January 14, 2022 9:15 AM
Newmark announces the sale of ten student housing assets —totaling over $343 million in transaction value, 6,359 beds and 2.4 million square feet—during the last quarter of 2021. The assets include The Greystar Portfolio, Apex, 505 Walnut, Campus Circle and Preston Row.
“The exceptional fundamentals of the student housing market continue to garner attention from new equity entrants seeking safe harbor, inflation protection and outsized yield in comparison to other asset classes,” said Vice Chairman and Head of Newmark’s Student Housing group Ryan Lang. “With significant enrollment increases, tapered supply and the highest effective rent growth on record for many submarkets, we expect sustained demand for the product class through 2022.”
The Greystar Portfolio assets—Player’s Club, The Reserve on Perkins, 109 Tower, Campus Creek, The Retreat at Oxford and The Reserve at Columbia—are located across the nation and total 4,196 beds. Lang, Director Jack Brett and Transaction Manager Ben Harkrider, in cooperation with Vice Chairman Avery Klann, Vice Chairman Patrick Dufour, Senior Managing Director Tim McKay, Vice Chairman Blake Pera and Vice Chairman Mac Crowther, represented the seller, Greystar Real Estate Partners, in the transaction.
Apex, located at 380 John Street in Rochester, New York and 505 Walnut, located at 505 Walnut Avenue in Syracuse, New York feature a combined 1,619 beds. Lang, Brett and Harkrider, in cooperation with Vice Chairmen Brett Siegel and Jean Celestin, represented the seller, The Michaels Organization, in the sale. According to analysis of Real Capital Analytics data, the sale of Apex was the second largest single-asset student housing transaction in the U.S. in 2021.
Campus Circle—1742 SW 38th Terrace in Gainesville, Florida—comprises 492 beds. Lang, Brett, and Harkrider, in cooperation with Dufour, represented the sellers, The Bainbridge Companies and Diamond Realty, in the transaction.
52-bed Preston Row is located at 901 Lunch Pail Lane in Blacksburg, Virginia. Lang, Brett and Harkrider, in cooperation with Vice Chairman Christine Espenshade, represented the seller, Broadstreet, in the transaction.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.