Guardian Lends $73M on Florida State, UArk Student Housing Acquisitions

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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.

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“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 acoen@commercialobserver.com.