Chicago & Midwest + Midwest + Student Housing | December 3, 2020

Newmark Closes Student Housing Sales in IN, KY

Newmark arranged the sales of The Avenue and The Lex, two mid-rise student housing assets totaling 1,007 beds in Indianapolis and in Lexington, KY, respectively. The two transactions closed within a week of each other for a combined value of approximately $90 million.

Ryan Lang, who heads Newmark’s student housing group, associate director Jack Brett and vice chairman Debbie Corson represented Preiss Companies and Investcorp in the sale of The Avenue to Student Quarters, an Atlanta-based student housing asset management company.

Lang, Brett and Corson represented a partnership of CF Real Estate Services and SFO, in the sale of The Lex to Boston-based real estate investment company William Fideli Investments. Transaction manager Ben Harkrider’s support was also instrumental throughout the process.

“The flight to quality assets and submarkets has become more pronounced through the pandemic, as evidenced by these transactions that garnered highly qualified buyers within the sector,” said Lang.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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