Los Angeles— CBRE arranged the sale of eight student housing communities in the fourth quarter of 2018.
Dispositions include University West, a 1,193-bed community located near Iowa State University in Ames; Sterling Highlander, located near the University of California, Riverside; Dowling College Dorm in Oakdale, New York; Terrace at Savannah in Savannah, Georgia; Cabana Beach, located near Texas State University in San Marcos; Campus Lodge, located near the University of South Florida in Tampa; University View, which sold for $235 million near the University of Maryland in College Park; and Wildwood of Lubbock, located near Texas Tech University in Lubbock.
Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the sellers in each transaction. Todd Millang of CBRE also worked to arrange the University West transaction in Ames. Ben Roelke and Ian Walker with CBRE’s debt and structured finance team also closed seven financings for assets in five states in the fourth quarter of 2018. These transactions included a mix of both acquisition and cash-out refinances along with arranging debt and equity for two new construction projects totaling over $140 million. CBRE is headquartered in Los Angeles.