Exclusive: Blackstone Sells Ohio Student Housing Asset
This is the first property to trade in the school market this decade.
Blackstone’s LivCor has sold Olde Towne University Square, an 832-bed student housing property in Toledo, Ohio, for almost $19 million, according to Yardi Matrix information. A private individual acquired the asset serving the University of Toledo, for about $65,227 per bed.
The buyer took out a $16.3 million Freddie Mac loan for this acquisition, the data provider shows. Berkadia Commercial Mortgage originated the note, set to mature in 2031.
The 291-unit property last traded back in February 2007 in a portfolio transaction, when American Campus Communities acquired three assets from Edwards Cos. In 2022, LivCor acquired ACC, assuming ownership of all its properties.
Additionally, this is the first dedicated student housing asset to trade in the school market this decade. In fact, the last such deal in the area happened in April 2018, when the 592-bed Edge 1120 changed hands.
LISTEN TO: Student Housing’s Shifting Fundamentals: A Q&A With Tyson Huebner
Located at 1744 N. Westwood Ave., Olde Towne University Square is within walking distance of The University of Toledo campus and Glass Bowl Stadium. The community is close to several dining and retail centers, while Franklin Park Mall is about 4 miles away. Downtown Toledo is within 7 miles southeast.
The property consists of four two- and three-story buildings across almost 9 acres. The fully furnished units have one- to four-bedroom floorplans ranging from 439 to 1,494 square feet.
Common-area amenities include a fitness center, basketball court, courtyard, multimedia area with gaming systems, yoga and Pilates studio, movie theater room and a swimming pool with sun deck. The community also has barbecue grills and study areas.
LivCor’s recent student housing deals
LivCor’s portfolio comprises more than 400 residential properties totaling north of 150,000 units across the U.S. This is not the company’s first student housing disposal so far this year. In March, the company sold U Club Townhomes at Oxford, a 528-bed student housing property to College Town Communities.
Student housing investment activity remains active, though capital deployment continues to vary by market and asset quality. Recent student housing trends point to a clear preference for properties serving major universities, especially communities with strong occupancy, resilient rent growth and locations close to campus.
