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Student Housing Daily - July 17 - CBRE arranges sale of Ohio property

Student Housing Daily - July 17 - CBRE arranges sale of Ohio property

ACC to build 898 beds. Drake RE Partners closes $515M fund. L3 Campus promotes leadership team. Top 10 Universities for student housing construction. Four new student housing deals.

Aid Sopjani & Matt H
July 17, 2025

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NEWS ROUNDUP

DISPOSITION: CBRE arranges sale of Ohio property. CBRE has arranged the sale of The Point on Lane, a student housing property serving the Ohio State University. CBRE’s Jaclyn Fitts, Casey Schaefer, William Vonderfecht, Carson Ford, Eduardo Gamez, Sully Keeley, Jack Johns, Hank Carpenter, Maria Pas, Brad Peters, and Victoria Langston handled the sale.

DEVELOPMENT: ACC to build 898-bed off-campus student housing near UCF. American Campus Communities (ACC) has announced the development of a new off-campus student housing community near the University of Central Florida (UCF). The new project will deliver 898 beds and is set to open by Fall 2027. With approximately 15,000 square feet of amenity space, students will have access to a resort-style pool and spa, fitness and wellness centers, outdoor kitchens, fire pits, study areas, and lounges. “This development reflects our continued commitment to delivering high-quality communities that prioritize student wellness, thoughtful design catering to the student’s collegiate experience, coupled with an amazing location where students can walk to campus,” said James Wilhelm, Chief Development Officer at ACC.

FUNDRAISING: Drake Real Estate Partners closes $515 million fund. Drake Real Estate Partners has closed its fifth flagship fund, Drake Real Estate Partners Fund V (DREP Fund V), with more than $515 million in commitments, surpassing its original $500 million target despite a tough capital raising climate. “This outcome is a testament to the long-term relationships we’ve built and our deliberate expansion into the U.S. and European institutional landscape, which complements our longstanding ties in Latin America,” said Nicolas Ibanez, Co-Founder and President. Launched in one of the most challenging fundraising environments in recent history, the fund positions Drake to capitalize on market dislocations with what David Cotterman, Co-Founder and CIO, described as “one of the most compelling risk/return profiles we’ve seen since the firm’s inception.” DREP Fund V targets value-add to opportunistic returns while assuming core plus to light value-add risk, aligning with themes Drake has pursued since its founding in 2012.

PEOPLE MOVES: L3 Campus promotes leadership team. L3 Campus has announced key leadership promotions as it continues to expand its national footprint. Ben Rosengart has been elevated to President and Chief Investment Officer, where he will oversee acquisitions, dispositions, and capital markets activities, shaping the firm’s overall investment strategy. Jamie Grant has been named Chief Operating Officer, taking charge of strategic and operational planning, interdepartmental collaboration, and day-to-day management of the firm. Paul Salvesen, formerly Controller, is now Chief Financial Officer, responsible for all aspects of accounting and finance, including financial planning, tax, treasury, and accounts payable.

READ: Top 10 Universities for student housing construction.