The Michaels Organization, a national leader in residential real estate with full-scale capability in development, property management, construction, and investment management, and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets with approximately $56 billion in assets under management, today announced the successful completion of two transactions within its student living apartment sector. The deals continue Michaels’ and Harrison Street’s long-term partnership in the student housing space, with more than 10 transactions jointly completed since 2016.
The first transaction marks Michaels’ completed recapitalization of The Vue, a 180-unit, 656-bed student living community serving students at the University of Arkansas, which Michaels developed in 2013. As part of the recapitalization, Harrison Street, acquired an ownership interest in the Vue.
“Harrison Street is a leader in student housing, and Michaels has, for years, had a strong and productive relationship with them,” said Michael Flanagan, President of Michaels Development. “We are thrilled that they have acquired this asset, which continues to be one of the most in-demand student housing communities in Fayetteville," Flanagan said.
Michaels and Harrison Street also announced the successful sale of The Next, a student living community located just steps away from The University of West Florida in Pensacola. The Next offers students a flexible selection of thoughtfully designed floor plans in 1, 2, or 4-bedroom layouts and features highly desirable amenities, including 24-hour on-site study lounges, a computer lab, fitness center and a resort style pool that is open year-round.
“These compelling transactions reinforce the strong demand for high quality student housing properties from not only investors but residents in college communities across the country,” said Ben Mohns, Head of Asset Management – North America at Harrison Street. “We are thrilled to continue to work with The Michaels Organization across a range of student projects and look forward to further developing assets in this exciting and growing sector.”
CBRE brokered the sale of The Next, which was purchased by an undisclosed buyer. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the seller in partnership with CBRE Jacksonville Multifamily’s Ryan Hixon. Financial details were not disclosed for these two transactions.
The Michaels Organization, which is celebrating its 50th year in business, is the largest private-sector owner of affordable housing and one of the most active student housing developers in the country. Its mission is to provide comprehensive housing solutions across every market segment and to create Communities that Lift Lives.
Harrison Street is a leader in the purpose-built student housing market and one of the largest private owners of student housing globally. Since inception, Harrison Street has invested over $21.5 billion across 403 properties, totaling more than 220,000 beds in education and student housing assets at leading universities throughout North America and Europe. During this period, the firm has sold 200 student housing properties for a gross cost value of over $8.2 billion.
About The Michaels Organization: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and finance. Serving 200,000 residents in more than 500 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
About Harrison Street: Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the Firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The Firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago and London, with offices throughout North America, Europe and Asia, the Firm has more than 280-employees and approximately $56 billion in assets under management. (Assets under management ("AUM") reflects AUM for the Firm’s investment advisory and asset management clients,and is inclusive of the Firm’s regulatory AUM reported in its Form ADV.) Clients of the Firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street was awarded Best Places to Work by Pensions & Investments for nine years (2014-2020, 2022, 2023) and has won multiple awards from PERE, including five for the 2022 Awards: Alternatives Investor of the Year – Global, Industry Figure of the Year- Global, Residential Investor of the Year – Global, Data Centers Investor of the Year – Global, and Residential Investor of the Year- North America. For more information, please visit www.harrisonst.com.
Shared December 20, 2023.Back to News Next article