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Student Housing Daily - June 12 - Timberline acquires 228 units

Student Housing Daily - June 12 - Timberline acquires 228 units

UNC moves forward with residence hall project. PBA University issues $235.8M bond for 990-bed project. Up Campus proposes Fayetteville project. Mapletree Investments on tapping into global student housing potential. Four new student housing deals.

Aid Sopjani & Matt H
June 12, 2025

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NEWS ROUNDUP

ACQUISITION: Timberline acquires 228-unit student housing for $75.3 million near University of Arkansas. Timberline Real Estate Ventures has acquired Hill Place Apartments, a 228-unit, 840-bed student housing complex near the University of Arkansas in Fayetteville, for $75.31 million—equal to $330,333 per unit. The New York-based firm, led by founding principal Andrew Stark, purchased the 25-acre property from Denver-based Cardinal Group Management. The deal includes the transfer of a $50.79 million loan originally held by Cardinal Group, with Deutsche Bank National Trust serving as trustee. Timberline’s affiliate, B.Hom Student Living, will manage the property.

DEVELOPMENT: UNC moves forward with first new residence hall in nearly two decades. The UNC Board of Trustees has approved site selection and a construction manager for “Residence Hall 1,” the university’s first new dormitory since 2006. The planned 600-bed facility—budgeted at approximately $93 million—will be located on the northeast side of campus. Evan Yassky, UNC’s executive director of facilities, planning and design, emphasized the project’s complexity and fast-tracked timeline, noting it aligns with broader goals from the 2019 University Master Plan to expand student housing. “If the building plan includes 700 beds instead, it would be beneficial to the university,” Yassky said, citing earlier revenue generation as a key factor. Chancellor Lee Roberts voiced strong support, calling the project a “significant” step in improving student life: “The first new dorm to be built on campus — especially to build it on the north campus — in 20 years, is a big deal.”

DEVELOPMENT: Palm Beach Atlantic University issues $235.8 million bond for 990-bed project. Palm Beach Atlantic (PBA) University has launched a $235.8 million high-yield bond to finance the development of approximately 275 housing units providing 990 beds in West Palm Beach, FL. The package includes $212.7 million in senior revenue bonds and $23.1 million in subordinate bonds, each with 40-year maturity through 2065. Construction, managed by Gilbane Development and led by Gilbane Building, is due to begin in June 2025, with expected completion between July and August 2027. The project, which will increase undergraduate housing capacity by about 41% and add roughly 2,217 beds total, is being driven by a shortfall of approximately 456 beds for the 2025–2026 academic year. Issued by Palm Beach County on behalf of Provident Resources Group, the bonds are underwritten by JPMorgan and rely on bond proceeds to deliver the new residence facility.

DEVELOPMENT: Up Campus proposes student housing in Fayetteville. Up Campus Student Living is gathering community feedback for a proposed student housing development near the University of Arkansas. The firm is under contract to purchase roughly one acre, which is zoned for seven-story, mixed-use buildings, but the project requires a conditional land use permit from the Planning Commission to proceed as student-oriented housing. Details like unit count, parking, and amenities are still under development. Architect Rob Sharp and lead design firm Dwell Design Studio are currently evaluating the site and engaging the public for input before formalizing plans.

LISTEN: Mapletree Investments on tapping into global student housing potential.

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