XFD Acquires 792-bed Oklahoma Student Community
The firm plans to invest $3.5 million on renovations.
XFD Real Estate Partners has acquired Stillwater Student Living, a 792-bed community in Stillwater, Okla., serving the students at Oklahoma State University. The firm plans to rebrand the property as Cottage Row Stillwater and spend roughly $3.5 million to upgrade the asset.
Acting on behalf of U.S. Bank, LNR Partners foreclosed on a $38.1 million CMBS loan in 2020. The partnership paid around $23.6 million for Stillwater Student Living, according to Yardi Matrix data. Before foreclosure, Aspen Heights Partners owned the property.
Spanning 38 acres, the 2013-built community encompasses 170 stand-alone cottages and 231 units with a mix of two- to five-bedroom floorplans, ranging from 1,357 to 2,672 square feet. The units are equipped with in-unit washer and dryers, high-speed internet and patios or balconies. Common-area amenities include a pool, fitness center, volleyball and basketball courts, group study rooms, computer lab and dog parks.
The buyer plans to upgrade all unit interiors, remodel the community clubhouse, add another fitness facility with new equipment and create study lounges and conference rooms. For the green areas, XFD will include amenities such as fitness courses, a frisbee golf course and leash-free dog runs.
Located at 920 E. Loveland Drive, across the Boomer Lake Park, Stillwater Student Living is within 3 miles of Oklahoma State University and its surroundings, including Boone Pickens Stadium, Colvin Recreation Center and numerous dining options. The community is one of the seven properties near the main campus, totaling 3,574 rooms, Yardi Matrix shows.
XFD’s value-add strategy
The acquisition is part of the company’s value-add strategy, focused on identifying assets in growing markets with strong enrollment and creating value through its operations and property enhancements, mentioned CFO & Head of Capital Markets Daniel Lin in a prepared statement.
In an unrelated venture last year, XFD formed a joint venture with Ash Real Estate, Saxum Real Estate and Anchor Real Estate Capital and acquired The Landing, an 888-bed student housing community in Greenville, N.C., with plans to invest $2 million in improvements.