ARA, A Newmark Company (ARA Newmark) announces two student housing trades: the 107-unit Campus View community at Clemson University in South Carolina and 200-unit The Hype, the closest student housing to Baylor University’s new $235 million football stadium on the Brazos River in Waco, Texas.
Executive Managing Director and head of ARA Newmark’s Student Housing group, Ryan Lang, represented McAlister Development in the Campus View sale at 99 percent occupancy and an undisclosed seller for The Hype.
The 355-bed, fully-furnished Campus View is the only student property in Clemson that offers retail on-site. Constructed in 2014, the community features 10,500 square feet of retail as well as amenities such as a pool, a sun deck, a fitness center and entertainment facilities. A popular art gallery occupies 2,111 square feet of the ground floor while interested restaurants and food venues vie for the remaining space. Campus View is within walking distance of the university, three of its stadiums (football, basketball and baseball) and the College Avenue district which is home to over 20 restaurants, bars and entertainment venues. Students also have a view of ESPN’s iconic College GameDay building. Clemson is the second largest university in the state with more than 21,000 students. Enrollment has increased 23 percent since 2007.
Charleston, South Carolina-based developer McAlister Development sold Campus View to Columbus Nova in partnership with Coastal Ridge Real Estate. While Columbus Nova owns a large portfolio of real estate across all product types, Campus View was the company’s first student housing purchase. “This is a trophy asset with a location that is second to none.” noted Lang. “Our student housing team prides itself on execution and we were proud to close just three days after contract execution.”
The Hype is a 430-bed student housing community near Baylor University. According to Lang, “Extensive renovations at The Hype in 2014 timed with the debut of McLane Stadium drew high interest. Baylor’s brand is most certainly on the rise and will continue to fuel enrollment growth moving forward.” The university continues to grow with over 16,000 students and more than 150 undergraduate degree programs, 75 master’s degree programs and 30 doctoral programs.
The Hype now offers all new interiors along with community amenities which include a resort-style swimming pool and hot tub, cabanas, water and sand volleyball, an outdoor theatre, gas grills, an outdoor fire pit, a 24-hour state-of-the-art fitness center, an off leash dog park and a five-acre play scape with hammocks and an organic garden.
Lang added, “We had an unprecedented amount of activity and coordinated an all-cash transaction in an extremely quick time frame. Our national student housing group was pleased to run the process and ensure a seamless transaction on behalf of ownership.”
About ARA, A Newmark Company
ARA, A Newmark Company is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student, manufactured housing and multihousing land. ARA Newmark is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA Newmark’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $13.4 billion in real estate transactions in 2015. For detailed information on ARA Newmark’s extensive multihousing investment services, visit www.aranewmark.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.