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.