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With limited supply, urban in-fill generational triple net assets leased to top-tier credit tenants in hot markets such as Los Altos continue to be in high demand and many sales are off-market.
"With new capital made available through this financing and positive momentum in the Midtown market, we feel the property is well positioned for continued success," says Square Mile Capital's Eric Cohen.
Rising interest rates are putting pressure on pricing but the fundamentals of net lease investments and the Texas economy have been strong enough to keep cap rates within a historically low range.
All of the student housing buildings are expected to begin operations by the fall of 2020, with the exception of the Octave at the University of Illinois Urbana-Champaign project, which is scheduled for a fall 2019 occupancy.