A joint venture consisting of Nuveen and The Preiss Company is selling five student housing properties in the Sunbelt. The portfolio takes up 3,693 total beds across 1,248 units.
According to Newmark, which brokered the deal on behalf of the JV, the sale marks the largest deal to take place in the asset class in the country in 2025 so far.
The units are spread across four states including North Carolina, Texas, Indiana, and Florida. They are all located within an average of 0.87 miles of major campuses, including the University of Florida, North Carolina State University, Indiana University, The University of Texas at Austin, and Texas State University. All of these schools average enrollments that exceed 47,000, according to Newmark.
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While the exact names of the student housing properties were unclear, the assets include amenities such as grilling stations, fitness centers, study rooms, outdoor recreation, and swimming pools. Also, the buyer was not revealed.
"This record portfolio transaction reinforces the burgeoning demand for premium student housing assets adjacent to prestigious universities," said Ryan Lang, one of Newmark's brokers, who represented the seller on the deal.
"As enrollment numbers continue to rise and campuses expand, investors are seeking more opportunities in well-located, high-quality student housing, a resilient and attractive asset class."
Meanwhile, a recent report from Yardi Matrix shows that student housing pre-leasing is slowing down. In March, among the 200 schools tracked, the figure was only at 67.1 percent, down from the 67.7% estimate a year ago. Additionally, rent growth eased to 2.5 percent, marking the lowest seen since July 2021, according to Yardi.
However, Newmark doesn't appear to be dealing with any issues with student housing, at least from a deal standpoint. In the first quarter, the CRE firm said its student housing sales and financing transactions exceeded more than $1 billion in volume.
"This performance highlights the ongoing strength of the student housing sector as investors continue to target fast-growing university submarkets across the U.S.," said Newmark.
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