Strategic Asset Management I, LLC Announces Purchase and Joint Venture of Its YOUnion@Fayetteville Student Housing Property Located at the University of Arkansas
17 Septiembre 2024 - 8:07AM
Business Wire
Strategic Asset Management I, LLC (“SAM”) and an affiliate of
Virtus Real Estate Capital (“Virtus”) entered into a joint venture
and acquired YOUnion@Fayetteville, a student housing property
located at the University of Arkansas. The joint venture purchased
YOUnion@Fayetteville from Strategic Student & Senior Housing
Trust, Inc., a public non-traded REIT sponsored by SAM, for a
purchase price of $72.25 million. In addition, a SAM affiliate will
serve as property manager on behalf of the joint venture.
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YOUnion@Fayetteville (Photo: Business
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The YOUnion@Fayetteville contains 198 units and 589 beds, with
one-, two-, three- and four-bedroom, fully furnished floor plans.
The property sits on 2.3 acres of land adjacent to the University
of Arkansas and is 100% leased for the 2024-2025 academic year.
According to H. Michael Schwartz, Chief Executive Officer of
SAM, “Our YOUnion Student Living brand represents best-in-class
student housing owned and operated communities nationally. We are
pleased to partner with Virtus, an experienced investor in the
student housing sector, and look forward to a long-term, mutually
beneficial relationship.”
“We could not be more pleased to partner with Virtus on our
YOUnion@Fayetteville property. Our combined student housing
experience, dedicated teams and resources will greatly contribute
to increasing the YOUnion@Fayetteville resident experience for
years to come,” said John Strockis, President and Chief Investment
Officer for SAM.
“We are excited about our partnership with SAM and the
opportunity to own one of the best-located assets in the
Fayetteville market,” said Matt Powers, Vice President at Virtus
Real Estate Capital. “YOUnion@Fayetteville perfectly embodies
Virtus’ investment strategy of acquiring high-quality,
pedestrian-to-campus assets at high-growth, Tier I universities. We
look forward to a successful collaboration that will enhance the
living experience for our residents.”
TSB Capital Advisors consulted on the joint venture and arranged
acquisition financing on behalf of SAM and Virtus.
About Strategic Asset Management I, LLC
Strategic Asset Management I, LLC (“SAM”) is a diversified real
estate company focused on commercial real estate, with an emphasis
on student and senior and conventional multifamily housing. Since
2004, SAM and its affiliates have completed approximately $6
billion in real estate transactions and returned more than $1.2B in
equity and profits to investors. Additional information may be
obtained by contacting Strategic Asset Management at info@sam.com
or through our website at www.sam.com.
About Virtus Real Estate Capital
Virtus Real Estate Capital (“Virtus”) is one of the longest
tenured private equity real estate fund managers in the U.S.
focused exclusively on cycle resilient needs-based property
sectors, such as healthcare, education, storage, and middle-income
workforce housing. The Firm was founded in 2003 in Austin, TX. The
Firm has acquired or developed nearly 300 commercial properties
totaling approximately $7 billion throughout the U.S. Virtus is
known across the industry for its deep expertise in social
infrastructure sectors and its commitment to people, which is
driven by a strong corporate culture around its four core values:
Thoughtful Evolution, Resilience, Honorable Action, and Purposeful
Work.
For more information, please visit www.virtusre.com.
About TSB Capital Advisors
TSB Capital Advisors is the national leader in student housing
and multifamily real estate advisory services, and has offices in
Phoenix, Arizona (headquarters), and Paoli, Pennsylvania. Since its
creation in 2009, the firm has helped close over 450 deals and more
than $60 billion in student housing and multifamily
transactions.
For more information, please visit tsbca.com.
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info@sam.com