Gilbane, CBRE IM Partner to Acquire Student Housing Portfolio
The properties are located across Power 4 schools.
Gilbane Development Co. has formed a joint venture with CBRE Investment Management involving six student housing properties in Power 4 schools. In total, the initial properties encompass nearly 3,000 beds.
Three operational communities and three shovel-ready projects will be recapitalized through a General Partner-led secondary.
The joint venture’s initial portfolio includes operating communities at Clemson University, the University of Illinois and Syracuse University. The development projects are located at the University of Central Florida, the University of California, Berkeley, and the University of Florida.
The existing portfolio is more than 97 percent occupied for the 2024 academic year. All communities are designed with study lounges, fitness centers and recreational areas. The buildings are located to provide students with convenient access to campus resources and local amenities.
TSB Capital Advisors arranged financing and consulted on the joint venture partnership. Gilbane Development Co. and CBREIM said in prepared remarks that they are committed to exploring additional expansion opportunities.
Gilbane Development Co. has more than $8.5 billion in development and more than 25,000 units of housing completed/underway. This year, the company completed Legacy Hall, a 604-bed student, 167,000-square-foot residence hall and tower on Morgan State University’s Baltimore campus.
Another project is also underway with Purdue-Fort Wayne. Gilbane Development Co. will develop a 600-bed student housing community on the institution’s North Campus in Fort Wayne, Ind. The 213,000-square-foot property will comprise 176 units, ranging from studio to four-bedroom floorplans, and is expected to come online in 2026.
