July 6, 2022 • Issue 428 |
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Landmark Properties Begins Construction on 585-Bed Development Near the University of Arkansas
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The Retreat at Fayetteville will offer 585 beds in two- to five-bedroom units adjacent to the University of Arkansas campus.
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Fayetteville, Ark. — Landmark Properties has begun construction on The Retreat at Fayetteville, a 585-bed student housing development located adjacent to the University of Arkansas campus in Fayetteville.
Located at 1030 Razorback Road, the community will offer a mix of two- to five-bedroom, fully furnished units. Shared amenities will include outdoor green space with a putting green and bocce ball area; 24-hour study lounge; computer lab; fitness center; resort-style swimming pool and hot tub; grilling area; and a fire pit.
The property will also feature 1,000 square feet of ground floor retail space. Construction on the project is expected for completion in fall 2023. “We are excited to be able to bring our Retreat brand of student cottages to Fayetteville,” says Wes Rogers, president and CEO of Landmark Properties. <Read more>
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Monarch Investment and Management Acquires 624-Bed Community Near the University of Akron for $20.4 Million
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The Depot offers 624 beds of student housing near the University of Akron in Ohio.
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Akron, Ohio — Monarch Investment and Management Group has acquired The Depot, a 624-bed student housing community located near the University of Akron, for $20.4 million.
The property offers a mix of two-, three-, and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, 24-hour fitness center, private study rooms, a computer lounge and courtyard space.
Sean Baird and Jonathan Holt of Colliers facilitated the disposition of the property, which was sold at auction as a lender-owned asset. The seller in the transaction was Rialto Capital Advisors. “Over the last two years, three of the five dedicated student housing communities in Akron have been sold and converted to market-rate apartments... <Read more>
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Marcus & Millichap Arranges the $2.75 Million Sale of 30-Bed Community Near University of West Florida |
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Utopia Cottages offers 30 beds near the University of West Florida campus in Pensacola.
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Pensacola, Fla. — Marcus & Millichap has arranged the $2.75 million sale of Utopia Cottages, a 30-bed student housing community located near the University of West Florida campus in Pensacola.
The property offers a mix of three- and four-bedroom units across eight buildings. Matthew Prozzillo and Benjamin Skinner of Marcus & Millichap represented the seller, Haken Holdings, and procured the buyer, MMC Realty Holdings LLC, in the transaction. The property was developed in 2020 and is located at 9822 Utopia Drive.
“This transaction marks the buyer's entry into the Florida market after historically investing in the northeast,” says Prozzillo. “The buyer was attracted to the Utopia Cottages due to its close proximity to University of West Florida, the asset being newly built and the strong enrollment seen in student housing assets throughout the southeast.” |
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RRA/GREA and Triad Sell The Vue Near MSU |
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The Vue on Walnut is a 348-bed, 107-unit student housing property near Missouri State University. |
Springfield, Mo. — Rittenhouse Realty Advisors/GREA and Triad Real Estate Partners have sold The Vue on Walnut, a 348-bed, 107-unit student housing property near Missouri State University, for $25.7 million or $240,187 per unit. The property, located at 430 E. Walnut St. in downtown Springfield, was built in 2019 by St. Louis-based Cornerstone Development, the seller. The buyer was Atlanta-based Student Quarters. Chicago-based Triad Partners and Philadelphia-based Rittenhouse Realty Advisors/GREA teamed up to represent the buyer and seller in the transaction. The project was 100 percent occupied at the time of sale, and consists of a mix of one-, two-, three- and four-bedroom units that all have bed-bath parity. |
From the Magazine
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Supply Chain Update, Outlook Ahead of the Fall Turn Season |
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To minimize the risk of disruptions to its clients, Foliot began ordering its supplies, including hardware and metal components, much earlier this year. The company also urged its student housing operators to place their orders by Jan. 1.
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Oh, how easy it is to be a resident. They show up on move-in day full of promise to a brand-new (looking) housing community and a sparkling room. On their minds is a new school year, whether they’ll like their roommate and perhaps whether a pony keg will fit into the bottom rack of the refrigerator if they remove a few shelves.
Student housing managers and their teams greet these new arrivals with warm smiles and sympathetic nods, displaying none of the stress they’ve been enduring for the past several months as they prepared for and went through turn. <Read more> |
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Have You Read the May/June Issue? |
Options Abound Even in a rising interest rate environment, lenders still have an active appetite for student housing.
Top Lenders in Student Housing Leading capital providers and intermediaries continue to finance and facilitate transactions in the student housing sector.
Minimizing Risk Developers and general contractors discuss the best methods for controlling costs and sourcing materials in today’s challenging construction environment.
Proper Management To manage your portfolio in-house or select a third-party manager? That is the question. |
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France Media publishes 12 free e-newsletters, covering commercial real estate by region or with a focus on specific property types, including retail, student housing and seniors housing. |
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