Holladay Delivers One South Bend Project, Announces Another
SOUTH BEND, IN—As it was dedicating a newly completed project here last week, Holladay Properties announced plans for another development in the area. The dedication was for Darby Row, a 35-bedroom student housing project that is 90% leased.
The success of that community led Holladay to develop a second student housing property, the Belfry. Located at the corner of Notre Dame Avenue and the new extension of Campeau Street, the project will house 36 students in six fully furnished two-bedroom apartments and twelve townhouse units with 24 bedrooms, also furnished. In addition to modern appliances including a washer/dryer, dishwasher, refrigerator and microwaves in every unit, the bedrooms will have private bathrooms, each living room will have 50” HDTVs and each residence will be ready for both wired and wireless Internet.
Construction is set to begin this month, with delivery in time for the 2013-2014 school year. Both the Belfry and Darby Row will serve students attending Notre Dame University. In line with the history of the area, the developers acquired two 350-pound church bells and will incorporate them into the building’s façade.
FORTH WORTH, TX—A three-year-old student housing property serving students at Texas Christian University here has changed hands in a deal brokered by Colliers International’s Student Housing Group. Shore to Shore Properties LLC bought Edge 55, an off-campus property at 3517 S. University Dr., with 165 beds in 55 units.
Colliers managing directors Dorothy Jackman and Travis Price spoke on behalf of the seller, Campus Village Centre LP, led by local investor/developer Steve Berry. Nick Fluellen, vice president of investments at Marcus & Millichap Real Estate Investment Services, negotiated on behalf of the Sausalito, CA-based buyer.
AUSTIN, TX—A Berkeley Point Capital team led by Bethesda, MD-based director Adam Randall structured a $52.3-million first mortgage loan to refinance West Campus II, a student housing community in this city’s West Campus section. The fixed-rate debt, arranged under the Fannie Mae DUS Student Housing program, carries a 10-year term with full-term interest-only payments.
The class A community, consisting of 971 beds in 348 units, is sponsored by a real estate fund managed by Principal Real Estate Investors. Built in 2007-2008 on three non-contiguous parcels within a two-block radius, the property’s components include Quarters Grayson House, Quarters Nueces House, and Quarters Karnes House and Parking Garage. West Campus II is part of the Quarters, a larger, two-phased community with 1,674 beds in seven buildings. It is located within walking distance of the University of Texas.
Student housing is booming! Meet the dealmakers at RealShare AUSTIN on June 2.
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