Student Housing Daily - September 2 - Cal Poly Pomoa buys 636-bed student housing for $126M

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NEWS ROUNDUP

ACQUISITION: Cal Poly Pomoa buys 636-bed student housing for $126 million. Cal Poly Pomona has acquired The Current, a 636-bed student housing community developed by Gilbane, for $126 million, or $198,000 per bed. Built in 2024, the 177-unit property offers up to five-bedroom layouts and will now be operated as part of the university’s housing system.

ACQUSITION: McNair Collegiate Partners advises Subtext on land acquisiton. McNair Collegiate Partners advised Subtext on the assemblage and acquisiton of land for EVER and VERVE College Station, a two-phase student housing development featuring 7- and 21-story buildings, just two blocks from Texas A&M University. The 1,738-bed project is scheduled for phased delivery in 2027 and 2028.

FINANCING: PRC Equity Fund refinances Texas complex. PRC Equity Fund has closed on a $19.6 million refinancing for 625 at Prairie View, a student housing property near Prairie View A&M University in Texas. Morgan Stanley underwrote the taxable bond financing, with legal counsel provided by Norton Rose Fulbright, Orrick, and MW Law. Wilmington Trust supported the closing.

DEVELOPMENT: Subtext opens 449 beds near Purdue University. Subtext has opened EVER West Lafayette, a six-story, 449-bed student housing community adjacent to Purdue University. The 245,649-square-foot property includes 143 units ranging from studios to four-bedroom layouts, along with three- and four-bedroom townhomes.

READ: Student housing CEO says luxury is losing its appeal.

STUDENT HOUSING FOR SALE

Click each image for more information:

283 Beds | Class A | Delivered in 2023 | 93% Pre-Leased for AY ‘25-’26

242 Beds | 0.75 Miles to Campus | Substantial NOI Growth | 29% Of The Property Has Been Renovated | CFO: September 10

375 Beds | Built in 2013 | 75 Units | 97.6% Prelease Occupancy | Avg. Market Rent Per Bed: $1,239 | CFO: September 10

0.36 Acres | Approved For a Mid-Rise 75-Unit, 181-Bed Community | <10 Minute Walk From Campous | Shovel-Ready

ONE MORE THING

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