Student Housing Daily - July 16 - Gilbane begins construction on 655 beds

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NEWS ROUNDUP

DEVELOPMENT: Gilbane begins construction on 655 beds. Work has begun on MXWL (pronounced “Maxwell”), a 277-unit, 655-bed student housing development in Lexington, Kentucky. Developed by Ohio-based Stavroff Land and Development and built by Gilbane Development, the project is scheduled to open by fall 2027. The six-story building, designed by Dallas-based Humphreys and Partners, includes fully furnished units with private bathrooms, walk-in closets, in-unit laundry, high-speed Internet, and full kitchens. MXWL overcame early hurdles after the Lexington Urban County Planning Commission postponed final plan approval in late 2024, citing significant deviations from the original rezoning concept. The developers revised the design to better reflect the character of the historic Aylesford neighborhood, securing final approval in early 2025.

DEVELOPMENT: Tufts University breaks ground on 664-bed student housing project. Tufts University has begun construction on a new student housing development that will deliver 664 apartment-style beds across two residence halls by Fall 2027. The 271,000-square-foot project aims to expand on-campus housing, ease local housing pressure, and activate Boston Avenue with 4,000 square feet of retail and social space. The university partnered with Capstone Development Partners on the project through a public-private partnership, with Provident Resources Group as the nonprofit owner, Elkus Manfredi Architects leading design, Erland Construction as general contractor, and Barclays as financial underwriter. Tufts EVP Mike Howard, Capstone EVP Walker May, Elkus Manfredi CEO David P. Manfredi, and Erland VP Eric Greene each emphasized the project’s sustainability, community-building, and long-term value for students and the neighborhood.

EXPANSION: Mapletree to expand student housing, logistics, and data center footprint. Mapletree Investments announced a major portfolio expansion across its logistics, student housing, and data centre segments following robust FY24/25 performance. In student housing, AUM reached $5.3 billion across 29,000 beds in the U.S. and UK. Mapletree completed a £1 billion acquisition of 31 UK and German assets, including the Student Castle platform, making it the UK’s fourth-largest student housing owner. A new £500 million UK-focused fund is in the works.

PEOPLE MOVES: TSB Realty adds new VP of Investment of Sales. TSB Realty has appointed Ian Nordfors as VP of Investment Sales, focusing on middle-market student housing deals. Based in Paoli, Pennsylvania, Nordfors will work with existing clients while driving growth and new relationships for the firm. He joins from Marcus & Millichap, where he arranged financing across various commercial real estate asset classes. At TSB, Nordfors joins Executive Managing Director Randall Calvert and Principals Austin Repetto, Timothy Bradley, and Shawn Sweeney. Repetto said Nordfors’ experience and leadership align with TSB’s strategy to deepen its presence in all segments of the student housing market.

READ: Cottage-style student housing faces rising costs, resident expectations.

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STUDENT HOUSING FOR SALE

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376 Beds | 100% Bed-to-Bath Parity | 98% Occupancy | 65% Leased | Avg. Price per Bed: $953

2 Properties (Townhouse Assets + Parking Space) | Online Auction Sale | Starting Bid: $1,000,000 | 121 Beds

3 Properties | 81 Beds | 100% Occupancy | 100% Leased for AY ‘24-’25 | 96% Preleased for AY ‘25-’26

796 Beds | Avg. Unit Size: 1,043 SF | 91.73% Current Occupancy | Avg. Market Rent: $872/Bed

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