TSB Capital Advisors, a real estate finance advisory firm, today announced that is has consulted on a student housing joint venture between Trinitas Ventures LLC, a leading developer and operator of student housing, and Chicago‐based real estate private equity firm Harrison Street Real Estate Capital (HSRE). The $100 million joint venture partnership will develop and manage urban‐infill student housing communities throughout the country.
The joint venture is positioned to capitalize on the development of infill student housing development opportunities proximate to large state universities across the country. Demonstrating that opportunity, the joint venture, recently closed on two student housing properties, one existing property and another currently under development. The purchase price totaled approximately $69 million.
The joint venture acquired the award‐winning The Village at Muller Park, a Class A, 668‐bed, purpose‐built student housing property located in Bloomington, IN, serving students attending Indiana University. The property was developed and built by Trinitas and its affiliates and opened in Fall 2008. The Village at Muller Park provides 668 beds through a mix of townhouse and conventional flat
styled apartments. The property’s award‐winning clubhouse boasts a fitness center, resident business center, study rooms, micro spa, recreation room and gaming center, and a pool and sundeck.
The joint venture also acquired 1201 Indiana, a Class A, 667‐bed, purpose‐built student housing project scheduled that opened in August 2011. This investment represents the first infill development for the Trinitas/Harrison Street Real Estate Capital partnership and the first investment for the recently launched Harrison Street Real Estate Partners Fund III. The property is being developed and built by affiliates of Trinitas.
“The forming of this partnership demonstrates the appetite for student housing among institutional investors,” said Tim Bradley, President of TSB Capital Advisors. “Sophisticated investors like HSRE see the value in partnering with seasoned operators like Trinitas Ventures. We are pleased to have helped solidify the partnership.”
