Candlebrook and Lubert-Adler Acquire Student Housing for $230M
- Nov 10, 2014
Indianapolis—Candlebrook and Lubert-Adler Partners have acquired five student-housing properties in various parts of the Eastern United States from Trinitas Ventures for $230 million. The portfolio includes about 3,400 beds and features a range of amenities, including clubhouses, pool areas with hot tubs, basketball and volleyball courts, game rooms and fitness facilities.
The five properties are being renamed. Two of them are in Indiana. They include The Dillon (formerly The Collegiate on Paterson) in Bloomington, Ind., and serving the University of Indiana; and The Tyler in Indianapolis, serving Indiana University-Purdue University Indiana.
The other properties are more widespread. They include The Blake (formerly The Collegiate on Busbee) in Kennesaw, Ga., and serving Kennesaw State University; The Wyatt (formerly The Collegiate on Angliana), in Lexington, Ky., and serving the University of Kentucky; and The James (formerly The Collegiate at VCU) in Richmond and serving Virginia Commonwealth University.
Simultaneous with the acquisition, Candlebrook launched a student-housing platform, Letter 9, which will provide amenities and management services to student residents. Letter 9 will be led by John DeRiggi, managing director, who previously served as executive vice president at GMH Capital Partners and also as CIO of its student housing division, GMH Communities Trust.
New York-based Candlebrook Properties is a private company with about 5,000 apartments in the eastern U.S. Philadelphia-based Lubert Adler specializes in various property types, such as student apartments, market-rate apartments, and condos.