DALLAS—A pair of student housing developments will rise in Texas and Ohio, thanks to construction financing arranged by Johnson Capital. Ron Davis, a senior vice president in the firm's local office, put together $18.64 million in joint venture equity financing for the developer, the NRP Group LLC.
According to Davis, a corporate investor that is looking to grow its portfolio provided the equity capital. ““These two transactions speak to our ability to bring together a top-five national multifamily developer with a private equity group to facilitate the development of top-tier assets,” Davis commented. “It is an example of the type of opportunities where we can add value for our development and capital clients.”
Construction on the projects is now under way and completion is slated in time for the fall 2014 semester.
In San Antonio, TX, the Luxx will contain 212 units with 668 beds. The $32-million development sits on a 15.12-acre site just east of the main University of Texas, San Antonio campus. In Akron, OH, the Depot will feature 192 units containing 624 beds. The $37-million community is on a 3.3-acre site is on the southwest boundary of the main University of Akron campus.
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Sule Aygoren
Aygoren oversees the editorial direction and content for ALM’s Real Estate Media Group, including Real Estate Forum and GlobeSt.com. In her tenure with ALM, she’s held roles of increasing responsibility, including Managing Editor. Aygoren has received several awards for her coverage including Best Trade Magazine Report from the National Association of Real Estate Editors and the James D. Carper Award for Young Journalists. Under her direction, Forum has received four national NAREE awards for Best Commercial Real Estate Trade Magazine.
