Chicago-based REIT Acquires 235-Bed Student Housing Property in St. Paul
- Sep 24, 2012
Chicago-based real estate investment firm Harrison Street Real Estate Capital has closed on a 235-bed student housing property dubbed Stadium Village Flats, the Minneapolis / St. Paul Business Journal reports.
Situated at the University of Minnesota in St. Paul, the Stadium Village Flats were sold by the Opus Group. The sale occurred about a week after the Minneapolis-based company finished construction on the student housing project. The terms of the deal were not disclosed.
The off-campus student housing project is located at 850 Washington Ave., S.E., near Williams Arena and TCF Bank Stadium. The development features a variety of amenities, including a fitness center, a yoga studio, a computer-study room, a gaming room, a penthouse lounge and a 15-seat big-screen theater. The first floor retail space is anchored by a CVS Pharmacy store occupying 14,000 square feet.
So far in 2012, Harrison Street has acquired a dozen student housing projects, including Stadium Village Flats, with a total value of $400 million. The firm is in contracts on seven more student housing assets, which are scheduled to close in the upcoming months. In a press release, Christopher Merrill, co-founder, president & CEO of Harrison Street, said the firm’s total student housing portfolio is expected to exceed 30,000 beds with a total value reaching $2 billion by year-end 2012.
Founded in 2005, Harrison Street Real Estate Capital has approximately $4 billion in assets under management. The firm currently owns about $3.5 billion in real estate assets, including over 25,000 student housing beds, more than 6,000 seniors housing/assisted living units, over 1.4 million square feet of medical office space and more than 72,000 self-storage units.
Rendering Courtesy of: www.stadiumvillageflats.com
Chart Courtesy of: Marcus & Millichap