Alliant Credit Provides $51M for 3 Student Housing Assets
The assets are near Louisiana State University, Baylor University and the University of Tennessee.
Alliant Credit Union has provided a total of $51 million in loans for the acquisition and refinancing of three student housing communities serving the Louisiana State University, the University of Tennessee and the Texas-based Baylor University.
Benefiting from Alliant’s debt financing, Versity Investments completed the acquisition of Oakbrook Apartments, a 466-bed student housing community in Baton Rouge, La. The company paid $34.7 million to RISE for the asset. The fully leased community is within 2 miles of the Louisiana State University campus. Walker & Dunlop helped structure the acquisition loan.
The brokerage originated a second loan for Alliant for Aspen Heights, a 455-bedroom asset in Waco, Texas. The financing includes a three-year extension option and a 30-year amortization. The community is under Greystar’s management.
Located at 3344 S. Third St., Aspen Heights is within 2 miles of the Baylor University campus and offers 116 apartments across three buildings. Floorplans consist of a three- and four-bedroom unit mix. Students have access to two swimming pools and spas, a volleyball court, a basketball court and a gym. The asset was fully leased at the time it changed hands.
Alliant also provided refinancing for Maplehurst Park, a garden-style multifamily property at 814 W. Hill Ave. in Knoxville, Tenn. Grandbrige Capital brokered the financing.
Located less than a mile from the University of Tennessee, the 20-building community is nearly 60 percent student occupied. According to Yardi Matrix, the owner is Dominion Group. Built in three phases in 1910, 1931 and 1963, the property underwent nearly $6.3 million worth of renovations.
Increased confidence
The financing arrangements come as 2021 fall preleasing rates outpaced pre-pandemic levels recorded in 2019, dissipating much of the initial insecurity generated by the health crisis and underpinning a renewed sense of confidence in the segment.
In July, Alliant also provided a total of $52 million in financing for two student housing assets, serving the University of Texas at Austin and Georgia Southern University. Walker & Dunlop was involved in structuring the two loans.
