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PAC to Sell Student Housing Portfolio to TPG for $479M
Atlanta-based Preferred Apartment Communities has announced that it has entered into an agreement to sell its student housing portfolio to TPG Real Estate Partners for $478.7 million. The transaction is expected to close in the fourth quarter of 2020.
The 6,000-bed portfolio consists of eight student housing communities in Arizona, Florida, Georgia, North Carolina and Texas. The properties include NxNW, a 679-bed community in Tallahassee, FLA.; Knightshade, a 894-bed community in Orlando, FLA.; The Tradition, a 808-bed community in College Station, TX.; The Bloc, a 556-bed community in Lubbock, TX.; Ursa, a 840-bed community in Waco, TX.; SoL, a 639-bed community in Tempe, AZ.; Stadium Village, a 792-bed community in Kennesaw, GA. and Rush, a 887-bed community located in Charlotte, N.C.
“We look forward to closing the sale of our student housing portfolio to TPG Real Estate in the coming months,” said Joel Murphy, president and CEO at Preferred Apartment Communities. “This is consistent with our previously stated objectives to exit the student housing space, simplify our focus to our core Sunbelt multifamily business, and improve our balance sheet. TPG Real Estate has demonstrated their commitment to the transaction and their sector experience throughout the process, and both groups worked well together during the due diligence phase.”
*Pictured above is Stadium Village in Kennesaw, GA.
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
