GMH Communities and AEW Capital Management have acquired two student housing communities: Dockside at Clemson University in Clemson, SC and Flatiron at Louisiana State University in Baton Rouge, LA. Terms were not disclosed. Both properties are located near their respective campuses.

With the addition of the Clemson and LSU communities, the AEW-GMH partnership will now own and operate more than 2,000 beds across four universities in Power 4 markets.

“For 40-plus years, GMH has been a leader and innovator in the student housing industry,” said Gary Holloway, Jr., CEO and president. “The acquisition of Dockside and Flatiron underscores GMH’s commitment to investing in high-quality, well-located assets within fundamentally strong markets.”

The 633-bed Dockside community will be rebranded as The Cove at Clemson, offering a lakefront setting with direct access to Lake Hartwell. In Baton Rouge, the 293-bed Flatiron community is recognized as one of the market’s few pedestrian-oriented housing options.

A JLL student housing team led by senior director Mike Brady, managing director Jake Wisness and associates Bill Maloney and Jake Davidson arranged financing. Teddy Leatherman of JLL arranged the acquisition from Fountain Residential.

The Trepp CMBS Special Servicing Rate increased another 34 basis points to 9.14% in October 2024. Over the past six months, the rate has increased by just over 100 bps, with the October figure reflecting the 10th consecutive monthly increase, according to Trepp.

Among the major property types, the office sector saw the highest month-over-month increase in the special servicing rate, climbing 136 bps to 13.94%. Compared to October 2023, the office rate is up 539 bps. The last time the office special servicing rate breached 13% was in November 2011; it remained above 13% until July 2012.

Meanwhile, the lodging rate has continued to climb, reaching 8.32% in October; the last time it was above 8% was in May 2022 when the rate was coming down from COVID highs. Multifamily and retail also experienced upticks in October, each rising by 14 bps to 6.21% and 11.37%, respectively.

Student housing owner-operator The Preiss Company (TPCO) has acquired and rebranded Elevate 231, now known as The Collective at Columbia. Terms were not disclosed. Located in Columbia, MO, the 100% occupied property serves students attending the University of Missouri and features 318 units with 972 beds.

TPCO COO Adam Byrley said, “The Collective at Columbia is a premier choice for student living, combining top-tier amenities, thoughtfully designed living spaces and a sense of community that enhances the overall college experience.”

To elevate the property further, TPCO plans to launch a comprehensive interior renovation initiative for approximately 50% of the units. Planned upgrades include the installation of new cabinets, countertops, lighting and flooring, along with modern furniture packages and smart home technology through the installation of key fob entry systems and smart thermostats.

The full-term, interest-only financing for the transaction through a life company was arranged by Newmark’s Ben Roelke and Ian Walker.

Harrison Street closed the sale of Epoch Clemson, a 994-bed student housing community positioned on Lake Hartwell near Clemson University in South Carolina, to Inland Real Estate Acquisitions, LLC on behalf of an Inland affiliate. Terms of the sale weren’t disclosed.

Valeo Groupe US and equity partner Harrison Street developed Epoch Clemson, which opened in the summer of 2019. With more than 3,600 feet of Lake Hartwell frontage, the community features waterfront amenities including a private beach, boat docks, lakeside pedestrian paths and select units with lake views.

Walker & Dunlop represented Harrison Street in the disposition.