NKF Closes $220M Student Housing Assets Sale
- Dec 17, 2018
Newmark Knight Frank (NKF) has secured the $220 million sale of seven student housing communities totaling 3,558 beds. NKF’s Executive Managing Director & Head of the student housing team, Ryan Lang, Director Brandon Buell and Transaction Manager Jack Brett worked on behalf of the seller for all transactions.
The properties include:
- The Fairway in West Lafayette, Ind.
- Athens Ridge in Athens, Ga.
- Knox Ridge in Knoxville, Tenn.
- CEV Clemson and CEV West in Clemson, S.C.
- Haven46 in Tampa, Fla.
- Vie at Hattiesburg in Hattiesburg, Miss.
Located at 1304 Palmer Drive, The Fairway features 298 beds and a mix of 167 one-, two- and three-bedroom units. The company represented Kairos Investment Management which sold the asset to Nelson Partners. The community serves students attending Purdue University. NKF worked of behalf of Strategic Development Co. which sold Athens Ridge, a 787-bed property and Knox Ridge, a 371-bed community. University Partners acquired both assets for an undisclosed price. Athens Ridge at 1000 Redwood Lane, serves students at the University of Georgia, while Knox Ridge, located at 2371 Cherokee Ridge Way, is situated near the University of Tennessee.
Haven46, a 158-unit community, includes two-, three-, four- and five-bedroom units averaging 1,148 square feet. Located just blocks from the University of South Florida, at 14500 N. 46th St., the community was sold by Atlanta-based Haven Campus Communities. CEV Clemson and CEV Clemson West, feature a combined 768 beds across 228 units, serving Clemson University. Blue Vista Capital acquired the assets from a joint venture between Reichmann International and Timberline Real Estate Ventures. Argo Partners sold Vie at Hattiesburg to Vesper Holdings for an undisclosed price. The 792-bed community is serving students at the University of Southern Mississippi.
“There is sustained demand for student product from an unprecedented amount of equity sources across the capital spectrum,” Lang said in a prepared statement.
In another recent deal, NKF arranged two transactions totaling 905 units across three properties in Austin, Texas.
Images courtesy of Yardi Matrix
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