Strategic Student & Senior Housing Trust Inks Deal to Sell Final Student Housing Property
Strategic Student & Senior Housing Trust Inc. has executed an agreement to sell its final student housing property, The District, a 198-unit student housing asset adjacent to the University of Arkansas in Fayetteville for $63 million. The sale is anticipated to close in January 2024.
The acquirer is a joint venture between an affiliate of Walton Street Capital LLC, which will own 95% of the JV, and an affiliate of Strategic Asset Management I LLC, the sponsor of Strategic Student & Senior Housing Trust. As reported by The DI Wire, the company acquired the property for $57 million June 2017.
According to Strategic Student & Senior Housing Trust, the net proceeds from the sale of the Fayetteville property will be primarily used to repay two loans with upcoming maturities, the mortgage loan encumbering the property, approximately $29.5 million, and the KeyBank Bridge Loan, approximately $25.8 million. The remainder of the net proceeds will be used for “other corporate purposes.”
The company reports that the Strategic Asset Management affiliate will serve as the property manager of the property on behalf of the joint venture.
As of Sept. 30, 2022, Strategic Student & Senior Housing Trust owned one student housing property and four senior housing properties. The company last updated its estimated net asset value per share on March 17, 2022, which was $6.08 as of Dec. 31, 2022.
Click here to visit The DI Wire directory page.
