CAPRE’s STUDENT HOUSING FUTURE Weekly Summary – September 29, 2020
Preferred Apartment Communities Announces Agreement to Sell its Student Housing Portfolio to TPG Real Estate Partners: Preferred Apartment Communities, Inc. (NYSE: APTS) (the "Company") announced today that it has entered into a Purchase and Sale Agreement to sell its student housing portfolio (the "Portfolio") to TPG Real Estate Partners ("TREP") for $478.7 million. The transaction is expected to close in the fourth quarter of 2020 and is subject to customary closing conditions. The Portfolio was marketed for sale by CBRE. The Portfolio includes eight, high-quality student housing communities located in Arizona, Florida, Georgia, North Carolina, and Texas. The communities include more than 6,000 beds with a wide range of indoor and outdoor amenities. Lincoln Ventures Delivers COVID-Safe Student Housing, Moontower, In West Campus: Lincoln Ventures, the Austin-based student-housing veteran behind Ruckus, Elmwood Lofts, The Nine on Rio and Ruckus 2.0 today announced its latest project, Moontower, is officially complete and has just transitioned 562 students into its 204,552, square-foot COVID-safe student high-rise. Beautifully and thoughtfully designed, in partnership with Chelsea Kloss Interiors, JE Dunn and Gensler, Moontower represents Lincoln Ventures' 7th University of Texas student housing project. The new 18-story high-rise serves as a safe haven for returning students, with state-of-the-art apartments that have been adapted for online learning and reconfigured for socially-distanced collaboration to provide students a sense of community during study and social hours. "Moontower was designed intentionally to accommodate a post-COVID world," said David Kanne, President of…
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