landmark starts construction on SUNY Binghamton complex. Landmark Properties, in partnership with Peninsula Investments, has commenced construction on The Retreat at Bunn Hill, a 700-bed, cottage-style student housing community located 0.6 miles south of the State University of New York (SUNY) Binghamton campus in Vestal, NY. "We love the supply and demand fundamentals in this market and have experienced the significant barriers to entry. We’re excited to bring our market-leading product to the SUNY Binghamton community” - Wes Rogers, Landmark. Juan Fernando Valdivieso, Managing Director of Peninsula, added, "Peninsula is thrilled to invest in The Retreat at Bunn Hill, located near Binghamton University, a prestigious R-1 public institution known for its long-standing tradition of academic and research excellence."

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