Case Studies

Property Name

Domain Portfolio

Morgantown, WV & Columbia, MO & Fayetteville, AR

YOC
2012/2013
Units
792
Beds
2,220
Occupancy at Sale
100%

Scenario

Domain at Columbia, Domain at Fayetteville and Domain at Town Centre are three Class A+ garden-style student housing assets located next to the University of Missouri, University of Arkansas, and the University West Virginia, respectively. All three assets were under construction and 100% preleased for the during the marketing phase. To suit the seller's unique needs, a marketing campaign was tailored to employ both an on and off-market sales strategy.

Results

The Domain portfolio was marketed for a Houston-based development firm as a pre-sale opportunity and our team hosted several tours and procured multiple combinations of offers. Ultimately the Domain portfolio sold to three separate buyers; including an ultra-high net worth, a private REIT and a pension fund advisor.

Property Name

The Edge - SIU Edwardsville

Edwardsville, IL

YOC
2015
Units
120
Beds
384

Scenario

The Edge is a Class A, garden-style student housing asset located in Edwardsville, IL within a mile of Southern Illinois Edwardsville. The property was delivered in August 2015 and was 95% leased for the current year at the time of sale. The Edge was offered on an all cash basis.

Results

FourPoint marketed The Edge on behalf of regional developer and conducted multiple tours procuring several offers. The property was purchased by a private buyer backed by a high net worth individual. They closed the transaction on time and at the contracted purchase price.

Property Name

Aspen Heights - University of Oklahoma

Norman, Oklahoma

YOC
2015
Units
194
Beds
684

Scenario

Aspen Heights Norman is a cottage-style style, Class ‘A+’ asset located one mile away from the University of Oklahoma. Constructed in 2015, the asset was 100% preleased at the time of sale in a competitive and booming student housing market.

Results

Expertly marketed by the FourPoint principals, Aspen Heights Norman garnered several offers from private buyer and institutional funds. The selected buyer was an overseas fund making their entry into the student housing market that closed escrow on time and at the contracted price.

Property Name

ArborBLU - University of Michigan

Ann Arbor, Michigan

YOC
2015
Units
113
Beds
242
Occupancy at Sale
95%

Scenario

ArborBLU is a LEED Silver, core, high-rise, student housing asset located in the South U District directly adjacent to the University of Michigan. The property was built in August 2015 and was nearly 95% preleased for the current year at the time of sale. ArborBLU was offered on an all cash basis.

Results

FourPoint marketed ArborBLU on behalf of national merchant builder and conducted five tours procuring several offers. The selected buyer was a private equity fund with an institutional JV. They closed the transaction on time and at the contracted purchase price.

Property Name

Vue on MacGregor - University of Houston

Houston, Texas

YOC
2014
Units
115
Beds
347
Occupancy at Sale
97.41%

Scenario

Vue on MacGregor is a Class A asset located across from the University of Houston. The property was built in 2014 and consisted of 115 units. Vue on MacGregor was 99% preleased at the time of sale. It was offered on an all cash basis.

Results

Vue on MacGregor was marketed for a private merchant builder in the Fall of 2015. FourPoint conducted ten tours and procured several offers from student housing and conventional multifamily investors. The selected buyer was a private syndicator from California that closed at the contracted purchase price.

Property Name

The Hue - Savannah College of Art & Design

Savannah, Georgia

YOC
2014
Units
149
Beds
446
Occupancy at Sale
96.6%

Scenario

The Hue is a Class A boutique asset located in downtown Savannah and within walking distance from the Savannah College of Art and Design campus. The property was built in 2014 and consisted of 149 units. The Hue was 100% preleased at the time of sale. It was offered on an all cash basis.

Results

The Hue was marketed for a private merchant developer in 2015. FourPoint conducted five tours and procured several offers from student housing and conventional multifamily investors. The selected buyer was a conventional multifamily buyer making their first student housing acquisition.

Property Name

The Foundry - Iowa State University

Ames, Iowa

YOC
2015
Units
53
Beds
144

Scenario

The Foundry is a mid-rise, core property located adjacent to Iowa State University. Built in July 2015, this asset consisted of 53 units and has approximately 7,436 RSF of prime retail space. At the time of sale, The Foundry was 100% preleased (residential and retail) for the 2015/2016 academic year and The Foundry was offered on an all cash basis.

Results

The Foundry was marketed for a national merchant builder. FourPoint conducted several tours, procuring ten offers from student housing and multifamily investors. The selected buyer was a private syndicator from New York.

Property Name

33 Degrees North - University of North Texas

Denton, Texas

YOC
2013
Units
139
Beds
427

Scenario

33 Degrees North is a Class ‘A+’ student housing asset located adjacent to North Texas University in Denton, TX. The fully amenitized property was built in 2013. The asset was 96% occupied and 60% preleased at the time of sale.

Results

FourPoint marketed 33 Degrees North on behalf of a nationally recognized student housing developer and gave multiple tours, procuring 11 offers. The bidders included private investors, institutions, foreign equity funds, and REITs. After a very competitive Best & Final round of bidding, a pension fund advisor selected as the buyer.

Property Name

1200 West Marshall - Virginia Commonwealth University

Richmond, Virginia

YOC
2014
Units
136
Beds
406

Scenario

1200 West Marshall is a Class 'A+' student housing asset in Richmond, VA. Within walking distance to VCU, residents also enjoy a 24-hour fitness center, a rooftop terrace, study lounges, and fully furnished apartments.

Results

The Gilbane VCU Portfolio was widely marketed to the global real estate community and received significant interest from both domestic and overseas equity funds. FourPoint procured eleven offers and conducted a very successful Best and Final round of bidding that yielded significant pricing increases. Ultimately a REIT was selected as the winning bidder and is currently under contract and set to close all-cash in the next 30 days.

Property Name

8 1/2 Canal (Off Market)

YOC
Units
Beds

Scenario

The Gilbane VCU Portfolio consists of two core class A+ student housing assets located adjacent to Virginia Commonwealth University in Richmond, VA. 1200 West Marshall is adjacent to the Student Union and appeals to freshman and sophomores while 8 ½ Canal is proximate to the Business and Engineering Schools and appeals to upperclassmen. This symbiotic relationship shared between the assets allows both properties to remain attractive to distinct sets of students while allowing new ownership to capitalize on operational efficiencies. Both properties represent the highest quality finish out and amenities in the VCU market and are 100% occupied.

Results

The Gilbane VCU Portfolio was widely marketed to the global real estate community and received significant interest from both domestic and overseas equity funds. FourPoint procured eleven offers and conducted a very successful Best and Final round of bidding that yielded significant pricing increases. Ultimately a REIT was selected as the winning bidder and is currently under contract and set to close all-cash in the next 30 days.

Property Name

The Den - University of Missouri

Columbia, Missouri

YOC
2014
Units
158
Beds
552

Scenario

The Den is a Class ‘A+’ student housing asset located 1.5 miles away from the University of Missouri. The fully amenitized property was under construction for an August 2014 delivery during the marketing phase. The asset was 98% preleased at the time of sale.

Results

FourPoint marketed The Den on behalf of a nationally recognized student housing developer and gave multiple tours that procured 8 offers. The bidders included both private and institutional student housing investors. After a very competitive Best & Final round of bidding, a private high net worth individual with multiple holdings in the student housing space was selected as the buyer.

Property Name

Eclipse on Broad

Athens, Georgia

YOC
2013
Units
32
Beds
128
Occupancy at Sale
100%

Scenario

Eclipse on Broad is a Class 'A' student housing asset located adjacent? to University of Georgia in Athens, GA. The boutique community was built in 2013 and is appointed with condo-like interior finishes. The property contained a small un-leased retail component however the residential portion of the project was 100% preleased at the time of sale.

Results

Eclipse on Broad was sold for a private developer in a quiet off-market approach. The buyer was a private fund based in Sausalito, California who closed escrow on-time and at the contracted price.

Property Name

Deacon's Station

Winston-Salem, North Carolina

YOC
2012 / 2011
Units
75
Beds
300
Occupancy at Sale
100%

Scenario

Deacon's Station is a Class 'A' student housing asset located adjacent? .25 miles from Wake Forest University in Winston-Salem, NC. The fully aminitized property was built in two phases in 2011 & 2012 and is the only purpose built asset serving Wake Forest University. The property was 100% preleased at the time of sale.

Results

Deacon's Station was sold for a private developer on a preemptive basis prior to the official launch to the market. The buyer was a private fund based in Sausalito, California who closed escrow on-time and at the contracted price.

Property Name

Catalyst

Tallahassee, Florida

YOC
2013
Units
130
Beds
402
Occupancy at Sale
100%

Scenario

Catalyst is a core, Class A+ student housing asset located adjacent to Florida State University in Tallahassee, FL. The fully amenitized property was under construction for an August 2013 delivery during the marketing phase. The asset was 100% preleased and included ground floor retail, structured parking and a one year tax abatement.

Results

Catalyst was marketed for a global real estate private equity firm as a pre-sale opportunity and our team hosted 8 tours and procured 9 offers. The bidders included ultra-high net worth investors, REIT's, pension fund advisors, and private equity groups. Ultimately, a Sharia-compliant private equity fund based in Saudi Arabia was selected as the buyer. The Catalyst acquisition will mark their first student housing purchase in the US.

Property Name

Hub on Campus

Tempe, Arizona

YOC
2013
Units
269
Beds
637
Occupancy at Sale
90%

Scenario

Hub on Campus is a core, 19-story student housing asset located adjacent to Arizona State University in Tempe, AZ. While marketing the asset for sale, the fully amenitized property was under construction for an August 2013 delivery. Upon sale the property was at 98% preleased for fall 2013. Hub on Campus is high-rise construction that includes over 20,000 SF of ground floor retail and features a six-year GPLET tax abatement. Also conveyed at sale was a fully-entitled adjacent parcel of land on which the future buyer plans to build an additional 268 beds in 2015.

Results

Hub on Campus was marketed for a Chicago-based private equity firm as a pre-sale opportunity and our team hosted 10 tours and procured 11 offers. The bidders included pension fund advisors, REIT's, ultra high net worth investors, and private equity funds. Ultimately, a private REIT topped the bid list and the sale closed all-cash within seven days of delivery of TCO. In addition to being the 4th largest single property student housing sale in US history, the Hub on Campus transaction represented the highest price per bed ever paid.

Property Name

Midtown Portfolio

Denton, Texas and Arlington, Texas

YOC
2012 / 2011
Units
120 / 66
Beds
432 / 218
Occupancy at Sale
100%

Scenario

Midtown Denton and Midtown Arlington are two Class 'A' student housing assets located adjacent to the University of North Texas in Denton, TX and the University of Texas at Arlington in Arlington, TX. The properties were built in 2010 and 2011, and both properties were nearing 100% preleased a the time of the sale.

Results

The Midtown Portfolio was sold for a private developer via a discrete, off-market approach. After a quick and competitive bid process the portfolio sold to a private fund based in Sausalito, California. The buyer closed on-time and at the contracted price.

Property Name

Circle West Campus

Austin, Texas

YOC
2013
Units
167
Beds
476
Occupancy at Sale
100%

Scenario

Circle West Campus is a core Class A+ student housing asset located within walking distance from the University of Texas at Austin. At sale, Circle West Campus was under construction and 100% preleased for the 2012/2013 school year.

Results

Circle West Campus was marketed for a large national developer of student and conventional multifamily product. As a result of the marketing efforts, 12 tours were conducted and 10 bona fide offers were procured from qualified investors. Ultimately, an ultra-high net worth investor who was new to the student housing industry topped the offer list and successfully closed the transaction.

Property Name

The Zone/The Enclave

College Station, Texas

YOC
2000 / 1994
Units
240 / 340
Beds
588 / 536
Occupancy at Sale
98%

Scenario

The Zone and The Enclave are two Class 'A' student housing assets located approximately one mile from Texas A&M University in College Station, TX. The Zone is a fully amenitized asset built in 2001 and is 98% occupied with a majority of freshmen and sophomore residents. The Enclave is a conventionally built asset, constructed in 1994 that is primarily 1 and 2 bedroom units appealing to upperclassmen and graduate students. At the time of sale, both properties were in good physical condition and in need of some minor value add work in the interiors.

Results

The Zone and The Enclave were marketed on behalf of a nationally recognized student housing equity provider and we procured 14 bona fide offers. The bidders included both regional and national student housing investors. The selected buyer was a private syndication fund that closed in August 2012 with no pricing adjustments.

Property Name

Sterling Northgate

Baton Rouge, Louisiana

YOC
2006
Units
98
Beds
348
Occupancy at Sale
97.7%

Scenario

Sterling Northgate is a Class ‘A+’ student housing asset located adjacent to LSU in Baton Rouge, LA. The fully amenitized asset was built in 2006, 100% occupied, and in excellent condition at the time of sale.

Results

Sterling Northgate was one of the first core transactions of 2010. FourPoint principals sold the asset for a developer and gave 10 tours, receiving 20 offers. The selected buyer was a high net worth investment group that closed on the transaction within 60 days of contract execution with no retrades or extensions. Fannie Mae debt was secured on the transaction.

Property Name

MetroPointe Lofts

Atlanta, Georgia

YOC
2005
Units
368
Beds
1214
Occupancy at Sale
100%

Scenario

MetroPointe Lofts is a Class A+ student housing asset located near Georgia Tech University in Atlanta, GA. The asset was built in 2005 and had a construction cost in excess of $100M. Due to operational mismanagement, MetroPointe Lofts was in major distress at the time of sale and was only 10% occupied.

Results

Marketed on behalf of a national bank, our team conducted 17 tours and received over 20 offers. The selected buyer closed on the highly complex transaction “all-cash” within 40 days of contract execution. We were also the agent in facilitating the business agreement between the private equity provider and the private sponsor.

Property Name

Sanctuary Lofts

San Marcos, Texas

YOC
2008
Units
195
Beds
478
Occupancy at Sale
98%

Scenario

Sanctuary Lofts is a Class A+ student housing asset located within walking distance of Texas State University in San Marcos, TX. The asset was built in 2006 and had construction costs in excess of $30M. Rents at the property could not support the original debt structure and the asset was foreclosed on in 2010.

Results

Sanctuary Lofts was on behalf of a special servicer and there were over 40 tours given and over 30 offers received. The selected buyer was a publicly-traded REIT that closed on the transaction "all-cash" within 35 days of contract execution.

Property Name

Westmar Student Lofts

Atlanta, Georgia

YOC
2005
Units
370
Beds
1218
Occupancy at Sale
97.46% (2/13/17)

Scenario

Westmar Student Lofts is a high-rise, urban infill property located in Atlanta, GA proximate to Georgia State University, Georgia Tech University and numerous other Atlanta colleges and universities. Built in 2005, this asset has presented a new owner with the ability to implement a value add program through a variety of unit upgrades that would yield a significant rental rate increase.

Results

Westmar Student Lofts was marketed for an Operator/Fund joint venture. FourPoint conducted several tours, procuring multiple offers from student housing and multifamily investors. After a very a aggressive best and final round of bidding, the current operator decided to recapitalize the asset with a new equity partner at a price equivalent to the highest fee simple offer.

Property Name

Gateway at College Station

College Station, Texas

YOC
1998
Units
292
Beds
960
Occupancy at Sale
98.52%

Scenario

Gateway at College Station is a class B+ student housing asset located one mile from Texas A&M University in College Station, TX. The property has been owned by a TIC entity for the past ten years and in need of significant repairs and upgrades in order to remain relevant in the hyper-competitive Texas A&M market. While the asset is nearly 100% occupied, significant upside is achievable through additional value add projects.

Results

FourPoint marketed Gateway College Station on behalf of a TIC entity and conducted 12 tours and procured over 10 offers. The current buyer is a syndication group that is set to close escrow on time and above the “whisper price.” Buyer types range from institutional funds to private high net worth individuals.

Property Name

U | Raleigh

Raleigh, North Carolina

YOC
1998
Units
210
Beds
600
Occupancy at Sale
98%

Scenario

The U | Raleigh is a class B+ student housing asset located 1.5 miles from NC State University in Raleigh, NC. The prop- erty has undergone significant upgrades over the term of the existing ownership, but significant upside is achievable through additional value add projects.

Results

FourPoint marketed U | Raleigh on behalf of a private operator and conducted 8 tours and procured over 10 offers. After an extremely competitive Best and Final Round of bidding, a syndicator from the Pacific Northwest was selected due to their ability to go hard Day 1. It must be noted that final pricing exceeded the whisper price.

Property Name

The Element - Sacramento State University

Sacramento, California

YOC
2004
Units
288
Beds
792
Occupancy at Sale
99.1%

Scenario

The Element is a Class ‘A’ institutional-grade student housing asset located within one mile of Sacramento State University in Sacramento, CA. At the time of marketing, the asset was 100% occupied and was offered all cash.

Results

The Element was marketed for a private syndicator in the Pacific Northwest. FourPoint conducted five tours and procured eight bona fide offers from both student housing and conventional multifamily investors. The bidder profile was heavily weighted towards entrepreneurial funds and high-net worth buyers. The selected buyer was a private equity fund that has transacted with FourPoint principals on numerous occasions.

Property Name

Eagle Creek - University of North Texas (Off Market)

Denton, Texas

YOC
1966
Units
172
Beds
172

Scenario

Eagle Creek is a class B student housing assets located adjacent to the University of North Texas in Denton, TX. The property was built in 1972 and underwent a transformative renovation and management overhaul in 2011. The property still possessed value-add opportunities for the new buyer and was 100% leased at the time of sale.

Results

Eagle Creek was sold for a private NY-based owner via a discrete, off-market approach. After a quick and competitive bid process the portfolio sold to a private syndicator based in Boston, MA. The buyer closed on-time and at the contracted price.

Property Name

Montgomery Village - Sam Houston State University

Huntsville, Texas

YOC
2007
Units
48
Beds
192

Scenario

Montgomery Village is a 2007 vintage value add student housing asset located steps away from Sam Houston State University. The asset was 100% preleased for the 2014-2015 academic year. Marketed as a value-add opportunity, light cosmetic upgrades and attentive go-forward management could yield a significant increase in face rents and NOI. Combined with a fabulous location and positive Sam Houston State market fundamentals, Montgomery Village represented an outstanding investment opportunity.

Results

FourPoint marketed the Montgomery Village on behalf of the original development equity partner and conducted 8 tours to procure several “full-price” offers. The bidders included both private and institutional student housing investors. After a very competitive Best & Final round of bidding, a syndicator with multiple holdings in the student housing space was selected as the buyer.

Property Name

The U Athens - University of Georgia

Athens, Georgia

YOC
2000
Units
282
Beds
768

Scenario

The U | Athens is a fully amenitized student housing asset located near the University of Georgia in Athens, GA. Built in 1989, the property was 96% leased for the 2014-2015 academic year at the time of sale. Marketed as a value-add investment opportunity, property enhancements will yield both higher rent and help maintain The U’s historically high occupancy rates. The U | Athens was offered on the basis of a CMBS loan assumption.

Results

FourPoint marketed The U | Athens on behalf of a nationally recognized student housing owner and operator and gave multiple tours. Prior to the bid deadline, a private institution made a preemptive full-priced offer to purchase the asset under a highly expedited timeline. The buyer closed the transaction within the timeframe and pricing set forth in the original contract of sale.

Property Name

The Ballpark - University of Texas Austin

Austin, Texas

YOC
2000
Units
282
Beds
768

Scenario

The Ballpark is a Class ‘B’ student housing asset located in the East Riverside submarket in Austin, TX. At the time of sale, the property was owned by a defunct 501 C3 non-profit entity that was required to sell the asset under a “Stalking Horse” bid structure by the controlling bondholder. Physically, the property was in good condition, and a recent three-phase renovation with upgrades to 75% of the units enhanced an asset that was 97% leased at the time of its sale.

Results

FourPoint marketed The Ballpark on behalf of a Trustee appointed by the controlling bondholders. Per Texas foreclosure laws, the winning bid must be presented all-cash and contingency-free. Despite these ridgid rules, FourPoint was able to generate significant investor interest, and conducted twelve tours that procured eleven “full-price” offers. The bidders included both private and institutional student housing investors. After a very competitive Best & Final round of bidding, a first-time Texas and student housing buyer was selected.

Property Name

Auraria Student Lofts

Denver, Colorado

YOC
1973
Units
124
Beds
438
Occupancy at Sale
87.4%

Scenario

Auraria Student Lofts is a high-rise style asset conveniently located in downtown Denver, CO, two blocks from the Auraria Campus. The asset is fully amenitized, complete with high-end features such as a rooftop deck and a 2,000 SF fitness center. Constructed in 1973, the asset underwent a recent $2 million renovation and was 100% preleased for the 2013-2014 academic year at the time of sale.

Results

Expertly marketed by the FourPoint principals, Auraria Student Lofts garnered several offers after tours, with the selected buyer being a national syndicator who closed escrow at the contracted price.

Property Name

College Edge

Bryan, Texas

YOC
1999
Units
160
Beds
400
Occupancy at Sale
99%

Scenario

College Edge is a garden style asset located 100 yards away from Blinn College, with close proximity to Texas A&M University. Built in 1999, recent renovations to the clubhouse and business center enhanced an already choice asset. The asset was 95% preleased for the 2013-2014 academic year at the time of sale— a tribute to it’s being a desirable living place with best in market fundamentals.

Results

FourPoint principals aggressively marketed College Edge to their deep investor list, procuring several bona fide offers. The selected buyer was a first time student-housing buyer with conventional multifamily experience. The buyer closed escrow on time and at the contracted price.

Property Name

2 East 8th

Chicago, Illinois

YOC
1985
Units
330
Beds
882
Occupancy at Sale
91%

Scenario

2 East 8th is a 28-floor high-rise property located in the heart of Chicago’s South Loop Neighborhood. At the time of sale, asset was currently 95% occupied with 60% of the residential units under a master lease agreement with Columbia College until 2017. The remaining 40% of the property is leased to students from a variety of schools in the surrounding area. The asset has approximately 20,000 RSF of prime retail space and a long-term lease with an independent 3rd party parking garage operator.

Results

2 East 8th was marketed for a large conventional multifamily owner and conducted 12 tours, procuring 8 bona fide offers. The bidder profile was heavily weighted towards entrepreneurial funds and high-net worth buyers with opportunistic yield requirements. The selected buyer was a private foreign investor that closed at the contracted price and on time.

Property Name

The Element

Sacramento, California

YOC
2004
Units
288
Beds
792
Occupancy at Sale
98.4%

Scenario

The Element is a Class ‘A’ institutional grade student housing asset located within one mile of Sacramento State University in Sacramento, CA. At the time the marketing, the asset was 100% occupied and had an assumable FNMA loan with a rate of 4.18%.

Results

The Element was marketed for a large conventional multifamily owner and closed the transaction on 02/01/13. Our team conducted 8 tours and procured 11 bona fide offers. The bidder profile was heavily weighted towards entrepreneurial funds and high-net worth buyers with consistent cash-on-cash requirements. The selected buyer was a private syndication fund that has transacted with FourPoint principals on numerous occasions.

Property Name

Taylor Bend

Oxford, Mississippi

YOC
2012
Units
96
Beds
288
Occupancy at Sale
98%

Scenario

Taylor Bend is a garden style, Class ‘B’ asset located one mile away from the University of Mississippi. Constructed in 2012, the asset was 95% preleased at the time of sale in a competitive and booming student housing market.

Results

Expertly marketed by the FourPoint principals, Taylor Bend garnered several offers after multiple tours, with the selected buyer being a national syndicator who closed escrow at the contracted price.

Property Name

Taylor Bend - University of Mississippi

Oxford, Mississippi

YOC
2012
Units
96
Beds
288

Scenario

Taylor Bend is a garden style, Class ‘B’ asset located one mile away from the University of Mississippi. Constructed in 2012, the asset was 95% preleased at the time of sale in a competitive and booming student housing market.

Results

Expertly marketed by the FourPoint principals, Taylor Bend garnered several offers after multiple tours, with the selected buyer being a national syndicator who closed escrow at the contracted price.

Property Name

University Village

Raleigh, North Carolina

YOC
1998
Units
210
Beds
600
Occupancy at Sale
100%

Scenario

University Village at Raleigh is a Class 'A' student housing asset located 2 miles from North Carolina State University in Raleigh, NC. The fully amenitized asset was built in 1998 and was 100% occupied at the time of sale. The property was in need of some minor value add work in the interiors and exteriors that the buyer intends to do within the first year of ownership.

Results

ARA marketed the University Village Raleigh on behalf of a nationally recognized student housing owner and operator and gave over 10 tours and procured 18 offers. The bidders included both regional and national student housing investors. The selected buyer was a private syndicator with institutional equity backing.

Property Name

College Suites

Oxford, Ohio

YOC
2006
Units
216
Beds
756
Occupancy at Sale
93.2%

Scenario

College Suites is a Class B asset located one mile from Miami of Ohio in Oxford, OH. Due to over-leverage and supply issues, the asset was in economic distress and less than 60% occupied for the 2010-2011 school year. Due to DUS lender requirements, FourPoint principals were required to procure offers within a very condensed marketing window.

Results

FourPoint principals marketed College Suites for only ten days on behalf of a national DUS lender and received 18 offers. The selected buyer deposited 10% hard earnest money upon contract execution and closed on the complex transaction “all-cash” within 40 days of contract execution.

Property Name

The Zone

San Marcos, Texas

YOC
2001
Units
258
Beds
696
Occupancy at Sale
99.1%

Scenario

The Zone is a Class A student housing asset located in San Marcos, TX. The fully amenitized asset was built in 2001 and was 100% occupied and in excellent condition at the time of sale.

Results

FourPoint principals sold The Zone on behalf of a private seller and gave 15 tours that received 12 offers. The selected buyer was a large syndicate group that closed on the transaction within 45 days of contract execution, with no retrades or extensions. Freddie Mac debt was secured on the transaction.

Property Name

Bear Gardens - Baylor University

Waco, Texas

YOC
2001
Units
19
Beds
60

Scenario

Bear Gardens in Waco is a small asset located less than one mile away from Baylor University. Due to over-leverage, Bear Gardens was in economic distress and 68% occupied at the time of sale.

Results

FourPoint Principals marketed the asset on behalf of a special servicer and gave tours to all buyers interested in taking advantage of the REO price. Offers were collected, after which the team selected a private individual who closed escrow on time and at full price.

Property Name

Cambridge at Auburn

Auburn, Alabama

YOC
1990
Units
154
Beds
308
Occupancy at Sale
100%

Scenario

Cambridge at Auburn is a fully-amenitized, Class ‘A’ asset located adjacent to campus, across from the famous Toomer Trees. The asset was in economic distress and 74.35% occupied at the time of sale.

Results

Our team marketed the Cambridge at Auburn and gave several tours, receiving seven best and final offers. Auburn University ultimately purchased the property, proving to be more competitive than any of the private sector buyers that surfaced.

Property Name

Owens Lake Commons

Walbridge, Ohio

YOC
2007
Units
84
Beds
327
Occupancy at Sale
71.55%

Scenario

Owens Lake Commons is a Class ‘A’ garden style asset located approximately one mile from Owens Community College. Being a REO sale, Owens Lake was offered significantly below the original debt balance with 71.55% of the rooms preleased for the 2013-2014 academic year.

Results

Our team marketed Owens Lake, giving multiple tours and procuring several offers, with the selected buyer being a regional syndicator who closed escrow on time and at full price.

Property Name

Bloomington Portfolio

Bloomington, Indiana

YOC
1991
Units
38
Beds
141
Occupancy at Sale
98%

Scenario

The Bloomington Portfolio consisted of Union Square and Beech Tree Apartments at Indiana University. 98% occupied at the time of sale, the assets provided an appealing investment opportunity to the student housing community.

Results

With their comprehensive marketing strategy, FourPoint principals procured several offers for the Bloomington Portfolio. The selected buyer was a private syndicator who closed escrow on time and at the contracted price.

Property Name

SUNY Fredonia Portfolio

Fredonia, New York

YOC
1978/1974/1971
Units
169
Beds
336
Occupancy at Sale
99%

Scenario

The Fredonia portfolio consists of Temple Street Townhomes, Brigham Apartments, and Campus Edge Townhomes: 169 beds and 336 units collectively. The asset has the best location to SUNY Fredonia, being adjacent to campus, and presents a value-add opportunity as well as opportunity for expansion. Occupancy was 99% at the time of sale.

Results

With their comprehensive marketing strategy, FourPoint principals procured offers and closed on the sale within 30 days. The selected buyer was a regional syndicator who closed escrow on time and at full price.

Property Name

Angelo Place

San Angelo, Texas

YOC
2007
Units
120
Beds
480
Occupancy at Sale
88.3%

Scenario

Angelo Place is a Class ‘A’ asset located adjacent to San Angelo University (7,084 students). Due to over leverage, buyers had the ability to purchase the property far below original debt balance and construction costs. At the time of sale, Angelo Place was 88.3% occupied.

Results

FourPoint principals aggressively marketed Angelo Place to their deep investor list and procured 10 bona fide offers. The selected buyer was a national syndicator who closed escrow on time and at full price.

Property Name

Boardwalk Village

Tallahassee, Florida

YOC
1968/2006
Units
33
Beds
70
Occupancy at Sale
100%

Scenario

Boardwalk Village is a garden-style asset located adjacent Florida State University that was built in 1968 and updated recently with significant renovations. Offered at a low price due to replacement cost, the asset was 100% occupied at the time of sale.

Results

With their comprehensive marketing strategy, FourPoint principals consistently toured the property, procuring 18 offers in total. The selected buyer was a local syndicator who closed escrow on time and at full price.

Property Name

Tropicana & Chateau Sera

Los Angeles, California

YOC
1927/2010
Units
60
Beds
60
Occupancy at Sale
96.7%

Scenario

Tropicana & Chateau Sera is a 60 unit, 60 bed portfolio with each asset located within blocks of the University of Southern California. Located in a strong student housing market, the assets were 96.7% preleased at the time of sale, but in economic distress due to over-leverage.

Results

FourPoint principals aggressively marketed Tropicana and Chateau Sera to their deep investor list and procured 11 bona fide offers. The selected buyer was a national syndicator who closed escrow at the contracted price.

Property Name

Continental Park

Tallahassee, Florida

YOC
1988
Units
24
Beds
48
Occupancy at Sale
95.8%

Scenario

Continental Park Apartments is a small, value add opportunity near Florida State University. Being offered at a low price due to replacement cost, and having 95.8% occupancy, the bank-owned asset hit the market in 2011.

Results

Our team marketed Continental Apartments on behalf of a special servicer, touring and producing several offers for the property. The selected buyer was a private individual who closed escrow on time and at full price.

Property Name

Bear Gardens

Waco, Texas

YOC
2001
Units
19
Beds
60
Occupancy at Sale
68%

Scenario

Bear Gardens in Waco is a small asset located less than one mile away from Baylor University. Due to over-leverage, Bear Gardens was in economic distress and 68% occupied at the time of sale.

Results

FourPoint Principals marketed the asset on behalf of a special servicer and gave tours to all buyers interested in taking advantage of the REO price. Offers were collected, after which the team selected a private individual who closed escrow on time and at full price.

Property Name

Woodsong Apartments

Athens, Georgia

YOC
2004
Units
46
Beds
164
Occupancy at Sale
53%

Scenario

Woodsong Apartments is a small, Class B asset located one mile from University of Georgia in Athens, GA. Due to over-leverage from a previous borrower, the asset was in economic distress and 53% occupied for the 2011-2012 school year. Lender requirements dictated that FourPoint principals were to procure offers in conjunction with Auction.com within a condensed marketing window. Additionally, the buyer was required to execute the no-rep, no-warrant PSA without edits within 24 hours of posting a winning bid. The buyer also had to deposit 10% non-refundable earnest money immediately and close within 30 days.

Results

FourPoint principals marketed Woodsong Apartments on behalf of a national special servicer and procured more than 20 qualified offers, exceeding the required auction reserve amount by 15%. The selected buyer deposited $300,000 upon contract execution and closed on the complex transaction “all-cash” within 30 days of contract execution.

Property Name

Casa Cordoba

Tallahassee, Florida

YOC
1971
Units
168
Beds
340
Occupancy at Sale
94%

Scenario

Casa Cordoba is a Class B asset near Florida State University in Tallahassee, FL. Due to a previous over-leverage situation, the bank-owned asset was in economic distress and suffering from major economic loss during the 2011-2012 academic school year. The asset was also in need of significant capital improvements in order to remain habitable for the coming years.

Results

FourPoint principals marketed Casa Cordoba on behalf of a national special servicer and gave over 10 tours to receive 10 offers. The selected buyer was a New York-based private student housing owner that closed on the transaction “all-cash” within 45 days of contract execution.

Property Name

University Place

Lafeyette, Louisiana

YOC
1970
Units
193
Beds
337
Occupancy at Sale
85%

Scenario

University Place Apartments is a Class C asset located adjacent to the University of Louisiana at Lafayette in Lafayette, LA. The asset was in major disrepair and in need of immediate repairs and upgrades. The asset was approximately 90% occupied at the time of sale.

Results

FourPoint principals were approached by an agent of the owner of University Place to identify a buyer within one week. We immediately handpicked the buyer who closed the transaction within 60 days of contract execution without a price reduction or extension. The buyer was a privately funded student operator that planned to employ a $4M value-add program at the property.

Property Name

University Villas and Riviera

Provo, Utah

YOC
1970
Units
262
Beds
1156
Occupancy at Sale
100%

Scenario

Riviera and University Villas are Class C student housing assets in core locations adjacent to BYU in Provo, UT. Both assets are walking distance from campus and were fully occupied at the time of sale. This portfolio was well received by the investment community due to the irreplaceable locations and strong market fundamentals.

Results

Given the unique BYU market, FourPoint principals spent a considerable amount of time educating buyers on the nuances of the BYU submarket, the relationship between the university/off-campus housing, and the individual assets. FourPoint principals procured a number of offers on both properties and ultimately sold the assets individually to two different buyers. Both assets were sold as an assumption of the existing financing and will remain strong performers in the BYU market.

Property Name

The Crest at Elon

Elon, North Carolina

YOC
2004
Units
42
Beds
168
Occupancy at Sale
81%

Scenario

The Crest at Elon is a Class B asset adjacent to Elon University in Elon, NC. Due to over-leverage, the asset was in economic distress and less than 60% occupied for the 2010-2011 academic school year.

Results

FourPoint principals marketed The Crest at Elon on behalf of a special servicer and gave over 10 tours, receiving multiple offers. The selected buyer was a national student housing owner/operator that closed on the transaction “all-cash” within 35 days of contract execution.

Property Name

Ramsgate Apartments

Denton, Texas

YOC
1983
Units
279
Beds
387
Occupancy at Sale
90%

Scenario

Ramsgate Apartments is a Class B asset located less than half a mile from the University of North Texas in Denton, TX. The asset was in disrepair and in need of immediate repairs and upgrades. The asset was approximately 96% occupied at the time of sale.

Results

FourPoint principals were approached by the owner of Ramsgate, a Tenant In Common (TIC), to identify a buyer within 1 week. FourPoint immediately handpicked the buyer who closed the transaction within 60 days of contract execution without a price reduction or extension. The buyer was an institutionally funded student operator with plans to employ a value-add program at the property.

Property Name

River Walk Apartments

Greensboro, North Carolina

YOC
2002
Units
223
Beds
682
Occupancy at Sale
49%

Scenario

The Riverwalk Apartments are located on 32 acres adjacent to UNCG in Greensboro, NC. The asset was built in the 1950’s and underwent a $10M renovation in 2002. Due to market supply issues, Riverwalk Apartments was in major distress at the time of sale and was only 65% occupied.

Results

FourPoint marketed the Riverwalk Apartments on behalf of the owner and lender and received over 10 offers. The selected buyer closed on the transaction “all-cash” within 30 days of contract execution with no retrades or extensions.