Houston — The Dinerstein Cos. (TDC) has promoted three employees within the firm’s leadership team. Clay Hicks has been promoted to chief administrative officer. In his new role, Hicks will spearhead efforts to streamline operations and ensure alignment across the Houston-based company’s five divisions. Hicks joined TDC in 2015 as president of apartment management. Additionally, Aryne Bailey and Crystal Jackson have been promoted to executive vice president within the firm’s management division. Together, Bailey and Jackson will jointly oversee the day-to-day operations of TDC’s portfolio, with Bailey focusing on student …
Seattle — PGIM Real Estate has provided a $53.5 million floating-rate loan to Blue Vista Capital Management for the refinancing of Theory U District, a student housing community in Seattle. Serving students attending the University of Washington, the seven-story property offers 171 fully furnished units totaling 441 beds. Units are offered in studio, one-, two-, three-, four- and five-bedroom configurations and feature bed-to-bath parity. Loan proceeds will be used to refinance the construction loan, covering closing costs and repatriating sponsor equity. Craig Foreman of PGIM Real Estate closed the financing. Shared …
Jonesboro, Ark. — Hillcrest Acquisitions has acquired Wolf Creek, a 192-unit student housing community located at 500 North Caraway Road near the Arkansas State University campus in Jonesboro. The community is set to undergo $4.4 million in renovations and will be converted into conventional multifamily. Marc Tropp of Eastern Union secured $12.05 million in financing through Bay Vanguard on behalf of Hillcrest for the acquisition of the property from an undisclosed seller. The five-year mortgage loan features interest-only payments for 24 months during renovations and lease-up. Once the property is …
Knoxville, Tenn. — A partnership between Villas Student Housing and Student Quarters has broken ground on a 605-bed student housing development across from the University of Tennessee campus in Knoxville. The 235,000-square-foot community will be located at the intersection of 1425 Rocky Shore Lane and 1440 Cityview Lane. The property will offer units in studio through five-bedroom configurations across two six-story buildings. Shared amenities will include a resort-style swimming pool, basketball court, state-of-the-art fitness center and study spaces. The design-build team for the project includes Rhode Partners, Southern Building Group, …
Norman, Okla. — Marcus & Millichap has brokered the sale of Campus Lodge, a 192-unit student housing property located about two miles from the University of Oklahoma campus in Norman. Built in 2004, Campus Lodge comprises 19 buildings that house 768 beds in three- and four-bedroom layouts. Amenities include a swimming pool, sand volleyball court, basketball court, outdoor grilling and dining stations and a coffee bar. Patrick Mullowney and Joel Dumes of Marcus & Millichap represented the seller, The Collier Cos., in the transaction. The duo also procured the buyer, …
New Brunswick, N.J. — TSB Capital Advisors has arranged a refinancing for VERVE, a 696-unit student housing community located near Rutgers University’s main campus in New Brunswick. The fixed-rate loan, which features a future funding component, was provided by an affiliate of QuadReal Property Group. VERVE is owned by a joint venture between The Scion Group and PGIM Real Estate. Constructed in 2020, the community offers single- and double-occupancy units in studio through five-bedroom configurations. Shared amenities include a state-of-the-art fitness center, private and group study lounges, gaming spaces, a …
New York City — A joint venture between Charney Cos. and Criterion Real Estate Capital has acquired 99 Claremont Avenue, a seven-story student housing community located in the Morningside Heights neighborhood of Manhattan. The new ownership plans to renovate the 92-year-old building, which rises seven stories. Madison Realty Capital provided a $55 million bridge loan for the acquisition and renovation of the community.
Detroit — Berkadia has announced that Managing Director Aaron Moll will lead the mortgage banking arm of the company’s student housing division. Moll will be based in the firm’s Detroit office and will work with borrowers and lenders in the student housing space, while continuing to partner with the leader of Berkadia Student Housing’s investment sales arm, Senior Managing Director Kevin Larimer. Over the course of his career, Moll has been involved in over $3 billion in loan origination volume. “I’m excited to start this new chapter at Berkadia,” says …
Southfield, Mich. — Southfield-based commercial real estate firm Farbman Group has launched Campusville, a comprehensive student housing property management, maintenance, development, construction and investment sales platform. The firm says it recognizes the need for innovative solutions to meet the changing demands of university living. Campusville’s mission is to enhance the quality of life for students by offering modern accommodations that foster a sense of community and provide convenient access to campus resources and local amenities.
Tucson, Ariz. — CBRE has brokered the sale of The Parker, a 484-bed student housing community located across the street from the University of Arizona’s Fox School of Music in Tucson. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Jeff Casper of CBRE represented the seller, a partnership between The Dinerstein Cos. and Harrison Street, in the transaction. Mark Cosenza and Brett Smith of Inland Real Estate Acquisitions facilitated the purchase of the property on behalf of an affiliate of the company for an undisclosed price. The community is LEED Silver …