Student Housing Daily - October 14, 2026 - Blackstone's ACC sells 832 beds near University of Toledo

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NEWS ROUNDUP

DISPOSITION: Blackstone's ACC sells 832 beds near University of Toledo for $19 million. Blackstone's American Campus Communities has sold an 832-bed student housing community serving the University of Toledo in Toledo, Ohio, to a private individual for almost $19 million, or about $65,227 per bed. The buyer financed the purchase with a $16.3 million Freddie Mac loan originated by Berkadia Commercial Mortgage. The 291-unit property has four two- and three-story buildings on almost 9 acres, with fully furnished one- to four-bedroom units of 439 to 1,494 square feet.

FINANCING: Leon Capital provides preferred equity for 516 beds near Binghamton University. Leon Capital Group has provided preferred equity for a 195-unit, 516-bed student housing development under construction next to the SUNY Binghamton campus. The sponsor is Aptitude Development. Leon made the investment through Leon Multifamily and Leon Financial, together with preferred equity for Lansing Melbourne Group's 156-unit multifamily development in Nashua, New Hampshire, and the two investments total about $19 million. Fernando Mendez, managing director at Leon Financial, said enrollment at some universities continues to outpace the supply of quality housing near campus. Blake Schroeder, president of Leon Multifamily, said the firm is investing in well-located, well-sponsored assets in high-demand markets.

DEVELOPMENT: Subtext opens 259-unit mixed-use community near WashU. Subtext has opened a 259-unit, 398,225-square-foot mixed-use residential community in University City, Missouri, less than half a mile from Washington University in St. Louis. The project was developed with FrontRange Capital Partners and Larson Capital Management, with ESG Architecture & Design as architect and interior designer and Brinkmann Constructors as general contractor. Tim VanMatre, founding partner and co-CEO of Subtext, said the site had been ready for redevelopment for years and the firm was glad to invest in its own backyard with local partners. Paul Larson, CEO of Larson Capital Management, said the project pairs strong real estate fundamentals with an experience-driven approach, and Brian Satterthwaite, CEO of Brinkmann Constructors, said the team took pride in delivering a project close to home.

DEVELOPMENT: University of Arizona breaks ground on $247 million residence hall. The University of Arizona has broken ground on a $247 million, nine-story residence hall in Tucson that will house more than 1,300 students. Mortenson is developing the project and arranged a tax-exempt financing structure with the Collegiate Housing Foundation, and Gensler designed the building. It will include a dining hall and a rooftop pool, along with other indoor and outdoor amenities. The university is adding the beds as part of a policy requiring most first-year students to live on campus. President Suresh Garimella said students who live on campus for at least one year have a 50% higher four-year graduation rate than those who never do.

READ: Yardi Matrix: Student housing preleasing holds at 93% as rent growth slows to 1.1%.

STUDENT HOUSING FOR SALE

Click each image for more information:

36 Units | 144 Beds | 59,736 SF | $12,995,000 | 100% Leased | Built 1983

26 Units | 96 Beds | 33,297 SF | $9,995,000 | 6.5% Cap Rate | 96% Leased

ONE MORE THING

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