Gilbane Development, based in Providence, has entered into a strategic partnership with CBRE Investment Management (CBREIM) for six purpose-built student housing properties across the United States. The deal includes recapitalization of three operational communities through a GP-led secondary and three shovel-ready development projects, marking the beginning of their joint venture.
The initial six communities will have almost 3,000 beds and are located at six Power 4 schools: Clemson University, University of Illinois, Syracuse University; as well as developments at the University of Central Florida; UC Berkeley; and UF.
Russell Broderick , EVP at Gilbane Development stated that this collaboration is in line with their mission to create vibrant communities that cater to students’ needs while also benefiting universities and surrounding areas.
Matt Tepper , head of Americas Indirect Real Estate Strategies at CBREIM added that student housing is a target sector for them. Partnering with Gilbane allows them to benefit from an existing high-quality portfolio while leveraging their extensive development capabilities.
TSB Capital Advisors arranged financing for this JV partnership which was consulted on by TSB Capital Advisors. Pictured above is The Laurel located near Syracuse University.
