Strategic Acquisition of YOUnion@Fayetteville Enhances Student Living
Strategic Asset Management I, LLC’s New Joint Venture in Student Housing
Strategic Asset Management I, LLC ("SAM") has proudly announced the acquisition of the YOUnion@Fayetteville, a modern student housing property that caters to the community around a notable university. This joint venture, formed in partnership with an affiliate of Virtus Real Estate Capital, is set to elevate the living experience for students in this vibrant university environment.
A Wise Investment in Quality Housing
The YOUnion@Fayetteville boasts a strategic purchase price of $72.25 million. This successful acquisition marks a significant milestone for SAM, which has positioned itself as a key player in the real estate sector, particularly in student housing. The property features a total of 198 units and a capacity of 589 beds, offering a range of one-, two-, three-, and four-bedroom fully furnished floor plans.
Unmatched Location and Amenities
The prime location of YOUnion@Fayetteville cannot be overstated. The property spans an impressive 2.3 acres adjacent to the university, and it is 100% leased for the upcoming academic year. This deserves recognition, as it ensures that students will have access to high-quality housing that meets their needs and desires.
Expert Leadership and Vision
H. Michael Schwartz, CEO of SAM, emphasized the significance of this acquisition by stating, “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.” This partnership is set to enhance the lives of students through improved living standards.
Strengthening Community Ties
Equally enthusiastic, John Strockis, the President and Chief Investment Officer for SAM, expressed his satisfaction: “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.” Such collaboration reflects the commitment both companies have to the student community.
Virtus Real Estate Capital's Commitment
The Vice President at Virtus Real Estate Capital, Matt Powers, also contributed to the conversation surrounding this acquisition, stating, “We are excited about our partnership with SAM and the opportunity to own one of the best-located assets in the Fayetteville market. 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.” Virtus's expertise enhances this venture and reaffirms their dedication to student living.
A Supportive Advisory Role
To maximize the success of this joint endeavor, TSB Capital Advisors played a crucial role in consulting on the joint venture and arranging acquisition financing. Their expertise in the field of student housing assures that both SAM and Virtus are fully supported to achieve their goals.
About Strategic Asset Management I, LLC
As a diversified real estate company, Strategic Asset Management I, LLC focuses on a variety of real estate sectors, with a strong emphasis on student housing and conventional multifamily housing. Since its establishment in 2004, SAM has successfully executed transactions totaling approximately $6 billion and has returned over $1.2 billion in equity and profits to its investors.
About Virtus Real Estate Capital
Virtus Real Estate Capital, founded in 2003, specializes in private equity management of real estate funds, concentrating on cyclical and resilient property sectors. This firm has successfully managed nearly 300 commercial properties, showcasing its expertise in key investment areas.
Frequently Asked Questions
What is the YOUnion@Fayetteville?
YOUnion@Fayetteville is a student housing property designed for university attendees offering various fully furnished floor plans.
Why was the joint venture formed?
The joint venture was created to enhance the quality of student housing, leveraging the strengths of both SAM and Virtus Real Estate Capital.
How many units does YOUnion@Fayetteville have?
The property features 198 units and can house up to 589 students.
What makes this property appealing to students?
Its prime location adjacent to the university and 100% lease for the upcoming academic year makes it an attractive option for students.
Who managed the financing for the acquisition?
TSB Capital Advisors was responsible for consulting on the joint venture and arranging acquisition financing for the deal.
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