Friday, June 30, 2017

Strategic Student & Senior Housing Trust Acquires The District at University of Arkansas for $57 Million

H. Michael Schwartz

Fayetteville, AR – Strategic Student & Senior Housing Trust, Inc., a private real estate investment trust sponsored by SmartStop Asset Management, LLC, announced its acquisition of The District, a 198-unit, 592-bed student housing property adjacent to the University of Arkansas in Fayetteville. The purchase price for the building was $57 million.

Formerly known as Sterling District, the 2.3-acre student housing property is located at 376 W. Watson St. and includes one-, two-, three- and four-bedroom, fully furnished floor plans. The District is currently 95 percent pre-leased for the 2017-2018 academic year.

“The District represents a best-in-class, off-campus, purpose-built and pedestrian-to-campus student housing community at the University of Arkansas,” said H. Michael Schwartz, chief executive officer of Strategic Student & Senior Housing Trust.

John Strockis
“Completed in 2016, The District is an amenities-rich and modern urban wrap-design property that is consistent with our acquisition strategy of acquiring stabilized and purpose-built student housing assets adjacent to Tier 1 universities.

“The property includes many safety features, such as gated access, pass-key systems, on-site management with regular security patrols and an on-site, six-story controlled access parking garage.

“In addition, we have retained Asset Campus Housing, one of the nation’s premier third-party student housing managers, to provide on-site management.”

Asset Campus Housing, which is a member of The Institute of Real Estate Management and is recognized as an Accredited Management Organization, currently manages in excess of 210 properties and 118,500 beds.

“Situated three blocks from campus and the famed Dickson Street, part of the U.S. National Register of Historic Places, The District provides residents with great access to the campus, community and their peers,” said John Strockis, senior vice president of acquisitions of the REIT.

“The property also includes a 500 megabytes-per-second internet service that further promotes connectivity for students and parents.”

University of Arkansas, Fayetteville, AR
Each apartment unit is fully furnished with state-of-the-art amenities and energy efficient appliance packages. 

Community amenities include a computer lab and business center; study rooms; an expansive pool, spa and courtyard; and a fitness facility with a separate yoga room.

The District is certified by the U.S. Green Building Council as LEED-Gold, the second-highest certification level that recognizes properties that use less water and energy, and reduce greenhouse gas emissions.

In addition to its energy efficient appliances and other amenities, the property also provides preferred parking for fuel efficient vehicles, a bike-sharing program, increased natural light and close proximity to mass transit for ride-sharing.

 For a complete copy of the company’s news release, please contact:

Julie Leber, Damon Elder
Spotlight Marketing Communications
 (949) 427-5172, ext. 703
(949) 427-5172, ext. 702


WNC Closes $85 Million California Institutional LIHTC Fund

Michael Gaber
 IRVINE, CA, June 30, 2017 – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 10 California Series 15, L.P. (CA 15), an $85 million institutional low-income housing tax credit (LIHTC) fund.

The fund will acquire eight properties in both suburban, urban and rural parts of California within the cities of Anaheim, Cathedral City, Lincoln, Los Angeles, Mission Viejo, Napa and San Luis Obispo. 

Combined, the properties will offer nearly 500 affordable housing units to seniors and families throughout the Golden State.

CA 15 is WNC’s 20th closed institutional fund focused on the development or rehabilitation of quality affordable housing in California, where demand far exceeds supply.  Upon completion of all eight property acquisitions, WNC will have acquired more than 300 properties within California.

“For 15 consecutive years, WNC has successfully offered and closed a LIHTC fund focused solely on supporting the affordable housing stock within the state of California, which is particularly limited,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber

“Amid ongoing dialogues between the Trump administration and Congress regarding potential tax reform, WNC overcame unique structuring challenges to close this fund, working together with its development and investment partners to provide quality affordable housing units throughout the state.”

CA Fund 15 includes six institutional investors, five of which have previously participated in WNC funds.

 For a complete copy of the company’s news release, please contact:

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703

Key City of Miami Board Approves Verzasca Group’s Rental Project in Edgewater Neighborhood

Robert Behar
MIAMI, FL – Developer Verzasca Group has obtained a critical approval from the City of Miami’s Urban Development Review Board for its 2000 Biscayne rental apartment project in the Edgewater neighborhood.

The board, which was created by the city to review all urban projects of more than 200,000 square feet in accordance with the Miami 21 zoning code, unanimously supported the development during its Thursday, June 29 meeting. 

The next step is approval from the city’s Planning and Zoning Department, followed by a 15-day appeal period.

Verzasca proposes to build a 36-story high-rise tower with 393 studio, one, two and three-bedroom apartment units totaling nearly 360,000 square feet of living space on the 2000 Biscayne Boulevard site. Dorsky + Yue International Architecture is the building designer.

Gerald Marsten

During the meeting, board Chair Robert Behar praised the project design, which accounted for the configuration of the site. The project is located on a portion of Biscayne Boulevard that is considered a transit corridor of the city and zoned for increased density.

Board member Gerald Marsten cited the landscaping plan and synergy between the project and surrounding urban environment.

“We are thrilled to get the support for our Edgewater project from this pivotal city board,” said Verzasca Managing Director Tim Lobanov

“The Edgewater neighborhood has experienced an incredible transformation into one of Miami’s most desirable urban areas to live in – particularly for renters. We are big long-term believers in the neighborhood.”

 For a complete copy of the company’s news release, please contact:

Eric Kalis
Account Director, BoardroomPR
O 954-370-8999

C 305-794-5123

Marcus & Millichap Brokers $6.25 Million Howell Branch Corners in Casselberry, FL

Douglas K. Mandel
CASSELBERRY, FL, June 30, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Howell Branch Corners, a 14,765-square foot retail property located in Casselberry, FL, according to Ryan Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office.

The asset was 77 percent occupied at the time of sale and sold for $6,525,000 or $442 PSF.

Douglas K. Mandel, Senior Managing Director Investments, in Marcus & Millichap’s Fort Lauderdale office and Nicholas Hanson, Associate, in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a partnership, and secured and represented the buyer, a limited liability company.

Mandel states, “The transaction demonstrates the continued trend of capital inflow to Orlando from primary markets by investors seeking higher yields and the non-stop demand for quality retail assets throughout the MSA from out of area buyers attracted by the regions strong fundamentals and future growth potential.”

Nicholas Hanson
Howell Branch Corners is located at 2525 Howell Branch Road in Casselberry, FL.  Shadow-anchored by a Casselberry Commons, the property is located at the signalized corner of Howell Branch and Semoran Boulevard, one of the busiest thoroughfares in the Orland, offering tenants excellent exposure.

Howell Branch Corners is a 14,765-square foot, premium retail plaza boasting national tenants such as Starbucks, BB&T and T-Mobile. 

“Buyers are seeking premium assets in  nontraditional-class A locations where they can achieve strong returns with the opportunity to add value,” continues Hanson

 For a complete copy of the company’s news release, please contact:

 Ryan Nee
Vice President / Regional Manager, Fort Lauderdale
(954) 245-3400