Illinois

Aero-on-Twenty-Four-0374-web

Chicago — The Scion Group and PGIM Real Estate have formed a joint venture partnership and completed the acquisition of two student housing communities totaling 1,244 beds.  Acquisitions include Verve, a community located near the Rutgers University campus in New Brunswick, New Jersey; and Aero on 24th, a property serving students attending the University of Florida in Gainesville. TSB Realty provided advisory services to the sellers in connection with the transaction. Verve offers a mix of studio, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities include a 24-hour …

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Chicago — Brookfield Asset Management is in advanced talks to form a joint venture with Chicago-based Scion Group to acquire at least $1 billion worth of student housing properties, according to reports by Bloomberg and Crain’s Chicago Business. In 2016, Scion formed a partnership with GIC and the Canada Pension Plan Investment Board (CPPIB), which currently owns 74 student housing assets across the U.S. The Brookfield deal will not interfere with this joint venture, according to Crain’s.  Student Housing Business will continue to report on this potential joint venture partnership as news …

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Stanhope

Chicago — Core Spaces has closed out the second quarter of 2021 with groundbreakings and acquisitions in several markets, including Atlanta, Los Angeles and State College, Pennsylvania.  Groundbreakings Core Spaces began construction on Hub Atlanta earlier this year, which will provide approximately 800 beds near the Georgia Institute of Technology in Atlanta’s midtown neighborhood. The Chicago-based company has also broken ground on a 577-bed community in Los Angeles. Both projects are scheduled for completion in fall 2023. Groundbreakings are also set for later this year in markets including College Park, …

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Ernest-M.-Freedman

Chicago — CA Student Living (CASL) has appointed Ernie Freedman, executive vice president and chief financial officer of Invitation Homes, to its board of directors. Prior to joining Invitation Homes, Freedman served as executive vice president and chief financial officer of Apartment Investment and Management Co.; chief financial officer of HEI Hotels and Resorts; operations controller and finance manager for investments and acquisitions with GE Real Estate; and senior manager in the real state practice of Ernst & Young. “We are pleased to welcome Ernie to CASL’s strong bench of …

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Chicago — CA Ventures has announced the formation of CA Capital Advisory, a division dedicated to driving capital markets, equity raise and product design strategy for the entire global enterprise.  John Wright, Tom Dreyer, Michael Frenz and Anthony Porcelli have joined the Chicago-based firm to serve as the leadership team for this division. Wright and Dreyer will serve as principals and co-heads of CA Capital Advisory. Wright most recently served as senior managing director for Kayne Anderson Frenz will act as chief financial officer and will be responsible for overseeing …

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Uncommon-Wilmington

Chicago — CA Ventures has partnered with technology firm Livly to launch its digital platform across the company’s international student housing portfolio. Following a comprehensive assessment of trends in the real estate space and through feedback from residents and property staff, Livly developed a set of digital applications and apartment management tools to drive efficiency and bring value across a broad set of technology use cases. New features designed in close partnership with CA include: A customizable resident mobile application; an information content management system that allows community managers to …

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CA-Hires

Chicago — CA Student Living has hired Robert Saunders as chief financial officer and promoted Steve Boyack to the role of chief operating officer. Prior to joining the Chicago-based firm, Saunders was president of real estate investment manager Kaufman Jacobs. “I’m excited to be joining the team at such an impactful moment for both the firm and the industry as a whole,” says Saunders. “With strong macro tailwinds in the sector coupled with CA’s preeminent reputation, investor appetite is robust and opportunities are ample. CA Student Living is well-positioned to …

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Chicago — Core Spaces has announced plans to offer suicide prevention and mental wellness programs across its student housing portfolio. The Chicago-based company has partnered with the American Foundation for Suicide Prevention (AFSP) and the CHRISSCROSS Foundation to deliver programming and initiatives focused on empowering the mental wellbeing and health of off-campus college students, as well as raising awareness to the signs of a peer experiencing mental health stress. As part of this partnership, AFSP will train Core Spaces’ onsite community staff on how to identify residents in crisis and …

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Chicago — Industry veteran Christine “Chris” Richards has joined Core Spaces as president of the firm’s property management platforms. In her new role, Richards will guide the company’s multifamily and purpose-built single-family property management.  Before joining Core Spaces, Richards served as a senior executive at Greystar Real Estate Partners, overseeing its domestic owned and managed student platform. Prior to that, Richards spent 17 years at Education Realty Trust (EdR) where she took the REIT from $400 million to $4.6 billion in enterprise value.  Additionally, senior leader Ben Modleski will move …

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lucero-castellanos

Chicago — Core Spaces has announced that current CFO Barry Howard will be transitioning to a newly-created position as the company’s chief sustainability officer. In his new role, Howard will focus on implementing the company’s environmental, social and governance strategy. Lucero Castellanos has been tapped to take his place as the Chicago-based firm’s new CFO. Castellanos joined Core Spaces in October 2020 to enhance the company’s financial reporting capabilities, tax compliance program, accounting technology platforms and overall accounting processes.  “Change is good when done right and at the appropriate time,” says Howard. …

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