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Harrison Street sells 14 student housing assets for $893 million

Harrison Street sells 14 student housing assets for $893 million

Harrison Street sells portfolio for $893 million. UCLA acquires 62-unit apartment. Landmark buys parking lot. Toll Brothers opens 752-bed community. CSUF breaks ground on $160 million project. University of Minnesota partners with CBRE.

Matt H & Aid Sopjani
November 14, 2024

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NEWS ROUNDUP

DISPOSITION: Harrison Street sells 14 student housing assets for $893 million. Harrison Street has sold a portfolio of 14 student housing properties to The Scion Group and an unnamed institutional investor for $893 million. The portfolio includes 8,724 beds and serves 13 universities across 11 states. “Harrison Street remains poised to capitalize on the growing demand for alternative real estate and deliver exceptional value to our investors” - Christopher Merrill, CEO, Harrison Street. Ben Mohns, Harrison Street's head of asset management in North America, noted that the firm expects to close over $4 billion in dispositions this year across various alternative real estate sectors.

ACQUISITION: UCLA acquires 62-unit apartment. UCLA has bought a 62-unit apartment complex in West Los Angeles for $39 million ($629,032/unit). The school plans to use the property for student housing. Colliers’ Kitty Wallace represented the seller. “We did not have student housing in mind when we designed the project, but as a former Bruin myself, I’m pleased we are able to contribute to UCLA’s housing needs” - Simon Lazar, managing director, Helio.

ACQUISITION: Landmark buys parking lot with plans for a student housing tower. Landmark has purchased two acres near Georgia Institute of Technology in Atlanta, GA. The company plans to build a 2,000-bed student housing project. This would be Landmark’s fourth student housing development in downtown and Midtown Atlanta, bringing its portfolio to 4,000 beds.

DEVELOPMENT: Toll Brothers opens 752-bed community in Atlanta. Toll Brothers has opened Kinetic, a 752-bed community in Atlanta, GA. The property is located near the campus of the Georgia Institute of Technology and was financed with a $91 million construction loan from US Bank. Construction commenced in July 2022 and first occupancy began in August 2024. John McCullough and Richard Keyser of Toll Brothers expressed great enthusiasm for this project.

DEVELOPMENT: California State University Fullerton breaks ground on $160 million project. Cal State Fullerton has started the construction of Sequoia, a 510-bed student housing complex. The project cost approximately $160 million and was funded by the state. CSUF’s Ronald S. Rochon, Sarab Singh and Vincent Vigil took part in the project’s groundbreaking ceremony.

DEVELOPMENT: University of Minnesota partners with CBRE for its mixed-use 12-acre project. The University of Minnesota’s eastern campus is set to undergo a new redevelopment known as the Minnesota Innovation Exchange, or “THE MIX.” CBRE, represented by Mike Bowen and Jerry Driessen, has recently joined as the leasing partner to secure tenants for the first phase, which is expected to begin construction in late 2025 or early 2026.

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