TODAY’S DEALS: Campus Crest Communities, Harrison Street Real Estate Form $220M JV to Develop 10 Student Housing Communities, and Other Transactions
- Dec 16, 2008
By Anuradha Kher, Online News EditorCharlotte, N.C.–Campus Crest Communities and Harrison Street Real Estate Capital have come together to form a $220 million joint venture to develop 10 “fully‐loaded” student living communities across the U.S. The firms believe this will be the first phase in a long-term relationship between the two organizations.The new developments, all off‐campus, will be located in Clarksville, Tenn. (Austin Peay State University), Conway, Ark. (University of Central Arkansas), Huntsville, Texas (Sam Houston State University), Lawrence, Kan. (University of Kansas), Moscow, Idaho (University of Idaho), Reno, Nev. (University of Nevada, Reno), San Angelo, Texas (Angelo State University), San Marcos, Texas (Texas State University), Statesboro, Ga. (Georgia Southern University), and Turlock, Calif. (California State University, Stanislaus).All of the properties will be branded under the name, “The Grove.” Each will include a resort‐style swimming pool, a 24‐hour gym, a fire pit, tanning booths and a clubhouse.A typical Grove project will have 504 bedrooms and approximately 218,000 heated square feet. Units are fully furnished and include a washer and dryer. All bedrooms have a private bathroom and walk‐in closet.Three of the projects have already broken ground, with another five commencing construction soon and are scheduled to be completed for the 2009‐10 academic year. Two additional projects will deliver in time for the 2010‐11 academic year. “Each of these projects will serve the growing demand for student housing in their respective markets for years to come,” says Shannon King, partner and president of Campus Crest’s property management subsidiary. “They will also serve a growing demand among college students for high‐end amenities and personal safety.”Added security features include controlled‐access gates, secure RFID key systems, individual locks on each bedroom and a community assistant on duty 24 hours, 7 days a week. Alliant Capital Closes $6.37M Apartment LoanColumbus. Ohio–Alliant Capital LLC closed a $6,375,000 loan for the purchase of the Lebanon Station Apartments located in Columbus, Ohio. The property is a 387-unit garden style apartment community built in 1973 and 984. It comprises of 20, two-story apartment buildings; three, three-story apartment buildings and nine, two-story townhome buildings. Alliant’s loan has a seven-year term with 30-year amortization. Arbor Closes $3M Fannie Mae DUS Small LoanSan Antonio–Arbor Commercial Funding LLC recently completed a $3 million loan under the Fannie Mae DUS Small Loans product line to finance the 158-unit complex known as South Point Apartments in San Antonio.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.34 percent.