Chicago — Renovations are underway on two buildings located at 5401 S. University Ave. and 5411-15 S. University Ave. near the University of Chicago campus. The 30-unit property was recently acquired by 5401 S. University LLC for $5.7 million. The new ownership has tapped Peak Properties LLC to oversee $3 million worth of renovations to the property and leasing of the community.
Chicago — Harrison Street has partnered with the Center for Active Design (CfAD) to implement Fitwel certification across the company’s student housing, senior housing, medical office and life sciences portfolio. Fitwel was originally created by the U.S. Centers for Disease Control and Prevention (CDC) and the U.S. General Services Administration to promote the building of properties focused on the health and wellness of its occupants. “When we first started working with CfAD to certify our projects several years ago, we recognized that student and senior living communities have unique health …
Chicago — CA Student Living has hired David Rose as executive vice president and head of institutional capital. Rose will play a crucial role in supporting the continued growth of the Chicago-based firm’s portfolio of purpose-built student housing assets by broadening its network of institutional clients. “We are thrilled to welcome David to the firm at such an exciting point in our history,” says Michael Hales, president of student living. “Over the past year, student housing has continued to demonstrate its recession resilient qualities and we see nothing but opportunity …
Chicago — Core Spaces has formed a joint venture partnership with two undisclosed international commercial real estate investment firms to acquire and operate a portfolio of student housing properties across the U.S. The joint venture has initially committed to acquiring over $1 billion of assets to establish the portfolio. Core Spaces will manage and operate the portfolio on behalf of the joint venture. “We are excited to launch this new strategic venture with two new partners to Core,” says Marc Lifshin, founder and CEO of the Chicago-based company. “The venture enables Core to selectively grow our best-in-class portfolio and provide residents with an unmatched …
Chicago and Richardson, Texas — Chicago-based private equity firm Thoma Bravo has acquired RealPage (NASDAQ: RP), the Richardson, Texas-based provider of property management software, in a deal valued at $10.2 billion. The price tag includes the assumption of the debt of RealPage, which was founded in 1998 and serves owners worldwide that have more than 19 million apartments in their combined portfolios. Under the terms of the agreement, RealPage stockholders will receive $88.75 in cash per share of RealPage common stock upon closing of the transaction. The purchase price represents a premium …
Chicago — Core Spaces has hired Daniel Goldberg, a Wall Street veteran who most recently worked with Blackstone, to lead the company’s strategy and innovation. “As an accomplished and proven leader with expert knowledge in banking and the real estate industry, Dan’s combined business acumen and broad relationships throughout the industry make him the perfect person to lead Core Spaces into the future,” says Marc Lifshin, founder and CEO of the Chicago-based company. Goldberg joins the team from Blackstone, where he led the acquisition of a $1.2 billion student housing …
DeKalb, Ill. — Triad Real Estate Partners has arranged the $7.7 million sale of Stadium View, a 384-bed student housing community located near Northern Illinois University in DeKalb. The community was built in three phases and consists of one-, two- and four-bedroom apartments and townhomes. An undisclosed regional group represented by CJ McCann of KW Commercial acquired the property from Hunter Management.
Champaign, Ill. — GMH Capital Partners LP and AGC Equity Partners have acquired The Dean, a 672-bed student housing property in Champaign, for an undisclosed price. The seller, Core Spaces, completed development of the property this past summer. Spanning 240,737 square feet and rising 17 stories, The Dean is an off-campus community serving the University of Illinois-Urbana Champaign campus. Its ground-floor retail space houses Target and Jimmy John’s. Units average 683 square feet and contain private bathrooms and modern finishes. Amenities include a fitness center, rooftop sundeck, pool, hot tub, …
Chicago — QuadReal Property Group has acquired a 50 percent interest in CA Ventures’ U.S. student living platform for $1.6 billion. As of the first quarter, CA Student Living had delivered 55 communities totaling 33,706 beds, with 11,388 beds under construction and 16,615 beds under management. “These are extremely exciting times for CA,” says Michael Hales, president of the Chicago-based company’s student living division. “We are proud to have QuadReal join us as a partner as we continue to grow our student housing platform. We view this transaction as a …
Chicago — CA Ventures has completed the development of nine student housing communities totaling 3,867 beds. New openings include: Uncommon Auburn, a 610-bed community serving students attending Auburn University in Alabama; Uncommon Dinkytown, a 421-bed development located near the University of Minnesota campus; HERE Minneapolis, a 195-bed student housing community serving students attending the University of Minnesota; Uncommon Reno, a 330-bed community located near the University of Nevada; HERE State College, a 755-bed community serving students attending Pennsylvania State University; Uncommon Tuscaloosa, a 296-bed community located near the University of …
