KeyBank Secures Financing for 2 Student Housing Assets

Oakbrook Apartments

KeyBank Real Estate Capital has secured a $37.5 million loan for a two-property student housing portfolio, with assets located in Baton Rouge, La., and Daytona Beach, Fl. KeyBank Real Estate Capital  Vice President Trevor Ritter arranged the loan though Freddie Mac.

Located at 5075 Nicholson Drive, the Oakbrook Apartments, a 240-unit garden-style student housing community is serving students attending Louisiana State University. Built in 1970, the 19 two- and three-story buildings sit on approximately 9.8 acres and offer a mix of studios, one-, two-, three- and four-bedroom units ranging from 453 to 1,760 square feet. According to Yardi Matrix, the property had a 95 percent occupancy rate as of March. Common-area amenities include:

• business center
• two swimming pools
• community room
• grilling areas
• fitness center
• computer lab
• pool table

Eagle Landing Apartments Phase I is a 144-unit property at 1479 Shady Place, on approximately 27 acres, serving students at Bethune Cookman University, Daytona State College and Embry-Riddle Aeronautical University. Built in two phases, first in 2014 and the second in 2016, the eight three-story building community features one-, two-, three- and four-bedroom units averaging 1,115 square feet. Property amenities include a fitness center, business center, clubhouse, volleyball and basketball courts, playground and swimming pool. Phase III of the redevelopment is currently underway and slated for completion by Fall 2018. According to Yardi Matrix, Eagle Landing had an average rental rate of $1,723 as of March.

Image courtesy of Yardi Matrix

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