Gilbane, CBREIM Form JV to Own, Develop Student Housing

Providence-based Gilbane Development Company formed a strategic partnership with CBRE Investment Management (CBREIM) involving six purpose-built student housing properties across the country. The transaction included recapitalization of three operational communities through a GP-led secondary and three shovel-ready development projects, marking the beginning of a joint venture partnership.

The initial six communities will encompass nearly 3,000 beds. They span six Power 4 schools, with three operating communities at Clemson University, University of Illinois and Syracuse University, along with three developments at the University of Central Florida, University of California, Berkeley and University of Florida.

“This collaboration aligns with our mission to develop dynamic communities that cater to the needs of students, universities, and the surrounding communities,” said Russell Broderick, EVP, Gilbane Development.

Added Matt Tepper, head of Americas Indirect Real Estate Strategies at CBREIM, “Student housing is a target sector for us and being able to partner with Gilbane and benefit from a high-quality existing portfolio along with leveraging their extensive development capability will allow us to build something special.”

TSB Capital Advisors arranged financing and consulted on the JV partnership.

Pictured: The Laurel at Syracuse University.