January 25, 2021 9:00 AM
Newmark announces the sale of GrandMarc Clemson, a 147-unit, 494-bed value-add luxury asset, located less than half a mile from Clemson University with immediate access to all campus buildings and recreational offerings.
Newmark Vice Chairman and head of the Student Housing Group Ryan Lang and Associate Director Jack Brett, in cooperation with Vice Chairman Dean Smith, represented the seller, Phoenix Property Company, a Dallas-based full-service development and investment company. Transaction Manager Ben Harkrider provided crucial support assisting in the transaction. The asset traded for an undisclosed price to University Partners, a Dallas-based real estate firm. Newmark Director Trent Houchin and Senior Managing Director Bill Mott arranged for financing of the asset on behalf of University Partners.
“Clemson remains one of the strongest student submarkets in the country and all parties involved provided a high-quality experience for executing in a challenging macro-environment. Newmark’s Student Housing Group has now closed approximately $1 billion in student transactions since the start of the pandemic,” said Lang.
GrandMarc Clemson provides students with an abundance of amenities that promote academic, social and physical well-being. Best-in-class community amenities include a 24-hour clubhouse,a beautiful resort-style pool, a yoga studio, two volleyball courts and a study lounge. In-suite features include 100% bed-bath parity, stainless steel appliances, granite countertops and wood-style flooring.
Clemson University is one of the largest public research universities in the country and boasts a Fall 2020 enrollment of 26,406. With an enrollment that has grown by approximately 36% since 2010, the University has continued to see strong rent growth and stabilized occupancy and the market is projected to grow by nearly 2% through 2024. This coupled with 95% occupancy on privately-owned student assets through the same time period provides the investment community with a tremendous, core asset that benefits from a growing market, with sustained levels of robust demand and rental rate growth.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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