Student Housing Daily - March 20 - Muinzer recapitalizes two communities for $86.3 million

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NEWS ROUNDUP

FINANCING: Muinzer recapitalizes two communities for $86.3 million. Muinzer has completed the recapitalization of two student housing communities in Knoxville, Tennessee, with Kayne Anderson acquiring an ownership stake in the properties for $86.3 million. The recapitalized assets include The Heights of Knoxville, a 204-unit community, and University Park, a 192-unit property. JLL arranged the transaction, which comes as both communities remain fully occupied for the current academic year.

DISPOSITION: JBM sells Florida complex for $72.3 million. JBM has brokered the $72.3 million sale of Coastal Village, a premier student housing community near Florida Gulf Coast University (FGCU) in Fort Myers, Florida. The deal equates to $361,750 per unit and $90,438 per bed. Situated on 21 acres, Coastal Village is home to 800 students and is one of the three primary off-campus housing options for FGCU.

DEVELOPMENT: Subtext JV to build Texas housing. Subtext and Larson Capital Management have announced plans to develop two major student housing projects in College Station, Texas, catering to students at Texas A&M University. The two-phase development will introduce EVER College Station and VERVE College Station, both located in the Northgate Entertainment District, just blocks from campus. EVER College Station, a seven-story, 384,788-square-foot development, will rise offer 176 units with 545 beds, along with 420 parking spaces. The 21-story VERVE College Station will deliver 382 units with 1,103 beds and 882 parking spaces, making it one of the tallest student housing buildings in the area. Both properties will feature floor plans ranging from studios to five-bedroom apartments. According to Mitchell Korte, EVP of Development at Subtext, the project required strategic planning to balance construction costs, market supply, and entitlements while maintaining high-quality living standards.

EXPANSION: Acumen to create SPAC. Acumen is spearheading an effort to establish a publicly traded student housing REIT or a similar NASDAQ-listed entity through a newly formed SPAC. If successful, this initiative would mark the first publicly traded student housing REIT since American Campus Communities went private in 2022. Acumen has been actively deploying $450 million in equity across fund-to-fund investments, limited partner stakes, and co-general partner positions in multiple student housing assets. "These investments have given us a comprehensive view of the landscape — from institutional players to mid-market operators," said AZ Abiud of Acumen.

PEOPLE MOVES: The Annex Group shuffles P3 division. The Annex Group is strengthening its P3s division with the appointment of Matt Keane as Vice President of P3s and the promotion of Matt Zetzl to P3 Manager. In his new role, Keane will oversee business development and partnership solutions, leading Annex’s expanding P3 team. With extensive industry experience, he will focus on developing innovative financing strategies and expanding Annex’s residential asset classes. "As we continue to secure more P3 housing opportunities, The Annex Group is expanding to serve our partners with more residential asset classes and innovative financing solutions," said Jason Taylor, Managing Partner for P3s.

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