Student Housing

In conjunction with the EdR purchase, Blackstone Real Estate Income Trust, Inc. and partner Greystar Real Estate Partners also reported they had closed on the $1.2-billion purchase of EdR's student housing portfolio.

If the STEM high school project at the former IBM Somers property secures all approvals and lease negotiations are finalized, the lease transaction and the subsequent adaptive reuse project would be the largest of their kind in memory in Westchester County.

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.

The LEED Gold, environmentally friendly, expertly designed 350,000 square-foot technical school is now open to students.

Student housing is generally more resilient than multifamily in a downturn, and the current tight supply of student housing in Los Angeles is putting upward pressure on rents.

So far this year, Columbus, OH-based Coastal Ridge's multi-family acquisition volume in Fort Myers totals almost $200 million.

The new project is just the latest for KeyBanc, which also helped finance Playhouse Square.

The two-phase Northside development now provides more than 1,500 University of Texas students with a modern, amenity-rich living experience at the northern edge of campus.