CBRE Arranges Sale of AL Student Housing Community
- Dec 05, 2017
A private real estate fund managed by Crow Holdings Capital – Real Estate has sold a student housing community in Auburn, Ala. University Partners purchased the 312-unit asset for an undisclosed price. A CBRE team arranged the transaction and facilitated financing for the deal on behalf of the buyer.
Located at 300 East Longleaf Drive in Auburn, Ala., The Connection at Auburn is a three-story building spread across a 32.9-acre site. The 14-building, 900-bed student housing community features two-, three- and four-bedroom garden-style apartment units totaling 353,256 square feet of rentable space. Its placement means that the community is an off-campus option for students at Auburn University.
Interior amenities include washers, dryers, microwave ovens, Wi-Fi and hardwood floors. Individual air conditioning and electric heating are just a couple of the services provided by the property. Common area amenities include:
- controlled access
- fitness center
- business center
- community room
- volleyball court
- basketball court
- three swimming pools
- two spas
- 624 parking spaces
The CBRE team consisted of Jaclyn Fitts, William Vonderfecht and Casey Schaefer, who worked with Nashville Multifamily to arrange the transaction. CBRE’s Ben Roelke worked with the buyer to secure the financing. “The 99 percent occupied asset provides strong current cash flow and the opportunity to further drive income through the continuation of the existing upgrade program,” Vonderfecht, associate director of National Student Housing at CBRE, said in a prepared statement. According to Fitts, this is University Partners’ first investment with their new venture.
Earlier this year, CBRE’s Dallas office secured $35 million in financing for the acquisition of Venue at North Campus, a 206-unit student housing community located in Tampa, Fla.
Image courtesy of CBRE