Bixby on College Clemson SC

Providence, RI – (November 12, 2024) – Gilbane Development Company, a leader in real estate development, is pleased to announce a strategic partnership with CBRE Investment Management (CBREIM) involving six premier, purpose-built, student housing properties across the country. This transaction included a recapitalization of three operational communities through a GP-Led secondary and three shovel-ready development projects, marking the beginning of a joint venture partnership.

The initial six communities will encompass nearly 3,000 beds, showcasing both partners’ commitment to enhancing student living environments and developing dynamic communities. By leveraging CBREIM’s extensive real estate investment expertise and Gilbane’s development acumen, this partnership aims to set new standards in the student housing sector.

The joint venture’s initial portfolio includes six Power 4 schools, with three operating communities at Clemson University, University of Illinois, and Syracuse University, along with three developments at the University of Central Florida, University of California, Berkeley, and University of Florida.

All communities are designed to provide next-level living experiences for students featuring modern amenities, sustainable design elements, and a strong emphasis on community building. State-of-the-art facilities such as study lounges, fitness centers, and recreational areas are designed to foster academic success and well-being. Additionally, their strategic locations provide students with convenient access to campus resources and local amenities. The portfolio is over 97% occupied for the 2024 academic year. 

Partnering with CBREIM will allow Gilbane Development Company to continue to expand its robust pipeline of student housing communities and acquire additional purpose-built student housing assets. 

“We are thrilled to partner with CBRE Investment Management on this significant transaction. Together, we are dedicated to delivering superior student housing that enhances the college experience,” said Russell Broderick, Executive Vice President, Gilbane Development Company. “This collaboration aligns with our mission to develop dynamic communities that cater to the needs of students, universities, and the surrounding communities.”

“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. We are excited to kick off this programmatic venture,” Matt Tepper, Head of Americas Indirect Real Estate Strategies at CBRE Investment Management, said.

TSB Capital Advisors arranged financing and consulted on the joint venture partnership.

Gilbane Development Company and CBREIM are committed to exploring additional opportunities to expand their portfolio of high-quality student housing projects that align with both companies’ strategic vision. Future collaborations will continue to focus on providing exceptional living experiences that support the academic and personal growth of students across the nation.

About Gilbane Development Company  
Gilbane Development Company is the real estate development, financing, and ownership arm of Gilbane, Inc., a 154-year-old family-owned company. With over $8.5 billion in development and more than 25,000 units of housing completed/underway, Gilbane Development Company’s projects incorporate every aspect of real estate including multifamily housing (market-rate apartments, student housing, and affordable housing); mixed-used developments; healthcare facilities; K-12 schools; government facilities; and many types of facilities delivered through public-private partnerships. To learn more, visit gilbaneco.com/development.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $148.3 billion in assets under management* as of September 30, 2024, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.