Guardian Lends $73M on Florida State, UArk Student Housing Acquisitions
Student Quarters and GFH Financial Group nabbed a $73 million debt package to acquire two southern student housing assets, Commercial Observer has learned.
Guardian Life Insurance supplied the fixed-rate loan for the joint venture’s acquisition of Vox Tallahassee at Florida State University and The Avenue at University of Arkansas. A Cushman & Wakefield team of Gideon Gil, Alex Lapidus, Meredith Donovan and Sebastian Sanchez represented the borrower.
“Student Quarters and GFH Financial Group are excited to launch our new venture with acquisitions of these high-quality pedestrian assets in exceptional power five markets,” Stephanie J. Lynch, chief investment officer at Student Quarters, said in a statement.
Atlanta-based Student Quarters is the sixth-largest purchaser of student housing assets in the U.S, and has completed transactions in the space with a total value in excess of $1.4 billion.
Located at 1800 West Pensacola Street in Tallahassee, Fla., Vox is a 602-bed student housing facility completed in 2020 that comprises a mix of one- through five-bedroom units. Its amenities include an outdoor training center, two-story indoor fitness center, social lounge, outdoor courtyard, fire pit and a covered parking garage.
The Avenue, located at 1223 Haven Drive in Fayetteville, Ark., within walking distance of the University of Arkansas’ football stadium, is a 652-bed complex delivered in the fall of 2019, featuring two- and four-bedroom units with 507 parking spaces. The property’s amenities include 507 parking spaces, a fitness center and swimming pool with cabanas.
Representatives for Guardian Life Insurance did not immediately respond for comment on the loan.
Andrew Coen can be reached at firstname.lastname@example.org.