Trinitas, HSREC JV On 736 Beds in GA
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KENNESAW, GA—By next summer, students attending Kennesaw State University here will have a new housing option, thanks to Trinitas Ventures LLC and Harrison Street Real Estate Capital. The Lafayette, IN-based student housing and mixed-use developer and the real estate private equity firm teamed up on the Collegiate Towns and Flats, an urban townhouse-style project.
The 274-unit, 736-bed community is slated to open in August 2013. Located immediately east of KSU’s main campus, the property is in close proximity to shopping and dining destinations and features large unit designs and townhouse-style apartment features. In addition, students will have access to a variety of amenities such as a 6,360-square-foot clubhouse with a recreation area, fitness center, business center and study rooms, as well as courtyards including a basketball court, sand volleyball court, pool and hot tub.
A JV of Trinitas and Harrison Street provided equity financing for the project, which is the fifth such partnership between the two firms and the seventh joint venture. PNC Bank provided construction financing.
Loren King, chief operating officer of Trinitas, comments, “Our strategic partnerships with both PNC and HSRE have been very successful in the past and enable us to capitalize on the best opportunities in student housing nationwide.”
As fully integrated company, Trinitas finances, develops, constructs and manages student housing at major universities throughout the US. It currently owns and manages more than 5,000 beds’ worth of projects aggregating about $350 million in assets. Through the third quarter, the firm has financed $80 million in student housing and is currently under way on more than $100 million in student housing properties with 1,435 beds slated for a fall 2013 delivery.
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