Providence, Rhode Island-based Gilbane Development Co. has entered a strategic real estate partnership with New York City-based CBRE Investment Management for a portfolio of six student housing properties, three in operation and three under development.
The partnership transaction involves the recapitalization of the existing Gilbane properties and the ongoing development of the projects in progress. The portfolio’s initial six properties — all located at “Power Four” major football conference schools — will encompass nearly 3,000 beds.
The existing properties, currently 97% leased in the 2024 academic year, include:
- The Laurel, a 466-bed property near Syracuse University in Syracuse, New York.
- Octave, a 538-bed property near the University of Illinois in Champaign, Illinois.
- Bixby on College, a 383-bed property near Clemson University in Clemson, South Carolina.
The projects in development are near the University of Central Florida in Orlando, Florida; the University of California, Berkeley, in Berkeley, California; and the University of Florida in Gainesville, Florida.
All of the properties include or will feature modern amenities, sustainable design and community-building aspects, according to the companies. Current or upcoming facilities on site include study lounges, fitness centers and recreational areas. The assets are also located close to campus resources and local attractions.
Gilbane has more than $8.5 billion in real estate development underway across the country, and over 25,000 housing units completed or in progress across multiple sectors. CBREIM manages $148.3 billion in assets, and operates in over 20 countries.
Both Gilbane and CBREIM intend to explore opportunities to expand their student housing portfolio in the future, according to the news release.
“Student housing is a target sector for us and being able to partner with Gilbane and benefit from a high-quality existing portfolio along with leveraging their extensive development capability will allow us to build something special,” Matt Tepper, Head of Americas Indirect Real Estate Strategies at CBREIM, said in the release.
Among Gilbane’s most recent student housing projects is a new $100 million dormitory at Purdue University in Fort Wayne, Indiana, measuring four stories tall with 600 beds across 176 units. The project, which is not included in the partnership with CBREIM, is under construction and expected to be complete by the start of the school year in fall 2026, according to Gilbane.
