Student Housing Daily - November 26 - Campus Advantage JV acquires 700 beds

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NEWS ROUNDUP

ACQUISITION: Campus Advantage and Tramview Capital acquire 700 beds. Campus Advantage, in partnership with Tramview Capital Management, has acquired Alight Columbia, a 206-unit, 700-bed student housing community serving the University of South Carolina. The property, which will be rebranded as The Radley, comprises 10 three-story buildings on a 19-acre site. This acquisition marks the joint venture's second investment, following the purchase of The Stretch, a 533-bed student housing community near the University of Kentucky in June 2022.

DISPOSITION: CBRE sells Texas student housing complex. CBRE has facilitated the sale and acquisition financing of University Edge, a 236-bed student housing community near Baylor University in Waco, Texas. Crescent Sky Capital acquired the property from Orion Student Housing, a joint venture between Wills Cos. and WFI. CBRE's national student housing team, comprising Jaclyn Fitts, William Vonderfecht, and Casey Schaefer, represented the seller, while Brad Peters and Victoria Langston of CBRE secured financing for the buyer.

DEVELOPMENT: UCSD completes 2,000-bed project. The University of California San Diego has completed the Theatre District Living and Learning Neighborhood, a 1.4 million-square-foot development providing 2,000 beds for undergraduate students. The project comprises five buildings on a site formerly occupied by a surface parking lot. The design-build team included architect HKS, design-builder Kitchell, associate architect EYRC, and landscape architect SWA.

DEVELOPMENT: Lamar Johnson Collaborative completes 10-story tower in Madison, WI. Lamar Johnson Collaborative (LJC) has completed Chapter Madison, a 10-story, 550-bed student housing development near the University of Wisconsin–Madison. The design features setbacks at the fourth and eighth floors to enhance natural light and reduce the building's visual impact. LJC’s Alan Barker and Veronica Widholm emphasized the importance of integrating the building with its surroundings.

FINANCING: CBRE secures acquisition financing for Georgia student housing development. CBRE has successfully arranged acquisition financing for The Blake, a 736-bed asset in Georgia. Nate Sittema, Kristen Reilley, Elliot Voreis, Ben Hardee, Owen Hall, Rich Choisser and Graham Jenkins of CBRE’s Carolinas DSF team and Brad Peters, Victoria Langston, Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s student housing sales team were involved in this project.

FINANCING: Gortikov Capital arranges $150 million loan bridge for 1,002-bed tower. Gortikov Capital has successfully arranged a $150 million bridge loan for The Grad, a 260-unit, 1,002-bed Class A student housing tower. Bryan Gortikov, President of Gortikov Capital, led the capital markets team in securing the loan from ACORE Capital on behalf of AMCAL Equities and its Founder and CEO, Percy Vaz. "It is a rare pleasure to work with a partner of AMCAL’s caliber and on an asset as uniquely impressive as The Grad" - Gortikov.

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