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2014
student housing
year-end
REPORT
Developer: Gilbane Development Company, 1200 West Marshall
Virginia Commonwealth University
Chris Bancroft
Chris Epp
Meredith Wolff
Direct – 512-649-2400
Direct – 512-649-3400
Direct – 512-649-4100
Mobile – 512-705-0212
Mobile – 214-448-3285
Mobile – 713-737-5430
[email protected]
[email protected]
[email protected]
Greetings from FourPoint Student Housing
unparalleled perspective on future trends on
Investments, and thank you for taking time
both a micro and macro level.
to read our 2014 Student Housing Year End
On behalf of FourPoint Student Housing In-
Report. The findings, charts, and conclusions
vestments, we would like to thank all of our
found in this report are based on our constant
clients, buyers, friends, and colleagues for an
pursuit and meticulous tracking of relevant
incredible 2014. We are very bullish on the
data points across the entire student housing
outlook of the 2015 sales environment, and
industry. Over the past 10 years, FourPoint
we look forward to another banner year for
individuals have performed detailed finan-
everyone in the industry.
cial analysis on over $15B worth of student
We are proud to present our year-end review,
housing assets across the US, allowing us an
and we invite you to contact us to discuss.
Credits:
Graphic Design: Naomi Bludworth
Editorial: Peter Benzinger
Cover Photo:
Developer: Core Campus, Hub Tucson
University of Arizona
FourPoint Student Housing Investments
7500 Rialto Blvd, Building 1, Suite 250 Austin, TX 78735 | 512-649-7300 | FourPointInvestments.com
contents
2014 year-end report
at a glanc e
2014 Student Housing
Transactions
4
Sales Volume:
2014 was an extremely active year for sales in the student
Student Housing Pricing/
CAP Rate Metrics
10
Student Housing Buyers & Sellers
15
$2.38B in total sales volume and 80 individual transactions,
CMBS Loan Analysis
18
2014 edged out 2007 in becoming the 3rd most active sales
Student Housing Development
Pipeline
21
FourPoint Student Housing
Investments
28
housing industry, and we saw some of the largest and most
expensive transactions ever recorded. With approximately
market in the history of the industry.
Cap Rates:
The past year marked a continued downward trend in the
student housing cap-rate environment. Record low US Treasury rates along with increased appetite for student housing exposure from a wide array of capital sources helped
push more investors into the space. The confluence of these
Developer: Asset Campus Housing, Domain Fayetteville
University of Arkansas
elements helped establish a new frontier in ultra-core sales,
which resulted in some of the most expensive trades and
lowest cap rates ever recorded.
Current Buyer and Seller Profiles:
Student housing has become a mainstay in most real estate
investment portfolios, and the profile of buyers and sellers
continues to evolve. On the buyer side, REITs, foreign equity,
and institutional funds dominated the Class A acquisition
space, while both new and familiar private capital continues to seek risk-adjusted returns in value-add plays. On the
seller side, merchant developers seek to monetize in a favorable cap rate environment while REITs have continued to
selectively dispose of their of non-core asset holdings.
CMBS Loan Performance:
While CMBS lenders have reentered the student sector in
full force, we continue to survey the performance of loans
coming due in the next 24 months. In 2016 and 2017 alone,
more than $2.4B in total loans will mature, and a sizeable
chunk of these loans are non-performing.
Development Activity:
In 2014 and 2015 alone, over 200 new properties totaling in
Disclaimer
excess of 97,000 beds will be delivered in student markets
The information in this report has been derived from sources deemed reliable. However,
across the US. These numbers mark the peak of the current
being subject subject to errors, omissions, and changes in data, no warranty is made as
three-year student housing development boom. Develop-
to its accuracy. Further, no warranties or representation shall be made by FourPoint Stu-
ment activity is occurring across the country in virtually ev-
dent Housing Investments and/or its agents, representatives, or affiliates regarding oral
statements that have been made in the discussion of the above report. This presentation,
ery major student market, and developers are pushing the
prepared by FourPoint, was distributed to the recipient under the assumption that s/ he is a
envelope on design and amenity features while keeping an
sophisticated real estate professional, and s/he should not make investment decisions based
eye on pedestrian locations to campus.
on this report. This publication does not render legal, accounting, appraisal, counseling,
investment, or other professional advice. Should such services or other expert assistance be
needed, it is recommended that the services of a competent person or firm, having access
to the details of the situation, be employed. This report shall not be reproduced or quoted
without express written approval from FourPoint principals.
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
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3
Developer: American Campus Communities, Chestnut Square
Drexel University
2014 STUDENT HOUSING
TRANSACTIONS
4
|
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
2014 Student Housing Regional Transactions
The numbers on the map represent
the number of student housing
3
transactions in 2014 that were over
$5M in total consideration.
4
For this analysis, we assumed that
6
15
Class A properties were built after
January 1, 2009 and Class B/C
properties were built prior.
37
14
Total United States
Total Transactions: 80
CLASS
#
AVG$/UNIT
AVG$/BED
AVG$/SF
AVG CAP RATE
A
31
$196,474
$74,525
$177
6.03%
B/C
48
$105,466
$34,797
$93
6.77%
Below, regional pricing analysis includes 79 transactions. It does not include one transaction that
consisted of a 5-property national portfolio across multiple states.
Pacific Coast Region
Midwest Region
Total Transactions: 3
Total Transactions: 15
CLASS
#
AVG$/UNIT
AVG$/BED
AVG$/SF
AVG CAP RATE
CLASS
#
AVG$/UNIT
AVG$/BED
AVG$/SF
AVG CAP RATE
A
0
-
-
-
-
A
6
$154,856
$63,077
$152
6.03%
B/C
3
$114,334
$33,402
$102
7.00%
B/C
9
$89,703
$29,276
$82
6.86%
Mountain States Region
Southeast Region
Total Transactions: 4
Total Transactions: 37
CLASS
#
AVG$/UNIT
AVG$/BED
AVG$/SF
AVG CAP RATE
CLASS
#
AVG$/UNIT
AVG$/BED
AVG$/SF
AVG CAP RATE
A
4
$262,430
$83,954
$254
5.35%
A
14
$177,239
$75,824
$174
6.10%
B/C
0
-
-
-
-
B/C
23
$101,025
$33,439
$85
6.75%
Four property portfolio in Tallahassee, FL counted as one transaction.
Southwest Region
Northeast Region
Total Transactions: 14
Total Transactions: 6
CLASS
#
AVG$/UNIT
AVG$/BED
AVG$/SF
AVG CAP RATE
CLASS
#
AVG$/UNIT
AVG$/BED
AVG$/SF
AVG CAP RATE
A
7
$213,278
$70,422
$156
6.39%
A
0
-
-
-
-
B/C
7
$89,172
$35,418
$93
6.96%
B/C
6
$199,029
$60,995
$191
6.90%
Two property portfolio in Richmond, VA counted as one transaction.
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
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5
2014 Student Housi ng Transactions
39
2
26
25
33
30
3
28 27
4 5
6
21 22
1
7
9
10
11
14
12 13 16 17
15
18 19
With approximately $2.38B in total sales
volume, 2014 edged out 2007 totals to be the
20
36
38
40
41 42
44
45
47 48 52 53
83
34 35
23 24
46
8
31 32
37
29
49
43
63 57 59 56
54 55
61 62 58 60
50 51
70
65 66
64
67 68 69
71 72 73 74
80 78 75
79 77
81 82
76
3rd most active sales market in the history
of the industry.
Developer: Fountain Residential
LoftVue, Texas Christian University
Nationwide Portfolio Transaction
2014 Student Housing Transactions
#
Property Name
1
2
3
4
5
6
7
8
9
10
11
12
Campus Park
Campus Commons
Sterling Sierra
Auraria Student Lofts
Vista Lofts
Asbury Green
District on Apache
Regents on University
Hub Tucson
Eagle Creek
Village at the U
Ballpark Apartments
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
College Edge
Brookside Apartments
Cottages of College Station
Brook Place Apartments
University House
The Connection
Montgomery Village
Campus Quarters
Reserve on West 31st
Campus Court
Campus View
The Den
2040 Lofts
Hannah Lofts
Beacon Hill Portfolio
College Station at West Lafayette
401 Lofts
The Enclave
Hawks Landing
Level 27
University Hills
West Run Apartments
Jones Place Townhomes
Greystone Student Housing Portfolio
University Gate Apartments
West Chester Commons
Orchard Trails
Carrollton Terrace
Chesterfield Apartments
Stuart Court Apartments
The Landing
Deacons Station
Stratum on Highland
The Spectrum
Hub Oxford
Highland Square
21
Eagles Reserve on South College
City
STe
# of
Beds
Fresno
Pullman
Reno
Denver
Denver
Denver
Tempe
Tempe
Tuscon
Denton
Tyler
Austin
CA
WA
NV
CO
CO
CO
AZ
AZ
AZ
TX
TX
TX
460
992
704
438
291
355
900
640
594
172
588
768
Bryan
Bryan
College Station
Huntsville
Huntsville
Huntsville
Huntsville
Corpus Christi
Lawrence
Lawrence
Columbia
Columbia
Milwaukee
East Lansing
Muncie
West Lafayette
Akron
Bowling Green
Oxford
Oxford
Toledo
Morgantown
Morgantown
Bloomsburg
Erie
West Chester
Orono
Charlottesville
Richmond
Richmond
Greenville
Winston Salem
Memphis
Fayetteville
Oxford
Oxford
Starkville
Auburn
TX
TX
TX
TX
TX
TX
TX
TX
KS
KS
MO
MO
WI
MI
IN
IN
OH
OH
OH
OH
OH
WV
WV
PA
PA
PA
ME
VA
VA
VA
NC
NC
TN
AR
MS
MS
MS
AL
400
266
1,354
532
687
792
192
336
720
647
656
552
612
702
291
960
323
480
480
756
301
994
159
394
485
459
576
80
n/a
n/a
888
300
270
504
582
753
828
576
#
Property Name
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
*
Veranda Apartments
University Downs
Campus Evolution Villages
400 Meeting Street
Campus Center
Pointe West
Woodsong Village
Eclipse on Broad
The U Athens
The Standard at Athens
Flats at Atlantic Station
100 Midtown
Campus Edge
Flats at Kernan
Legacy Suites
Grandmarc Tallahassee
The Boardwalk at Appleyard
West 10
Aqua Cove
Aqua Club
Aqua Park
Aqua Palms
The Courtyards
Gateway at Glades
Orion on Orpington
109 Tower
42 North
On 50
Campus Club
College Court Apartments
The Flats at 4200
Pointe at South Florida Apartments
Waterfront Apartments at Kahului
Candlebrook/Lupert Adler Student
Housing Portfolio
City
STe
Auburn
Tuscaloosa
Tuscaloosa
Charleston
Charleston
Columbia
Athens
Athens
Athens
Athens
Atlanta
Atlanta
Marietta
Jacksonville
Tallahassee
Tallahassee
Tallahassee
Tallahassee
Tallahassee
Tallahassee
Tallahassee
Tallahassee
Gainesville
Gainesville
Orlando
Miami
Tampa
Tampa
Tampa
Tampa
Tampa
Tampa
Kahului
Multiple
AL
AL
AL
SC
SC
SC
GA
GA
GA
GA
GA
GA
GA
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
FL
HI
IN,
GA,
KY,
VA
# of
Beds
368
436
1,164
160
112
480
164
128
495
610
281
330
168
480
288
371
936
876
876
480
947
528
375
432
620
542
420
444
256
356
539
1,002
n/a
3,435
2014 Student Housing Transaction Totals:
Transactions
80
Units
16,369
Beds
45,888
* Two property portfolio accounted for as one transaction.
** Four property portfolio accounted for as one transaction
5-property nationwide portfolio accounted for as one transaction.
Historical Student Housing Transactions
[ Sales Volume ]
[ No. of Transactions ]
$4,000,000,000 -
90
81
$3,500,000,000 $3,000,000,000 -
83
67
60
59
$2,500,000,000 -
50
46
$2,000,000,000 -
40
$1,500,000,000 -
30
30
$1,000,000,000 -
20
$500,000,000 $0
80
70
65
64
62
80
10
2005
2006
2007
2008
2009
Volume
2010
2011
2012
2013
2014
0
Transactions
Large Portfolio Transactions
Data internally tracked, compiled, and calculated from FourPoint Student Housing Investments’ proprietary
database. Only accounts for sales over $5M. Portfolio sales are accounted for as one transaction.
2014 was an extremely active year for sales in the
the “normalized” 2012 volume is right on par with sales
student housing industry, experiencing some of the
volumes in 2007 and 2014.
largest and most expensive transactions ever recorded.
With approximately $2.38B in total sales volume and 80
The volume trends that occurred in 2014 bring the
individual transactions, 2014 was virtually identical to
student housing industry back in line with or above
2007 statistics. Additionally, 2014 experienced a 15.0%
previous historic highs. The fundamentals of the student
increase over 2013’s total volume of $2.03B. 2014 figures
housing industry remain strong, and student housing
represent the 3rd highest total volume and number of
product has become a mainstay in most real estate
student housing trades to occur in a single year.
investment portfolios. As the student housing business
continues to evolve, more and more capital is seeking a
In 2012 the industry witnessed the highest total sales
home in the asset class— 2014 numbers reflected this.
volume in history, with $3.84B worth of student housing
We continue to enjoy a historically low interest rate
properties trading hands. However, nearly $1.5B of this
environment and widely available financing, and the
transaction volume resulted from two large portfolio
presence of these elements in today’s markets fuels
trades that occurred, which largely skewed the numbers.
the upward momentum in transaction volume for the
If these two portfolios are subtracted from the totals,
foreseeable future.
8
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2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
Quarterly Transactions
Sales activity over the course of 2014
paints a somewhat predictable picture
[ Sales Volume ]
of the disposition cycle in the student
housing industry. Due to the cyclical
[ No. of Transactions ]
$1,000,000,000
35
$875,000,000
30
nature of student housing lease-up, buyers
and lenders remain extremely sensitive
$750,000,000
to the preleasing performance when
$625,000,000
underwriting a potential transaction. As
$500,000,000
a result, most properties are marketed
$375,000,000
22
25
23
20
15
upon full lease-up and are brought to
15
10
$250,000,000
market in the late Summer or early Fall
5
$125,000,000
with the expectation of transacting in the
$0
4th quarter of the same year.
This trend is illustrated by the fact that
Q1
Q2
Volume
the majority of 2014 transaction volume
20
Q3
Q4
0
Transactions
Data internally tracked, compiled, and calculated from FourPoint Student
Housing Investments’ proprietary database. Only accounts for sales over $5M.
Portfolio sales are accounted for as one transaction.
occurred during the second half of the year,
with the lowest point being Q1. Q3 and Q4
presented exceptionally high transaction
volumes as most trades closed and funded
upon receipt of October rental payments. In an attempt to preempt the flood of properties that will come to the
market in the Fall 2015, we expect to see many sellers list their properties for sale as soon as they reach at least
80%+ pre-leased for the ’14-’15 academic year.
monthly transactions
[ Sales Volume ]
[ No. of Transactions ]
20
$500,000,000
18
16
$400,000,000
14
12
$300,000,000
10
8
$200,000,000
6
$100,000,000
$0
3
Jan.
10
8
8
7
6
5
4
Feb. Mar. Apr. May
Volume
June July Aug. Sep.
5
Oct. Nov. Dec.
Transaction activity remained steady for
the first 5 months of 2014 and reached a
peak in Q4 with the disposition of several
large core assets. The continued downward
compression of the cap rate market
10
dramatically reduced the bid/ask spread
8
between buyers and sellers, and several
6
listed deals were preempted with full-price
4
contracts prior to the official call for offer
2
date.
0
Transactions
Data internally tracked, compiled, and calculated from FourPoint Student
Housing Investments’ proprietary database. Only accounts for sales over $5M.
Portfolio sales are accounted for as one transaction.
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
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9
Developer: Landmark Properties, The Standard at Athens
University of Georgia
STUDENT HOUSING PRICING/
C A P R AT E M E T R I C S
10
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2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
Student Housing Historical Pricing Metrics
[Price / Unit / Bed]
[Price / SF]
$160,000 -
$200
$144,000 -
$185
$128,000 -
$170
$112,000 -
$155
$96,000 -
$140
$80,000 -
$125
$64,000 -
$110
$48,000 -
$95
$32,000 -
$80
$16,000 -
$65
$0 -
2006
2007
2008
2009
Price/Unit
2010
2011
Price/Bed
2012
2013
2014
$50
Price/SF
Data internally tracked, compiled, and calculated from FourPoint Student Housing Investments’ proprietary database. Pricing indicated in chart represents stabilized sales. Stabilized sales include all transactions not sold by a lender or receiver.
Average sales pricing for student housing has generally
transactions for each year above that level. Price per bed has
trended upward from 2012 through 2014. This can be
trended relatively flat for the past three years. Additionally,
attributed to several factors, including cap rate compression,
the average age of student housing product that traded in
a continuous drop in the 10-year Treasury, asset age, and
2013 vs. 2014 decreased from seventeen years old in 2013
an increased focus by investors on assets with core pricing
to twelve year old in 2014. Again, the shift in demand for
fundamentals (mid/high-rise product, pedestrian locations,
assets of these vintages is attributed to investors buying
etc). 2013 and 2014 saw an increase in the number of
higher numbers of new construction and core product
trades above $150,000 per unit with almost half of the total
backed by strong market fundamentals.
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11
Class A vs. B/C Pricing
Class A sales pricing averaged $196,474/unit,
[Price / Unit / Bed]
[Price / SF]
$74,525/bed, and $177/psf in 2014. This represents
a significant increase over 2012 pricing at $164,598/
$200,000 -
$200
$180,000 -
$185
are driven by a continued focus from investors
$160,000 -
$170
on high-density core product in primarily urban
$140,000 -
$155
$120,000 -
$140
range— some of the highest pricing ever seen in
$100,000 -
$125
the student housing industry. Now more than ever,
$80,000 -
$110
$60,000 -
$95
supply/demand characteristics, and markets with
$40,000 -
$80
positive enrollment growth will all fuel continued
$20,000 -
$65
$0 -
$50
class a
Price/Unit
class b/c
Price/Bed
Price/SF
unit, $59,285/bed, and $145psf. These metrics
locations. Nine of the trades in 2014 were above
$300,000/unit, with two in $450,000-$500,000/unit
student housing investors are attracted to strong
fundamentals. Location, high barriers to entry, good
sales pricing at record levels as investors seek to
mitigate risk wherever they can. As expected, Class
B/C pricing generally trades well below that of
Class A product. Class B/C pricing for 2014 came
in at $105,466/unit, $34,797/bed, and $92/psf. Most
of this segment is made up of older garden-style
Data internally tracked, compiled, and calculated from FourPoint Student Housing
Investments’ proprietary database. Class A properties include properties built
from 2008-2014. Class B/C pricing includes properties built prior to 2008.
product (including first generation by-the-bed
product), conventional multifamily product that is
leased to students, and older Class C product (most
of which is leased by the unit).
Developer: Landmark Properties, The Standard at Athens
University of Georgia
Student Housing Cap Rates
[Cap Rate]
[10-Year Treasury]
9%
3.0%
8%
2.5%
7%
2%
6%
1.5%
5%
1%
4%
1/1/14
3/1/14
5/1/14
7/1/14
8/1/14
Cap Rate
Linear Cap Rate
9/10/14
11/1/14
11/27/14
12/22/14
0
10-Year Treasury
Linear 10-Year Treasury
Data internally tracked, compiled, and calculated from FourPoint Student Housing Investments’ proprietary database. Graph includes all stabilized sales with cap rate data available. All data deemed reliable; however, no representation is being made to the accuracy thereof.
The total average cap rate for the student housing
or walking distance to campus, and a high barrier to
industry in 2014 was 6.51% across all asset classes. This
entry market. Of course, these asset types will always
reflects a gentle decline in cap rates over the past several
command the lowest cap rates. With more focus on this
years. The decline can be attributed to the addition of
asset class, a decline in the overall student housing cap
new, aggressive capital sources in the market, a higher
rate environment comes as no surprise. New sponsors,
number of new development trades, and a historically
managers, debt, and equity sources have continued to
low interest rate environment. Additionally, we continue
chase the recession-resilient space in pursuit of yields
to witness investors seeking product backed by the
that generally out-perform similar quality conventional
strongest market fundamentals: infill product, adjacent
product in the same market by 50-100bps.
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
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13
Class A Cap Rates
Class A cap rates for 2014 averaged
[Cap Rate]
6.03%. The majority of Class A cap
8.5% -
rate trades in 2014 represented
8.0% -
brand new developments or assets
that are only one or two years old.
7.5% -
2014 was a record breaking year for
7.0% -
new student housing deliveries, and
6.5% -
many of these developments were
6.0% -
built by merchant builders with no
5.5% -
plans for a long-term hold. As a
result, many of these assets were
5.0% -
sold immediately upon certificate of
4.5% 2/28/2014
6/30/2014
8/1/2014
11/1/2014
occupancy, commanding the lowest
12/22/2014
cap rates in the space. Consequently,
Cap Rate
the industry is seeing more high-
Linear Cap Rate
density product being built than
ever before. Mainly mid- and high-
Data internally tracked, compiled, and calculated from FourPoint Student Housing Investments’ proprietary database. Graph includes all properties sold in 2014 and built after
January 1, 2009 with cap rate data available. All data deemed reliable; however, no representation is being made to the accuracy thereof.
rise properties, these assets tend
to feature cutting edge design,
architecture, and ultra luxury
amenity packages that continue to
raise the standard for competitors. The combination of developers continuing to deliver in-demand product, readily
available construction, and permanent financing with aggressive capital chasing these deals suggests that the Class
A cap rate environment will remain in the 5%-6% range during 2015.
class b/c cap rates
[Cap Rate]
Class B/C cap rates for 2014 averaged
8.5% -
6.77%. While institutions and other
8.0% -
low cost of capital buyers continue
to chase low-risk core product,
7.5% -
a diverse group of opportunistic
7.0% -
buyers maintains a strict focus on
6.5% -
more value-oriented acquisitions.
6.0% -
Although these buyers may be priced
out of the Class A environment,
5.5% -
they tend to enjoy a much healthier
5.0% -
yield provided by assets built in
4.5% -
this profile. Ranging from 1960’s
and 1970’s-vintage product with
heavy capital improvement needs
to generation-one lease by-the-bed
product with minimal capital needs,
product tends to be available for
every yield profile.
14
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2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
1/1/2014
3/15/2014
6/1/2014
Cap Rate
8/1/2014
11/10/2014
12/22/2014
Linear Cap Rate
Data internally tracked, compiled, and calculated from FourPoint Student Housing
Investments’ proprietary database. Graph includes all all properties sold in 2014 and
built prior to 2009 with cap rate data available. All data deemed reliable; however, no
representation is being made to the accuracy thereof.
Developer: landmark Properties, The Retreat at Orlando
University of Central Florida
STUDENT HOUSING
BUYERS & SELLERS
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
|
15
Buyer Trends
2014 saw most acquisition activity from Private Equity
1%
Funds, Student Housing Operators with JV Equity, and
6%
Fami ly Office
19%
30%
Oper ator/Fund
2014
7%
significantly year over year, and REITs saw a decline
in acquisitions over the same period. In addition, the
Private Equity
industry saw more activity from Family Office/Ultra
REIT
High Net Worth buyers.
University
The increase in activity by
Private Equity Funds can be attributed to a spike in new
development activity as these buyers tend to have some
of the lowest cost of capital. This profile has dominated
the acquisition of newly developed product. That said,
30%
Private
2%
Fami ly Office
22%
33%
Oper ator/Fund
2013
8%
buyers, Syndicators, and
Student
Housing
Operators continue to be the staple of the investment
community, finding success in the lower end of the Class
A spectrum all the way through the Class B/C market.
Pension Fund
New sources of capital continue to enter the student
Private Equity
housing industry, including a handful of overseas Sharia-
REIT
compliant funds and large Private Equity shops. While
Syndicator
Uni versity
17%
Equity Funds have increased their acquisition activity
Pension Fund
Syndicator
7%
Syndicators. 2013’s profile was similar, although Private
18%
market rate multifamily is commanding all-time low cap
rates— often times in the 4% range— student housing
remains an attractive alternative investment vehicle with
a meaningful yield premium over market rate product.
His torical Buyer Trends
Developer: CA Ventures, Uncommon at
Eugene, University of Oregon
100% 90% 80% Operator/Fund
University
Institution
70% 60% -
TIC
50% -
REIT
40% -
Private
30% 20% 10% 0% 2006
16
|
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
2007
2008
2009
2010
2011
2012
Data internally tracked, compiled, and calculated from FourPoint Student Housing
Investments’ proprietary database. Pricing indicated in chart represents stabilized
sales. Stabilized sales include all transactions not sold by a lender or receiver.
Seller Trends
Developers and Private sellers dominated the sales
9%
Developer
10%
32%
2014
market in 2013 and 2014. While some developers
continue to deliver new product at a record pace,
Fund
others have elected to take advantage of the
Lender/Receiver
historically-low cap rate environment and sell.
Private
Private owners at the end of their hold periods are
REIT
Syndicator
27%
taking advantage of this trend as well. As market
fundamentals have continued to improve over the
past several years, Lender and Receiver sales have
declined significantly.
15%
7%
Developer: GMH Communities, University Orchard
Salisbury University
11%
Developer
10%
Fund
42%
2013
Lender/Receiver
Private
REIT
16%
Syndicator
5%
16%
Historical Seller Trends
100% -
Developer: Asset Campus Housing
Domain Columbia, University of Missouri
90% 80% -
University
Developer
Lender/Receiver
70% 60% 50% -
Institution
REI T
Oper ator/Fund
Private
40% 30% 20% 10% 0% -
Data internally tracked, compiled, and calculated from FourPoint Student
Housing Investments’ proprietary database. Pricing indicated in chart represents stabilized sales. Stabilized sales include all transactions not sold by
a lender or receiver.
2006
2007
2008
2009
2010
2011
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
2012
|
17
Developer: Landmark Properties, The Standard at Athens
University of Georgia
C M B S L O A N A N A LY S I S
18
|
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
Future CMBS Loan Performance
[ Bar Graph Axis ]
[ Line Graph Axis ]
$ 1,500,000,000 -
$225,000,000
$1,204,000,000 -
$180,000,000
$908,000,000 -
$135,000,000
$612,000,000 -
$90,000,000
$316,000,000 -
$45,000,000
$200,000,000 -
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total Loans
Currently on Watchlist
Total Performing Loans
Currently Less than 1.0 DSCR
$0
As the CMBS lending market continues to regain its
strategies available to them via disposition or refinance.
footing in the student housing debt space, it is important
Traditionally, many of the borrowers in this pool are
to note the stark differences between the performance
Tenant in Common (TIC) entities that are not eligible
of loans originated in 2004-2007 and the loans originated
for conventional refinance programs.
from 2008-today.
Loans originated from 2004-2007: The above graph
illustrates the dramatic increase of 10-year term
CMBS loan maturities over the next 3 years, with the
most significant spike occurring in 2016 and 2017. For
Loans originated from 2008-today: The marked drop in 10year term CMBS loan maturities in 2018 indicates the
correction in the CMBS lending market that occurred
between 2008 and 2009. Further highlighting this
example, in 2016 alone $202M worth of loans maturing
correction is the dearth of non performing or “Watch-list”
are on the “Watch-list,” and over $140M in loans have
loans and increase of performing loans, which points to
a DSCR less than 1.0. This indicates that as these loans
more prudent lending practices and sustainable long-
mature, many borrowers will not have suitable exit
term performance.
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
|
19
loan maturities
[ Loan Volume ]
[ No. of Loans ]
$2,000,000,000
120
108
101
98
$1,600,000,000
100
100
80
$1,200,000,000
60
$800,000,000
46
45
43
40
36
30
$400,000,000
20
0
2015
2016
2017
2018
2019
2020
2021
2022
The above graph illustrates the
dramatic increase of CMBS loan
maturities over the next 8 years.
As these loans mature, borrowers
must find suitable exit strategies via
disposition, refinance, or workout
with the lender. It is important to
note that in 2016 and 2017 alone,
more than $2.5 Billion in loans
mature.
Developer: Core Campus, Hub Oxford
University of Mississippi
20
|
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
2023
0
Developer: Core Campus, HUB Tucson
University of Arizona
STUDENT HOUSING
DEVELOPMENT PIPELINE
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
|
21
2014 Student Housing Deliveries
6
39
3 4
5
41
42
7
49
9
12 10
13
11
48
38
54 55
45
47
62
58 59 63
46
36
37
65
64
56
43 44
40
8
67
66
53 52
51
50 61
60
70
68
69
57
79
83 78 71 72 80
73 75
74 76 81
77
82
94
102 93 91 95 96
97 98
88 101 100 99
92
90 89 87
103 106104
105
84 85
1
2
14
86
35
18
15
16 17
34
20 21
19
25 2223 31 30
24
32
27 26
29 28
2014 was by far the most active development
year in the history of the student housing
107108
109 110 111 112
113 114
33
115
space. The map above pinpoints all known
developments as reported by Axiometrics and
confirmed by FourPoint independent research.
Total United States
# of Properties Developed
# of Units Developed
# of Beds Developed
115
18,457
54,243
Pacific Coast Region
Southwest Region
# of Properties Developed
# of Units Developed
# of Beds Developed
# of Properties Developed
# of Units Developed
# of Beds Developed
6
1,245
3,608
22
4,054
11,952
Midwest Region
Mountain States Region
# of Properties Developed
# of Units Developed
# of Beds Developed
# of Properties Developed
# of Units Developed
# of Beds Developed
7
961
3,850
26
4,097
10,830
Southeast Region
Northeast Region
# of Properties Developed
# of Units Developed
# of Beds Developed
# of Properties Developed
# of Units Developed
# of Beds Developed
45
6,531
19,485
9
1,569
4,518
22
|
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
2014 Student Housing Deliveries
#
City
State
Units
Beds
#
City
State
Units
Beds
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
Los Angeles
Pomona
Eugene
Eugene
Eugene
Seattle
Rexburg
Reno
Greeley
Fort Collins
Colorado Springs
Boulder
Boulder
Flagstaff
Tucson
Tucson
Tucson
Albuquerque
Waco
Waco
Waco
Austin
Austin
Austin
Austin
San Marcos
San Antonio
San Antonio
San Antonio
College Station
College Station
Houston
Corpus Christi
Stephenville
Norman
Columbia
Springfield
Lincoln
Grand Forks
Ames
Minneapolis
Minneapolis
Madison
Madison
Champaign
Chicago
Edwardsville
Moline
Normal
Bloomington
Indianapolis
Muncie
West Lafayette
East Lansing
East Lansing
Mount Pleasant
Louisville
Akron
Akron
Columbus
California
California
Oregon
Oregon
Oregon
Washington
Idaho
Nevada
Colorado
Colorado
Colorado
Colorado
Colorado
Arizona
Arizona
Arizona
Arizona
New Mexico
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Oklahoma
Missouri
Missouri
Nebraska
North Dakota
Iowa
Minnesota
Minnesota
Wisconsin
Wisconsin
Illinois
Illinois
Illinois
Illinois
Illinois
Indiana
Indiana
Indiana
Indiana
Michigan
Michigan
Michigan
Kentucky
Ohio
Ohio
Ohio
446
305
120
231
45
98
185
190
92
193
156
61
84
164
165
164
76
166
257
103
365
47
79
141
122
265
198
247
212
196
307
115
153
198
314
158
65
130
224
219
195
140
55
97
40
135
72
68
100
204
304
226
230
282
66
216
252
191
192
56
1,658
511
380
787
160
112
1,074
704
262
674
616
203
317
328
393
594
232
786
718
287
887
183
233
343
321
899
590
536
668
784
928
347
499
501
895
552
180
175
600
660
588
285
163
363
116
398
288
252
285
635
397
522
490
702
105
584
656
574
624
156
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
Norwood
Philadelphia
Slippery Rock
Binghampton
Oneonta
Syracuse
Durham
Princess Anne
Blacksburg
Charlottesville
Chapel Hill
Chapel Hill
Charlotte
Charlotte
Charlotte
Charlotte
Cullowhee
Durham
Greensboro
Raleigh
Wilmington
Wilmington
Johnson City
Knoxville
Knoxville
Fayetteville
Auburn
Birmingham
Tuscaloosa
Tuscaloosa
Allendale
Charleston
Clemson
Clemson
Columbia
Conway
Athens
Athens
Athens
Atlanta
Carrollton
Kennesaw
Macon
Savannah
Savannah
Swainsboro
Tallahassee
Tallahassee
Tallahassee
Tallahassee
Gainesville
Gainesville
Orlando
Orlando
Miami
Ohio
Pennsylvania
Pennsylvania
New York
New York
New York
New Hampshire
Maryland
Virginia
Virginia
North Carolina
North Carolina
North Carolina
North Carolina
North Carolina
North Carolina
North Carolina
North Carolina
North Carolina
North Carolina
North Carolina
North Carolina
Tennesee
Tennesee
Tennesee
Arkansas
Alabama
Alabama
Alabama
Alabama
South Carolina
South Carolina
South Carolina
South Carolina
South Carolina
South Carolina
Georgia
Georgia
Georgia
Georgia
Georgia
Georgia
Georgia
Georgia
Georgia
Georgia
Florida
Florida
Florida
Florida
Florida
Florida
Florida
Florida
Florida
180
344
201
79
117
69
142
144
254
219
85
194
195
144
244
202
42
222
216
54
124
168
189
177
59
150
86
60
172
201
25
112
12
107
260
244
32
190
190
140
196
102
28
114
149
60
33
124
124
263
253
55
364
221
149
480
850
603
191
330
132
460
417
913
622
259
608
554
480
740
760
134
384
584
162
348
528
550
526
228
471
305
88
618
452
100
419
48
352
847
460
128
610
474
290
568
408
112
338
446
72
132
224
356
782
676
115
1,313
894
542
Source: AxioMetrics and Proprietary Research
2014 Student Housing Delivery Totals:
Properties Built
115
Units
18,457
Beds
54,243
2015 Student Housing Development Pipeline
1
4
2 3
24
7
6
56 57
25
27 26
55
38 39
8
29 28
31 30
21 22
68
72
12
13
16 17
14 15
19
60
61
65
64
62
75
82 87 76 77
80 81
78 74
83
85
63
66
9 11
10
2015 will boast the second most deliveries in any
54
53
58
59
51
50
46 44
45 43
37
48 49
32
47
33
34 35
23
5
36
42
40 41
52
73 67
85 87
86
69 70 71
88
89 90
91
given year, and cap a three-year development
boom in the student housing space. The above
20
pinpoints all known developments as reported
18
92
93
by Axiometrics and confirmed by FourPoint
independent research.
Total United States
# of Properties in Pipeline
# of Units in Pipeline
# of Beds in Pipeline
93
15,046
44,685
Pacific Coast Region
Southwest Region
# of Properties in Pipeline
# of Units in Pipeline
# of Beds in Pipeline
# of Properties in Pipeline
# of Units in Pipeline
# of Beds in Pipeline
5
865
2,944
14
2,442
7,207
Midwest Region
Mountain States Region
# of Properties in Pipeline
# of Units in Pipeline
# of Beds in Pipeline
# of Properties in Pipeline
# of Units in Pipeline
# of Beds in Pipeline
3
455
1,518
30
4,005
11,788
Southeast Region
Northeast Region
# of Properties Developed
# of Units in Pipeline
# of Beds in Pipeline
# of Properties in Pipeline
# of Units in Pipeline
# of Beds in Pipeline
32
5,921
16,918
9
1,358
4,310
24
|
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
2015 Student Housing Development Pipeline
#
City
State
Units
Beds
#
City
State
Units
Beds
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Seattle
Eugene
Eugene
Corvallis
San Bernardino
Boise
Bozeman
Logan
Tempe
Tempe
Tempe
Arlington
Waco
San Marcos
San Marcos
College Station
College Station
Corpus Christi
Houston
Kingsville
Norman
Norman
Lincoln
Grand Forks
Minneapolis
Minneapolis
Minneapolis
Ames
Ames
Columbia
Columbia
St. Louis
Carbondale
Champaign
Champaign
Chicago
Edwardsville
Madison
Madison
Ann Arbor
Ann Arbor
East Lansing
Columbus
Richmond
Terre Haute
West Lafayette
Bowling Green
Louisville
Louisville
Columbus
Washington
Oregon
Oregon
Oregon
California
Idaho
Montana
Utah
Arizona
Arizona
Arizona
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Texas
Oklahoma
Oklahoma
Nebraska
North Dakota
Minnesota
Minnesota
Minnesota
Iowa
Iowa
Missouri
Missouri
Missouri
Illinois
Illinois
Illinois
Illinois
Illinois
Wisconsin
Wisconsin
Michigan
Michigan
Michigan
Indiana
Indiana
Indiana
Indiana
Kentucky
Kentucky
Kentucky
Ohio
56
183
192
330
104
236
139
80
72
220
159
335
186
100
78
100
320
123
160
198
197
194
199
130
333
66
202
110
53
119
98
164
121
143
136
111
120
329
75
122
210
119
50
66
75
44
76
159
271
50
162
512
734
1016
520
539
499
480
242
600
708
514
564
233
252
340
914
482
465
504
705
684
581
393
799
191
643
320
144
259
351
465
349
526
472
490
384
961
75
232
513
376
114
216
260
56
239
657
758
176
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
Marion
Toledo
Middletown
Philadelphia
Rochester
Durham
Durham
Providence
College Park
Charlottesville
Richmond
Charlotte
Cullowhee
Greenville
Raleigh
Memphis
Tuscaloosa
Fayetteville
Baton Rouge
Baton Rouge
Baton Rouge
Starkville
Tuscaloosa
Charleston
Clemson
Columbia
Columbia
Columbia
Athens
Atlanta
Atlanta
Kennesaw
Macon
Statesboro
Tallahassee
Tallahassee
Tallahassee
Jacksonville
Gainesville
Gainesville
Daytona Beach
Boca Raton
Miami
Ohio
Ohio
Pennsylvania
Pennsylvania
New York
New Hampshire
New Hampshire
Rhode Island
Maryland
Virginia
Virginia
North Carolina
North Carolina
North Carolina
North Carolina
Tennessee
Alabama
Arkansas
Louisiana
Louisiana
Louisiana
Mississippi
Alabama
South Carolina
South Carolina
South Carolina
South Carolina
South Carolina
Georgia
Georgia
Georgia
Georgia
Georgia
Georgia
Florida
Florida
Florida
Florida
Florida
Florida
Florida
Florida
Florida
54
200
205
355
70
126
52
94
283
70
103
300
194
240
272
64
200
213
298
274
235
152
266
152
49
177
74
141
268
230
268
198
145
237
46
219
124
69
169
40
240
159
208
192
596
567
1325
170
525
197
267
843
210
206
671
484
580
822
264
592
666
898
837
693
536
699
430
121
524
214
436
292
628
706
792
435
668
124
583
496
204
592
160
570
598
603
Source: AxioMetrics and Proprietary Research
2015 Development Pipeline Totals:
Properties Under Construction
93
Units
15,046
Beds
44,685
Student Housing Supply and Demand Analysis
[Proj. 2-Yr Enrollment Growth]
3500
49
3000
2500
6
2000
11
29
44
32
1500
2
16 20 34
2627 38
47 52
17 1922 303637
4546 50
35
14
18 25
39 40 4243
51
1 768 9 12 15 23 31 35
33
21 2428
48
4 10
1000
500
0
0
-500
59
41
13
500
1000
55
53
54
1500
56
57
2000
58
60
61
2500
3000
[Est. 2-Yr Number of Beds to be Delivered (’15-’16)]
Market with More Enrollment Growth than New Deliveries
Market with More New Deliveries than Enrollment Growth
Supply/Demand Break Even Line
Please note that the above graph is an analysis of markets with beds planned to be delivered in 2015 and 2016 as reported by third parties and/or independently confirmed by FourPoint Student Housing Investments. Not all universities in the US are included in this analysis. Please note that the data
herein will be affected as additional 2016 developments are made public.
Owner: Dinerstein Companies, Sterling Campus Center
College of Charleston
The above graph is a 2-year snapshot of 60 top
universities that published enrollment growth data
for 2015-2016 vs. the expected development pipeline
of each university for the same period. As illustrated
by the break-even line between enrollment and new
deliveries, there are several supply and demand
imbalances that currently exist throughout the student
housing space. It is important to keep in mind that this
chart does not take into account current supply and
demand imbalances that may exist in a market, as it
exclusively illustrates the next 24 months’ supply and
demand.
26
|
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
Student Housing Pipeline Analysis
#
Universities
Beds (2 yr
Projected)
Proj. 2 yr
Growth
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Purdue University
Clemson University
University of Washington
Ohio State University
University of California
University of North Florida
Virginia Commonwealth University
University of Virginia
Western Kentucky University
University of Iowa
University of Memphis
San Jose State University
Southern Illinois University
Michigan State University
Appalachian State University
Iowa State University
University of Houston
Utah State University
University of Colorado-Boulder
Texas State University
Montana State University
Cleveland State University
Mississippi State University
Boise State University
Baylor University
East Carolina University
University of Toledo
University of Kansas
Florida International University
University of Missouri
Cal State Sacramento
56
121
162
176
188
204
206
210
239
247
264
345
349
376
450
464
465
480
482
485
499
509
536
539
564
580
596
600
603
610
616
376
1,229
636
1,012
570
2,120
442
402
474
1,015
1,951
470
-440
546
430
1,198
622
542
596
1,178
232
590
466
220
498
916
816
108
1,870
732
449
Year ove r Year Development
[ No. of Beds Delivered ]
60,000
Universities
Beds (2 yr
Projected)
Proj. 2 yr
Growth
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
University of Mississippi
University of Tennessee
University of South Florida
Georgia Southern University
University of North Carolina-Charlotte
University of Michigan
University of Florida
Kennesaw State University
North Carolina State University
Oregon State University
University of Wisconsin
University of Texas-Arlington
Florida Atlantic University
University of Georgia
University of Nebraska
Texas A&M University
University of Oregon
Drexel University
Georgia Tech University
University of Oklahoma
Penn State University
Florida State University
University of Minnesota
University of Alabama
University of South Carolina
University of Illinois at Urbana-Champaign
University of Maryland
Arizona State University
Louisiana State University
University of Arkansas
642
652
656
668
671
745
752
792
822
1,016
1,038
1,062
1,098
1,182
1,198
1,254
1,255
1,325
1,334
1,389
1,392
1,546
1,633
1,919
2,110
2,126
2,343
2,383
2,428
2,557
1,445
464
1,104
504
608
708
814
542
480
2,056
438
514
1,816
670
684
826
-48
3,314
688
390
814
700
570
980
836
500
510
2,292
688
886
Year
# of Properties
Delivered
# of Units Delivered
# of Beds Delivered
2013
71
13,077
39,803
2014
115
18,457
54,243
2015
93
15,046
44,685
TOTALS
279
46,580
138,731
2014 marks the peak of the current three-year
development boom in the student housing industry. When combined with 2013 deliveries and
the expected 2015 pipeline, the three-year numbers total 279 new properties and nearly 140,000
beds. Development activity is occurring across
the country in most every major student market,
and developers are pushing the envelope on design and amenity features while keeping an eye
on pedestrian locations to campus
50,000
40,000
30,000
20,000
#
2013
2014
2015
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
|
27
Developer: American Campus Communities, Plaza on University
University of Central Florida
FOURPOINT STUDENT HOUSING
INVESTMENTS
28
|
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
Fo u r Po i n t E x p e r i e n c e
Over
$2,000,000,000
in student housing sales over
the past
6 years
Representing over
12,000 units and
30,000 beds
Closed
transactions
in over
40 student housing
markets across
the US
Over
$7,000,000,000
in assets underwritten
nationally across
43 states
Extensive Market Knowledge
Closings/Extensive Market
Knowledge
NATIONAL
COVERAGE
STUDENT
HOUSING FOCUS
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
|
29
Fo u r Po i n t S t u d e n t H o u s i n g Te a m
Chris Epp
Chris Bancroft
Meredith Wolff
Principal
Principal
Senior Financial Analyst
Chris Epp is co-founder of FourPoint
Chris Bancroft is co-founder of Four-
Meredith Wolff directs FourPoint Stu-
Student Housing Investments based
Point Student Housing Investments
dent Housing Investments’ National
in Austin, Texas. With nearly 15 years
based in Austin, Texas. Chris has
Private Client Services group. She is
of real estate brokerage experience,
been exclusively focused on the stu-
responsible for client relationships
Chris has played a meaningful role
dent housing industry since 2004 and
and the marketing of student hous-
in over $3B of various real estate
founded the national student housing
ing assets valued $10M and below.
transactions and is consistently rec-
group for a nationally-recognized in-
This includes both purpose built stu-
ognized for service excellence by his
vestment sales firm in 2007. In a few
dent housing and conventionally built
past employers and clients. After a
very successful tenure at a nationally
recognized
brokerage
house,
Chris and his partner, Chris Bancroft,
launched FourPoint Student Housing Investments in 2014 with the goal
of providing a higher level of service
for their clients. Chris is a frequent
speaker at national multifamily conferences and is often featured in in-
short years, he and his partners grew
the student housing platform into a
national leader in the industry. After a very successful seven-year tenure, Chris and his partner Chris Epp
made the decision to launch FourPoint Student Housing Investments
in 2014 with the goal of providing a
higher level of service for their clients. He and his team provide a full
range of services for clients, including
apartments occupied with a majority of students. Additionally, she is
responsible for all market research,
tracking of national student housing
transactions, and the production of
reports for student housing markets
across the United States. Throughout
her tenure in the student housing industry, Meredith has valued over $6
billion worth of student housing as-
dustry publications. Chris is a gradu-
asset disposition, valuation, market
sets. In 2012, she was ranked as one
ate of Southern Methodist University,
research, and capital markets execu-
of the Top 30 Under 30 student hous-
where he earned a BBA in Real Estate
tion. Chris holds a Bachelor of Science
ing professionals by Student Housing
Finance and was the team captain of
in Management - Finance from Tulane
Business. Meredith graduated with a
the SMU Mustang Swim Team. Chris
University’s A.B. Freeman School of
BBA in Real Estate Finance and a BS
and his wife, Mairin, live in Austin, TX
Business. Chris and his wife Meghan
in Economics with Financial Applica-
with their two daughters, Maible and
live in Austin, TX with their son Chris-
tions from Southern Methodist Uni-
Georgina.
topher and daughter Madeleine.
versity.
30
|
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
2014 FourPoint Student Housing Transactions
DEACON’S STATION
ECLIPSE ON BROAD
WINSTON-SALEM, NC
UNITS 75
BEDS 300
ATHENS, GA
UNITS 32
BEDS 128
DENVER, CO
UNITS 125
BEDS 438
TALLAHASSEE, FL
UNITS 47
BEDS 127
OXFORD, MS
UNITS 162
BEDS 582
THE BALLPARK
HUB TUCSON
U ATHENS
THE DEN
MONTGOMERY VILLAGE
AUSTIN, TX
UNITS 282
BEDS 768
TUCSON, AZ
UNITS 164
BEDS 594
ATHENS, GA
UNITS 154
BEDS 495
COLUMBIA, MO
UNITS 158
BEDS 552
HUNTSVILLE, TX
UNITS 48
BEDS 192
EAGLE CREEK
CAMBRIDGE AUBURN
TAYLOR BEND
COLLEGE EDGE
UNIVERSITY PLACE
DENTON, TX
UNITS 176
BEDS 176
AUBURN, AL
UNITS 154
BEDS 308
OXFORD, MS
UNITS 96
BEDS 288
BRYAN, TX
UNITS 160
BEDS 400
ROCK HILL, SC
UNITS 124
BEDS 432
CAMPUS QUARTERS
UNION SQUARE
& BEECH TREE
AURARIA STUDENT LOFTS ECLIPSE TALLAHASSE
HUB OXFORD
FourPoint is currently representing owners under
contract to sell 15 Assets across the US in the
following markets: Richmond, VA; Greensboro,
NC; Austin, TX; Winston-Salem, NC; Waco, TX;
CORPUS CHRISTI, TX
UNITS 108
BEDS 336
BLOOMINGTON, IN
UNITS 38
BEDS 141
College Station, TX; Baton Rouge, LA; Blacksburg,
VA; Stillwater, OK; and Raleigh, NC.
2 0 1 4 Fo u r Po i n t y e a r - e n d r e p o r t
|
31
Developer: Gilbane Development Company, 1200 West Marshall
Virginia commonwealth University
Contact
Information
Chris Epp
Direct - 512-649-3400
Mobile - 214-448-3285
[email protected]
Chris Bancroft
Direct – 512-649-2400
Mobile – 512-705-0212
[email protected]
Meredith Wolff
Direct - 512-649-4100
Mobile - 713-737-5430
[email protected]
Address
7500 Rialto Blvd
Building 1, Suite 250
Austin, TX 78735
Main - 512-649-7300
Fax - 512-649-8300
www.fourpointinvestments.com
The information in this report has been derived from sources deemed reliable. However, being subject subject to errors, omissions, and changes in
data, no warranty is made as to its accuracy. Further, no warranties or representation shall be made by FourPoint Student Housing Investments
and/or its agents, representatives, or affiliates regarding oral statements that have been made in the discussion of the above report. This presentation, prepared by FourPoint, was distributed to the recipient under the assumption that s/ he is a sophisticated real estate professional, and s/he
should not make investment decisions based on this report. This publication does not render legal, accounting, appraisal, counseling, investment,
or other professional advice. Should such services or other expert assistance be needed, it is recommended that the services of a competent person
or firm, having access to the details of the situation, be employed. This report shall not be reproduced or quoted without express written approval
from FourPoint principals.