GMH Capital Partners has acquired three student housing assets from Kayne Anderson Real Estate Advisors (KAREA). The Sol y Luna (formerly Next and Level), at 1020 N Tyndall Ave and 1031 N Park Ave in Tucson, Arizona, adjacent to the University of Arizona sold in the transaction.
Also included, was Rise at Northgate, located in College Station, Texas, an 18-story, 184 apartment high-rise serving the students of Texas A & M University.
All three were developed by Campus Acquisitions; the Tucson properties, ‘Level’ opened for fall 2012 and ‘Next’ opened for fall 2014 semester. In addition to 979 beds in 341-units featuring high-quality amenities and finishes, the property encompasses 10,000 square feet of ground-level retail space.
The Tucson properties sold for an aggregate total of $142.75 million ($145,812 per bed) and has been rebranded ‘Sol y Luna’.
According to public records, the former ‘Level’ Student Housing at 1020 N Tyndall Ave, near Speedway and Park Ave., sold for $78 million for the 176-unit apartment with 586-beds.
The former ‘Next’ at 1031 N Park Ave sold for $64.75 million for the 165-unit apartment with 393-beds.
The acquisitions conclude Newton Square, Pennsylvania-based GMH’s 2015 strategy to finish the year with more than $300 million in new student housing assets.
The high quality amenities include a 24-hour state-of-art fitness center with tanning beds and a resort-quality saltwater pool and spa. The building is equipped with private study rooms on each floor, a 24-hour computer lab and a furnished game room with game tables and 50-inch flat screen televisions.
Randall Calvert, a former vice-president with GMH Capital Partners, now with TSB Realty in Philadelphia, PA brokered the transaction.
Before its sale in 2008, GMH’s College Park Communities division serviced nearly 70,000 beds across 29 states. Earlier this year, GMH returned to the student space by forming a programmatic JV partnership with Principal Real Estate Investors.
With these three recent acquisitions, GMH owns and manages more than 3,000 beds. “In 2016, we will focus on adding additional core properties to the GMH portfolio; we will also broaden our investment criteria to include ‘value-add’ properties and ground-up development,” Gary M. Holloway, Jr., president of GMH Capital Partners, says.
Since 2007, Kayne Anderson Real Estate Advisors has been a premier investor in the off-campus student housing sector. During this period, the firm has acquired, developed and/or sold more than $3 billion in student housing communities encompassing more than 50,000 beds across 43 universities in 23 states and Canada. In November 2012, KAREA’s sale of 20 student housing properties for $863 million was the largest private sale of student housing assets ever recorded.
For additional information see RED Comps # 3450 and # 3451.