Calidus Holdings, LLC sells cottage-style student housing portfolio at Clemson University
JLL Capital Markets arranged the sale and acquisition loan for the Calidus Clemson Portfolio, which consisted of four student housing properties in Clemson, SC
DALLAS, Dec. 15, 2021 – JLL Capital Markets announced today that it has closed the sale and acquisition financing for a four-property, 245-bed, student housing portfolio at Clemson University in Clemson, South Carolina.
JLL represented the seller, Calidus Holdings, LLC. Student Quarters acquired the asset. Additionally, working on behalf of the buyer, JLL secured a 30-year, floating-rate loan.
The 79-unit, 245-bed portfolio comprises 109 College, The Boundary, The Estate and The Farm and features stainless steel appliances, granite counter tops, tile backsplash, in-unit washers and dryers, stained concrete flooring, bed and bath parity and spacious unit sizes that range from 350 to 536 square feet per bed. Community amenities include proximity to campus, a swimming pool, a fitness center, an outdoor pavilion and study rooms.
The properties are positioned along Highway 123 and College Avenue with properties located at 109 College St., 100 Old Central Rd., 111 College St., and 240 Elm St. Set only 1.2 miles from the Clemson University campus, the four properties provide students easy access to the university’s retail, restaurant, and entertainment attractions. Additionally, the Clemson Tigers’ famous “Death Valley” football stadium, which holds around 81,000 fans, is just 1.5 miles south of the portfolio. Less than a mile from the property, Downtown Clemson offers several of the college’s popular bars, restaurants and nightlife, which include Evolve Kitchen + Table, Tiger Town Tavern and Charleston Sports Pub. The location also offers proximity to both Oconee County Airport and Greenville-Spartanburg International Airport as well as Lakeside Lodge Center.
The JLL Capital Markets Investment Sales and Advisory team representing the borrower was led by Senior Director Teddy Leatherman, Senior Director Scott Clifton and Senior Director Stewart Hayes. The JLL Capital Markets Debt Advisory team was led by Director John Gavigan.
According to JLL, “We are thrilled to close this transaction for Calidus Holdings and believe Student Quarters is the perfect buyer for this portfolio. Clemson continues to see strong enrollment growth coupled with limited supply which is one of the reasons this process was so competitive. Both buyer and seller performed flawlessly, and we look forward to closing more transactions with both parties.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Calidus is a managing partner, owner and operator of commercial real estate assets and currently owns student housing properties in multiple states. Calidus and its principals have operated in the real estate market since 1983 and have owned and have transacted on $500 million of real estate including 2.5 million feet of office, more than 8,000 student housing beds and multiple self-storage properties.
About Student Quarters
Student Quarters is a leading owner and operator of student housing with a team composed of industry experts in student housing asset management, property operations, acquisitions, finance and development. A thoughtful and responsive investment strategy paired with a fully integrated operating platform and significant co-investment capital sets SQ apart from other sponsors. The Student Quarters team has completed in excess of 92 student housing deals, totaling more than 37,000 beds with a total transaction value in excess of $2.3 billion.