Lubert-Adler and Candlebrook Acquire Five Student Housing Properties For $230 Million

11/4/14 | Midwest and Southeast US

Lubert-Adler has partnered with New York-based Candlebrook in the $230 million acquisition of five student housing properties in the Midwest and Southeast from Trinitas of Lafayette, Indiana.

Candlebrook is launching a new subsidiary, Letter 9, to manage its student housing platform, beginning with the five newly acquired properties comprising over 3,400 beds. Each property offers students a wide range of amenities including clubhouses, pools, hot tubs, basketball and volleyball courts, game rooms, and state-of-the-art fitness facilities. The five properties are:

  • The Dillon (formerly The Collegiate on Paterson), with 635 beds, located in Bloomington, Indiana and serving the University of Indiana;
  • The Tyler, with 675 beds, located in Indianapolis, Indiana and serving Indiana University-Purdue University Indiana (IUPUI);
  • The Blake, (formerly The Collegiate on Busbee), with 736 beds, located in Kennesaw, Georgia and serving Kennesaw State University;
  • The Wyatt (formerly The Collegiate on Angliana), with 699 beds, located in Lexington, Kentucky and serving the University of Kentucky;
  • The James (formerly The Collegiate at VCU), with 690 beds, located in Richmond, Virginia and serving Virginia Commonwealth University.