Newmark Knight Frank (NKF) announces the sale of four student housing properties spread across the United States, all of which have closed in recent weeks. Transactions totaling 1,987 beds involved equity from Saudi Arabi, the Asia-Pacific region and the U.S. and included the sales of Mustang Ranch in Stephenville, TX; River Walk in Cullowhee, NC; Ella Lofts in San Marcos, TX; and Thrive in Lubbock, TX.
Ryan Lang, vice chairman and head of Newmark Knight Frank’s Student Housing group, Brandon Buell, managing director, and Jack Brett, transaction manager, represented the sellers across all transactions.
“These early 2019 transactions, with equity coming from three different countries, are a testament to the diversified capital base currently acquiring U.S. purpose-built student housing and a sign of what to expect throughout the remainder of the year,” said Lang.
NKF represented Domus Development, an affordable housing development group, in the trade of Mustang Ranch to an undisclosed buyer for an undisclosed price. Founded in 2010, Domus has created unique luxury student housing projects in secondary and tertiary markets across the United States totaling over $180 million with over 4,000 beds. Mustang Ranch features 501 beds and 192 units less than one mile from Tarleton State University in Stephenville, TX. With no new supply in the market, Mustang Ranch and its impressive amenity offering is the preferred luxury student living option at a university experiencing significant enrollment growth of over 30 percent.
River Walk, offering 490 beds and 196 units, is located in Cullowhee, NC within a half mile of Western Carolina University (WCU). WCU is one of the fastest growing universities in the country and River Walk was 100 percent leased nearly two months before the 2018-2019 academic year, presenting investors with an extremely rare opportunity to capitalize on a strong-performing asset in a growing market. NKF represented East Coast-based Realco Capital Partners in the sale of River Walk to Waypoint Residential, a Boca Raton-based real estate investment firm, for an undisclosed price.
Stonemont Financial was represented by NKF in the sale of Ella Lofts to Miami-based Vie Management, an investment management firm, for an undisclosed price. Ella Lofts features 252 beds and 75 units across the street from Texas State University in San Marcos, TX. The premier location, strong market fundamentals, and retail component of the asset provide the new owner with a strong, long-term investment that will garner significant operational upside.
The NKF Student Housing group represented an undisclosed seller in the sale of Thrive to Lafayette, Louisiana-based TEXLA, a real estate firm specializing in the acquisition, reposition and management of student housing and multifamily properties. Constructed in 2004, the property is located across the street from Texas Tech University and includes 744 beds and 264 units. It sold for an undisclosed price.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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