CBRE NATIONAL STUDENT HOUSING Q4 2018 TRANSACTIONS EXCEED $850 MILLION
CBRE National Student Housing Q4 2018 Transactions Exceed $850 Million
| January 18, 2019
Dallas, Texas, Jan. 18, 2019– CBRE National Student Housing finished 2018 with a strong fourth quarter, closing $552 million across eight asset sales and $302 million through seven debt and equity closings. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaeferrepresented the sellers on each investment sales transaction. Ben Roelke and Ian Walkerwith CBRE’s Debt & Structured Finance team secured each debt and equity transaction.
The eight investment transactions spanned the U.S. from California to New York, encompassing seven states and eight university markets. The most recent transaction was University West, a 484-unit, 1,193-bed value-add student housing community serving Iowa State University in Ames, Iowa. CBRE National Student Housing and CBRE | Hubbel’s Todd Millang arranged the sale on behalf of the seller for an undisclosed price.
Other properties include:
Sterling Highlander – Riverside, CA
Dowling College Dorm – Oakdale, NY
Terrace at Savannah – Savannah, GA
Cabana Beach – San Marcos, TX
Campus Lodge – Tampa, FL
University View – College Park, MD
Wildwood of Lubbock – Lubbock, TX
“The eight transactions CBRE National Student Housing closed in the fourth quarter of 2018 represent a diverse spectrum of student housing assets. They included new construction, core-plus, and heavy value-add properties ranging from approximately $10 million to $235 million each,” said Mr. Vonderfecht, Associate Director of Student Housing for CBRE. “We anticipate the robust volume will carry into the first quarter as demonstrated by the sixteen assets CBRE currently has under contract or pending contract execution.”
In October, CBRE arranged the $235 million sale of University View in College Park, Md., the highest dollar transaction for a single student housing asset on record.
The seven closed financings were for assets in five states and six different university markets. These transactions included a mix of both acquisition and cash-out refinances along with arranging both debt and equity for two brand-new construction deals totaling above $140 million.
“The demand for financing of all parts of the student housing life cycle has been matched with significant growth from attractive capital providers pursuing those opportunities,” said Mr. Roelke, Senior Vice President of Debt and Structured Finance for CBRE. “We anticipate both dynamics will carry into 2019 based on the daily discussions we are having with student housing owners and their diverse array of capital providers.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.