HH Group Pays $58M for Yale Student Community
This luxury asset previously traded in 2017 for $70 million.
HH Group has acquired College and Crown, a 160-unit, 207-bed student housing community in New Haven, Conn. This acquisition, executed through HH Fund, marks the firm’s expansion into the Northeast.
Centurion Corp. sold the luxury asset for $57.5 million, according to New Haven Independent. The Singapore-based firm had acquired it for $70 million in 2017.
HH Group financed the current purchase with a $37.4 million loan from Walker & Dunlop, the same source reported. The note has a maturity date set in 2030.
The new owner will implement a repositioning plan to elevate resident experience, including the modernization of amenities. The community will also be rebranded as The Haven.
The company is focusing on the Northwest and Mid-Atlantic regions due to their strong fundamentals, vibrant university ecosystems and limited new supply, HH Group told Multi-Housing News. The firm currently has several other deals in the works, targeting well-located and under-optimized assets.
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The 2016-completed property is at 200 College St., in the city’s downtown and adjacent to Yale University. Bowen Field is 2 miles away.
The five-story building comprises one-, two- and three-bedroom floorplans ranging between 503 and 1,220 square feet, as well as 20,000 square feet of ground-floor retail space. Select layouts also have private balconies or patios.
Common-area amenities include a fitness center, two rooftop courtyards and a resident clubhouse. The property also has 140 parking spaces and a business center.
As of September, student housing investment totaled roughly $3.7 billion across the U.S., according to a recent Yardi Matrix report. Properties changed hands for an average $98,000 per bed, down from the $107,000 per bed recorded during the same interval last year.
HH Group’s recent activity
Founded in 2015, HH Group currently has more than $800 million in assets under management. The company’s portfolio comprises 24 student housing properties.
A few months ago, the firm’s HH Fund division obtained a $21 million bridge loan for The Lanes at Union Market in Washington, D.C. The project represents the multifamily-to-student housing conversion of a 110-unit community that came online in 2023.
