An affiliate of Bahrain-based asset manager Investcorp paid $105 million for three off-campus student housing properties within a mile of Florida Atlantic University in Boca Raton. The deal, with the Raleigh, North Carolina-based Preiss Co. taking a minority stake, closed Jan. 12.
“More and more investors are considering student housing, especially with the quality of product that is being delivered today,” said Elliott Throne, managing director in HFF’s Miami office who worked with managing director Brian Kelly in the company’s Chicago office on behalf of the sellers. “Traditionally, student housing assets would trade at a higher yield than a conventional apartment complex, but we have seen that spread tighten recently.”
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