Lafayette, IN; Trinitas and Harrison Street Real Estate (HSRE) announced today that they have sold a portfolio of 3,400 beds in five communities in Southern and Midwest markets to Candlebrook Properties and Lubert Adler. The transaction, valued at over $230 million, closed on October 31, 2014.
“We are happy to announce the disposition of these best-in-class assets to Candlebrook and Lubert Adler,” said Loren King, CEO of Trinitas. “Our ability to offer a well-positioned, diversified portfolio to a new player in the student housing industry speaks volumes to the quality and execution of our product and our strong partnership with Harrison Street Real Estate Capital.”
Ben Mohns, Senior Vice President at Harrison Street Real Estate said, “We’re pleased to have executed on our business plan for our investors and to have capitalized on the favorable market conditions for this transaction. With this sale Harrison Street will have sold more than $2.1 billion in real estate across the Education, Healthcare and Storage sectors.”
The five sold properties include The Collegiate on Patterson, located in Bloomington, Indiana; 1201 Indiana, located in Indianapolis, Indiana; The Collegiate on Busbee, located in Kennesaw, Georgia; The Collegiate on Angliana, located in Lexington, Kentucky; and The Collegiate at VCU, located in Richmond, Virginia.
Trinitas will continue to manage a diverse portfolio of student housing assets located at Purdue University, The University of Illinois, Indiana University and The University of North Carolina at Chapel Hill. In addition, Trinitas and HSRE are currently under construction with Alpha, a luxury student housing development located in Tuscaloosa, Alabama. Looking forward, Trinitas has multiple projects consisting of 3,000 beds in various stages of the development process for delivery within the next 24 months.
Trinitas CFO, Mark Larson said, “This was a complex transaction that required tremendous focus over the last several months. We are proud of our team’s ability to execute the largest portfolio sale of student housing assets to date this year. Our ability to close this historic transaction with a sophisticated buyer speaks strongly to the capabilities within our organization and our partnership with HSRE.”
Added Mohns, “Trinitas Ventures has been one of our longstanding best-in-class operators and we look forward to continuing our relationship with their fine organization.”
Trinitas is a fully integrated student housing company that finances, develops, constructs and manages high quality student housing communities at major universities throughout the United States. Trinitas currently owns and manages $250 million in student housing assets consisting of more than 2,800 student housing beds. The privately held real estate development company is currently developing over $150 million in student housing assets consisting of over 3,000 beds for 2015 and 2016 completion. Trinitas is headquartered in Lafayette, Indiana. Learn more about Trinitas at www.trinitas.ventures.
About Harrison Street Real Estate Capital
Harrison Street Real Estate Capital is a real estate private equity firm founded in 2005 that directly and through its Harrison Street Real Estate Capital is a real estate private equity firm founded in 2005 that directly and through its affiliates, has approximately $7.3 billion in assets under management (AUM) through commingled funds and public securities products. The commingled funds focus exclusively on the Education, Healthcare and Storage segments of the US real estate market. Since inception, the Firm has acquired or developed over 400 properties in 40 states including over 50,800 student housing beds, more than 11,600 senior housing units, over 4.8 million square feet of medical office space, and more than 82,000 self-storage units. Additionally, Harrison Street Securities LLC, an affiliate currently manages over $760 million in REIT securities through distinct long only product offerings. For more information please visit www.harrisonst.com.