Lutz Real Estate Investments has entered the student housing market with the acquisition two off-campus student developments in Connecticut.
Adam M. Lutz, president and CEO, announced that the firm, had formed a joint venture with Harrison Street Real Estate Capital to buy Carriage House and Cedar Ridge at the University of Connecticut.
Carriage House contains 225 beds in 65 units and is considered the premier off-campus student housing location at UCONN.
Cedar Ridge has 228 beds in 100 units and features an onsite leasing office, laundry facility, fitness center, and tennis/basketball courts.
CW Capital LLC, located in Needham, MA, provided a Freddie Mac CME loan to acquire both properties. Grant Ancevic of Student Housing Investments, LLC represented the buyers.
The purchase represents the first acquisition in a series of student housing investments planned by the newly formed joint venture of Lutz and Harrison that will target in-fill student housing communities near major universities.
“The acquisition represented a compelling opportunity to acquire two well located student housing communities at the University of Connecticut where the supply / demand fundamentals for off-campus housing are exceptional and the barriers to entry are significant,” commented Lutz.
“While we are excited about these investments at UCONN, our firm is even more excited about creating an investment platform with Harrison Street and expanding our relationship with them.”