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  • Student Housing Daily - January 9 - Palladius Capital acquires 9 residential assets for $579 million

Student Housing Daily - January 9 - Palladius Capital acquires 9 residential assets for $579 million

Palladius pays $579 million for 9 assets. Newmark sells 177 beds. Greystar sells 21-story tower. PNW approves 150-bed residence hall. Florida Tech to build 555-bed complex. Asset Living ranked No. 1 property manager. Four new student housing deals.

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NEWS ROUNDUP

ACQUISITION: Palladius Capital acquires 9 residential assets for $579 million. Palladius Capital Management has acquired a portfolio of nine residential properties for $579 million. The portfolio includes over 2,500 units, comprising five multifamily communities and four student housing properties. Palladius Capital’s Nitin Chexal, Manish Shah, and Marko Velazquez explained that this acquisition aligns with the firm's strategy to invest in markets with strong economic and demographic trends.

DISPOSITION: Newmark sells 177-bed property. Newmark has successfully arranged the sale of 8th & High, a 177-bed property in Columbus, OH. Newmark’s 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.

DISPOSITION: Greystar sells 21-story tower for $126.4 million. Greystar has sold The Accolade, a 226-unit student housing community in Seattle, for $126.4 million. An affiliate of Goldman Sachs was identified as the buyer. Developed by Greystar, The Accolade offers 597 beds across 226 units, with amenities including a rooftop parklet featuring a grassy hill. The deal works out to $559,292/unit, or $211,725/bed. The sale price is nearly 13% less than the development's projected cost in 2020 but $3.4 million more than the county's assessed valuation.

DEVELOPMENT: Purdue University Northwest approves 150-bed residence hall. Purdue Northwest is set to construct a $29 million, 150-bed, three-story residence hall designed with a mix of pod-style, single-, and double-occupancy rooms. The facility will include a shared kitchen, laundry amenities, study spaces, and a student lounge. Construction is slated to begin in July, with completion anticipated by July 2026.

DEVELOPMENT: Florida Tech panning 555-bed complex. Florida Institute of Technology in Melbourne has announced plans to construct a six-story student housing complex on its campus. The new facility aims to accommodate the university's growing student population and enhance on-campus living options. The Melbourne Planning and Zoning Board unanimously recommended approval for the project on December 19.

DEVELOPMENT: Asset Living ranked No.1 third-party property manager. Student Housing Business has named Asset Living the No. 1 third-party property management company for the 14th consecutive year. The recognition was published in the magazine's annual Top 25 Managers Survey for fall 2024, which included the Top 15 Third-Party Managers. Ryan McGrath, CEO of Asset Living, and Stacey Lecocke, Division President of Asset Living, expressed great pride in this achievement.

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ONE MORE THING

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