Irvine, Calif.-based Strategic Asset Management I LLC and an affiliate of Austin, Texas-based Virtus Real Estate Capital have jointly purchased 198-unit student housing development YOUnion at Fayetteville for $72.25 million.
The purchase price equals $364,899 per unit. The seller was Strategic Student & Senior Housing Trust Inc., a real estate investment trust managed by Strategic Asset Management.
“Our YOUnion student living brand represents best-in-class student housing owned and operated communities nationally,” said Michael Schwartz, CEO of Strategic Asset Management. “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.”…