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Student Housing Daily - June 5 - Monument Square & Harbor Town JV acquires 654 beds

Student Housing Daily - June 5 - Monument Square & Harbor Town JV acquires 654 beds

Brinkmann & Kayne Anderson break ground on 607 beds. Subtext unveils plans 845-bed project in Arkansas. Virginia Tech plans housing expansion. Student housing holds steady despite economic jitters. Four new student housing deals.

Aid Sopjani & Matt H
June 05, 2025

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NEWS ROUNDUP

ACQUISITION: Monument Square & Harbor Town JV acquires 654 beds. A joint venture between Monument Square and Harbor Town affiliates has acquired 25 East, a 654-bed student housing community near Michigan State University in East Lansing. The garden-style property, developed in 1999, features one-, two-, and four-bedroom units and was 99% occupied at the time of sale. CBRE’s Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Jack Johns, Hank Carpenter, and Maria Pas brokered the transaction on behalf of the undisclosed seller.

DEVELOPMENT: Brinkmann & Kayne Anderson break ground on 607 beds. Brinkmann Constructors and Kayne Anderson have broken ground on Trolley North Apartments, an eight-story, 607-bed student housing development in Salt Lake City near the University of Utah. The 395,000-square-foot project will include 200 apartment units and four levels of parking. Development is being executed in two phases: Phase one involves a six-month buildout of an eight-story stair tower to support rooftop cellular equipment, which must be relocated before construction on the main housing structure can begin. BKV Group is serving as the project architect.

DEVELOPMENT: Subtext unveils plans for 845-bed project in Arkansas. Subtext has announced plans for VERVE Fayetteville, an 845-bed project adjacent to the University of Arkansas. This marks the firm’s first development in Arkansas and is scheduled for delivery by August 2027, ahead of the 2027–28 academic year. The project will feature 272 units in one- to four-bedroom layouts. The development is backed by Kayne Anderson Real Estate, with Kennedy Wilson as the lender. Brinkmann Constructors is the general contractor, Modus Studio is leading architectural design, and Vida Design is handling interiors. AJC Design Group and Viewtech will lead landscaping and structural engineering, respectively. The site was brokered by John Rowland and Steven Lane of Colliers.

DEVELOPMENT: Virginia Tech approves $2.5 billion budget, plans housing expansion. The Virginia Tech Board of Visitors has approved a $2.5 billion budget for the 2025–26 fiscal year. Virginia Tech also outlined its enrollment growth strategy, targeting a student body of 31,661 in Fall 2025, with 1–1.5% annual growth through 2029. The plan is linked to strategic housing expansions, including renovations and new construction to serve first-year students, Corps of Cadets, and Greek life.

LISTEN: Student housing holds steady despite economic jitters.

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