College Station, Texas and Charleston, S.C. — Homestead U and Columbus Pacific have acquired three student housing properties located in Texas and South Carolina.
Acquisitions include 2818 and Parkway Place, two sister communities totaling 1,124 beds near the Texas A&M University campus in College Station; and SkyGarden, a recently built 309-bed community serving students attending the College of Charleston in South Carolina.
The new ownership plans to invest $5 million to renovate interiors and amenity spaces, and rebrand both 2818 and Parkway Place as The Cottages. The seller and terms of the transaction were undisclosed. Ryan Lang, Jack Brett and Ben Harkrider of Newmark brokered the transaction.
“We are optimistic that our student residents’ academic year experiences will soon look and feel more ‘normal’ than those of recent, mitigating consumer uncertainty,” says Seamus Brennan, director of capital markets for Homestead U. “We expect to achieve strong performance in this sector over the long term.”