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... Furthermore, he said, money is available across the board of property categories. "Debt doesn’t tend to differentiate between product type," Neidich said, noting that plenty of debt is available "not just on traditional institutional real estate, but really whatever you can call real estate." He cited non-traditional investments like senior and student housing as two examples of property types where debt is now ample. more...
[Middle Tennessee State University] (I-Newswire) - Los Angeles, California, April 10, 2007 – Carlos Vigon, President of Wilshire Holdings LLC, is pleased to announce the acquisition of The Pointe at Raiders Campus in Murfreesboro, Tennessee on behalf of the Tenant in Common owners.
The Pointe at Raiders Campus is a luxury 756 bedroom student-housing community located in Murfreesboro, Tennessee, approximately 30 minutes outside of Nashville, Tennessee. The Pointe was built in 2005 – 2006 on a 17.3 acre site situated just minutes from Middle Tennessee State University ( MTSU ), the largest and fastest growing higher learning institution in the state. more...
TIFTON, Ga., April 13, 2007– The successful achievement of a major project milestone was celebrated by a “topping out” party at ABAC Lakeside on April 13 at Abraham Baldwin Agricultural College. Over 200 people attended the event, including ABAC administrators, faculty, staff, and students, construction subcontractors and community representatives from Tifton. Developer, Ambling University Development Group, and contractor Ambling Construction Company broke ground for the new freshman housing community on Oct. 23, 2006. more...
Buyer: Varsity Capital Advisors (www.varsitycap.com)
Seller: Sumner Properties
Location: Durham, New Hampshire
Campus: University of New Hampshire (student population: 12,300)
Price: $20.2 million
Debt financing: ABN AMRO Bank NV/LaSalle
Equity: Varsity Capital Advisors (VCA)
Broker: Goedecke & Co. Zuckerberg Investment Partners
Quote: “As for VCA’s preferred deal size and characteristics, Buttarazzi says the northeast and mid-Atlantic states will garner the greatest attention at first, although assets in the southeast will be considered.”
DURHAM, NH-Gaining admission to a niche where they see strong potential, an affiliate of Varsity Capital Advisors has acquired a 13-building block of student housing near the University of New Hampshire’s flagship campus. Varsity Durham LLC paid Sumner Properties $20.2 million for the complex in a deal that marks the beginning of a buying/development spree in small- and mid-sized college towns, says VCA principal John Buttarazzi.
Full Article Text:
http://www.globest.com/news/878_878/boston/159509-1.html
Location: Highland Heights, KY (13 miles from Cincinnati, OH)
Campus: Northern Kentucky University (student population: 14,200)
Quote: “The study says NKU needs 1.15 million more square feet of space to provide adequate academic facilities to meet the projected enrollment of 26,000 by 2020.”
NKU needs new construction – April 5, 2007
Northern Kentucky University will need to renovate aging buildings and spend $544 million in new construction by 2020 to handle the expected increase in students, according to an assessment released Wednesday by the Kentucky Council on Postsecondary Education.
Full Article Text:
http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070405/NEWS0102/704050367/1058/NEWS01
Buyer: Virtu Investments and Lowe Enterprises Investors
Seller: Pomona Helix LLC
Location: Pomona, CA
Campus: Western University (student population: 2,000)
Price: $15.0 million
Broker: Hendricks & Partners
Western University Student Housing Sells for $15M – April 3, 2007
A joint venture of Carlsbad, CA-based Virtu Investments and Lowe Enterprises Investors purchased the 100-unit apartment community at 510 E. 3rd St. in Pomona, CA, for $15.1 million, or about $151,250 per unit.
Full Article Text:
http://www.costar.com/News/Article.aspx?id=CC7BBB839FBF5A6094A444C0EAA2C3F1
Buyer: Prime Property Investors (www.primepropertyinvestors.com)
Seller: University Real Estate and Property Management
Location: Knoxville, TN
Campus: University of Tennessee (student population: 27,000)
Price: $10.5 million +
Quote: “The University of Tennessee acquisition is reported to be the largest single purchase of close to campus Student Housing assets ever transacted at the Knoxville campus.”
Prime Property Investors, Ltd. Acquires Six Building Student Housing Portfolio at University of Tennessee-Knoxville
Prime Property Investors, Ltd. Principals Barbara J. Gaffen and Michael H. Zaransky announced the acquisition of a six building, Student Housing multi-family property portfolio located within blocks of the main campus of the University of Tennessee in Knoxville. The portfolio of properties are 100% occupied and are situated within easy walking distance of the center of campus.
Full Article Text:
http://sev.prnewswire.com/banking-financial-services/20070402/CLM10502042007-1.html
“UT's student room boom”
http://www.knoxnews.com/kns/business/article/0,1406,KNS_376_5464743,00.html
Article from NY times in August 2006 on these guys:
http://www.primepropertyinvestors.com/news/NewYorkTimesReprint.pdf
