Student Housing Daily - March 11 - Barings and Article acquire 1,060 beds

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NEWS ROUNDUP

ACQUISITION: Barings and Article Student Living acquire 1,060 beds. Barings has expanded its presence in the student housing sector with the acquisition of 5 Twenty Four and 5 Twenty Five Angliana, a 1,060-bed student housing community near the University of Kentucky in Lexington. The acquisition was made in partnership with Article Student Living. Managing Director of Real Estate Portfolio Management at Barings, Akbar Tajani, emphasized the firm’s high conviction in the sector, citing the ongoing demand for higher education and the supply-demand imbalance in key university markets. Jack Clare, Director of Real Estate Equity Acquisitions at Barings, noted that the University of Kentucky is experiencing strong enrollment growth, positioning the property as a premier option for students.

ACQUISITION: Ambient Communities acquires hotel, plans conversion. Ambient Communities has acquired the Consulate Hotel, a 110-room hotel in San Diego, California for $17.4 million. Ambient plans to convert the property into market-rate student housing. Al Apuzzo of Lee & Associates, who brokered the deal, described the property as a prime opportunity to bring much-needed housing to San Diego.

FINANCING: Apollo refinances NYU’s largest dorm. Apollo Global Management is providing a $180 million refinancing loan to support New York University’s student housing expansion, specifically for Lafayette Hall, the university’s largest dormitory. Located at 80 Lafayette St. in Lower Manhattan, the 17-story building, originally constructed in 1915, was converted into student housing in 1999 and currently accommodates over 1,000 students across 262 units.

DEVELOPMENT: Stratus breaks ground on 60-bed community. Stratus Development Group has officially begun construction on Pickens Corner, a luxury student housing townhome community near the University of South Carolina. Located in the heart of the Rosewood neighborhood, the 60-bed development will offer upscale three-bedroom, three-and-a-half-bathroom townhomes featuring high-end finishes such as granite countertops, recessed lighting, and stainless-steel appliances.

DEVELOPMENT: Balfour Beatty, UT Austin underway on $145 million project. Balfour Beatty and the University of Texas at Austin have begun construction on a $145 million student housing development aimed at expanding on-campus accommodations. The project will replace a six-building, 200-bed student housing complex along Whitis Avenue on the northwestern side of the campus with a new 1,070-bed facility. Demolition of the existing structures and preliminary sitework began in June 2024, and the new housing facility is expected to be completed in time for the fall 2027 semester.

READ: Why Core Spaces’ Dan Goldberg invests in niche markets.

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