Chicago — A joint venture between GEM Realty Capital and Schenk Realty has listed an eight-property student housing portfolio for sale. The portfolio contains approximately 2,500 units with more than 4,000 beds — making it one of the largest student housing portfolios to come to market in recent memory.

All eight properties are luxury communities located within 1 mile of large, state-sponsored university campuses. Most of them were recently constructed or renovated. They primarily contain one- and two-bedroom floor plans that are aimed at upperclassmen and graduate students.

The properties include:

Hillside Ranch and Riverside Ranch - Texas State University; San Marcos, Texas
Logan Square - Auburn University; Auburn, Ala.
Heritage Apartments - Ohio State University; Columbus, Ohio
Campus Court at Knollwood and Hunter's Ridge; Western Michigan University; Kalamazoo, Mich.
Campus Court at Red Mile - University of Kentucky; Lexington, Ky.
Campus Court at North Walnut - Indiana University; Bloomington, Ind.

Kevin Larimer, national director of Hendricks & Partners' Student Housing division, is marketing the property. Larimer says that the sellers saw a lack of quality, core student housing assets for sale and thought the time was right to bring the portfolio to market. The credit markets will not inhibit offers, either.

"Financing won't be an issue here, as we have assumable debt on all of the assets — some of it well below market rates with significantly long terms," Larimer adds. He goes on to say that with the amount of capital currently pursing student housing properties, sellers will be lining up to have a shot at acquiring this portfolio.

— Coleman Wood