Strategic Asset Management I, LLC Announces Purchase and Joint Venture of Its YOUnion@Fayetteville Student Housing Property Located at the University of Arkansas

IRVINE, Calif.--(BUSINESS WIRE)--Sep 17, 2024--

Strategic Asset Management I, LLC (“SAM”) and an affiliate of Virtus Real Estate Capital (“Virtus”) entered into a joint venture and acquired YOUnion@Fayetteville, a student housing property located at the University of Arkansas. The joint venture purchased YOUnion@Fayetteville from Strategic Student & Senior Housing Trust, Inc., a public non-traded REIT sponsored by SAM, for a purchase price of $72.25 million. In addition, a SAM affiliate will serve as property manager on behalf of the joint venture.

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YOUnion@Fayetteville (Photo: Business Wire)

The YOUnion@Fayetteville contains 198 units and 589 beds, with one-, two-, three- and four-bedroom, fully furnished floor plans. The property sits on 2.3 acres of land adjacent to the University of Arkansas and is 100% leased for the 2024-2025 academic year.

According to H. Michael Schwartz, Chief Executive Officer of SAM, “Our YOUnion Student Living brand represents best-in-class student housing owned and operated communities nationally. We are pleased to partner with Virtus, an experienced investor in the student housing sector, and look forward to a long-term, mutually beneficial relationship.”

“We could not be more pleased to partner with Virtus on our YOUnion@Fayetteville property. Our combined student housing experience, dedicated teams and resources will greatly contribute to increasing the YOUnion@Fayetteville resident experience for years to come,” said John Strockis, President and Chief Investment Officer for SAM.

“We are excited about our partnership with SAM and the opportunity to own one of the best-located assets in the Fayetteville market,” said Matt Powers, Vice President at Virtus Real Estate Capital. “YOUnion@Fayetteville perfectly embodies Virtus’ investment strategy of acquiring high-quality, pedestrian-to-campus assets at high-growth, Tier I universities. We look forward to a successful collaboration that will enhance the living experience for our residents.”

TSB Capital Advisors consulted on the joint venture and arranged acquisition financing on behalf of SAM and Virtus.

About Strategic Asset Management I, LLC

Strategic Asset Management I, LLC (“SAM”) is a diversified real estate company focused on commercial real estate, with an emphasis on student and senior and conventional multifamily housing. Since 2004, SAM and its affiliates have completed approximately $6 billion in real estate transactions and returned more than $1.2B in equity and profits to investors. Additional information may be obtained by contacting Strategic Asset Management at info@sam.com or through our website at www.sam.com.

About Virtus Real Estate Capital

Virtus Real Estate Capital (“Virtus”) is one of the longest tenured private equity real estate fund managers in the U.S. focused exclusively on cycle resilient needs-based property sectors, such as healthcare, education, storage, and middle-income workforce housing. The Firm was founded in 2003 in Austin, TX. The Firm has acquired or developed nearly 300 commercial properties totaling approximately $7 billion throughout the U.S. Virtus is known across the industry for its deep expertise in social infrastructure sectors and its commitment to people, which is driven by a strong corporate culture around its four core values: Thoughtful Evolution, Resilience, Honorable Action, and Purposeful Work.

For more information, please visit www.virtusre.com.

About TSB Capital Advisors

TSB Capital Advisors is the national leader in student housing and multifamily real estate advisory services, and has offices in Phoenix, Arizona (headquarters), and Paoli, Pennsylvania. Since its creation in 2009, the firm has helped close over 450 deals and more than $60 billion in student housing and multifamily transactions.

For more information, please visit tsbca.com.

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info@sam.com

KEYWORD: CALIFORNIA ARKANSAS UNITED STATES NORTH AMERICA CANADA

INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY FINANCE REIT PROFESSIONAL SERVICES UNIVERSITY ASSET MANAGEMENT OTHER CONSTRUCTION & PROPERTY EDUCATION RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: Strategic Asset Management I, LLC

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PUB: 09/17/2024 09:07 AM/DISC: 09/17/2024 09:07 AM

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