Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 04 June 2019

Preferred Apartment to Sell Student-Housing Portfolio for $475.4Mln

The Atlanta REIT is selling the portfolio, which consists of eight properties with a total of 6,095 beds, to GMH Capital Partners of Newtown Square, Pa. Properties in the portfolio serve as collateral for $292.8 million of debt, $81.7 million of which is securitized.

Commercial Real Estate Direct Staff Report

Preferred Apartment Communities Inc. has agreed to sell a portfolio of eight student-housing properties for $475.4 million, or $77,908/bed.

The Atlanta REIT is selling the portfolio to GMH Capital Partners, a Newtown Square, Pa., real estate investor and developer. The deal is expected to close in September.

Preferred Apartment assembled the 6,095-bed portfolio between 2016 and this year. The properties, which were built between 2010 and 2018 and are within walking distance of major universities, are encumbered by $292.8 million of debt, $81.7 million of which is securitized.

The portfolio consists of

- SoL, with 639 beds at 1949 East University Drive in Tempe, Ariz., near Arizona State University. The property backs $36 million of Freddie Mac debt that's securitized through FREMF, 2019-K87;

- the 792-bed Stadium Village, at 3044 Hidden Forest Court in Marietta, Ga., near Kennesaw State University. The property serves as collateral for $45.7 million of Freddie debt that's securitized through FREMF, 2018-K732;

- North by...


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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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