The LUXX │ Main Campus
San Antonio—Johnson Capital announces that Ron Davis, senior vice president in the firm’s Dallas office has arranged $18.64 million in joint venture equity financing for the construction of two new student housing developments located in San Antonio and Akron, Ohio. The developer is The NRP Group LLC (NRP), which recently commenced construction on the two projects with scheduled completion prior to the fall 2014 semester.
The San Antonio complex is called The Luxx. It will contain 212 units with 668 beds and cost $32 million to build. The 15.12-acre site is just east of the main University of Texas, San Antonio campus on the north side of UTSA Boulevard.
In Akron, NRP is building The Depot, a $37 million project that will contain 192 units containing 624 beds. The 3.3-acre site is located on the southwest boundary of the main University of Akron campus and is on the shuttle system.
Commenting on this transaction, Davis says, “These two transactions speak to our ability to bring together a top-five national multifamily developer with a private equity group to facilitate the development of top-tier assets. It is an example of the type of opportunities where we can add value for our development and capital clients.”
The equity capital was provided by a corporate investor that is looking to grow its portfolio.