Wednesday, February 14, 2018

Mapletree Investments Pays $197.5M for Leasehold Interest in Evo at Cira Centre South

Mapletree Investments, a leading real estate development, investment and capital management company headquartered in Singapore that focuses on growth markets, has purchased the ground lease under the Evo at Cira Centre South student housing building at 2930 Chestnut St. in Philadelphia, PA from Brandywine Realty Trust and Harrison Street Capital for $197.5 million.

The 0.3-acre lot is improved with a 33-story, 483,813-square-foot, 5-Star multifamily building that delivered in 2014 as the tallest purpose-built student housing tower in the country. It offers 363 units ranging from studios to four-bedroom layouts for a total of 850 student beds serving both the University of Pennsylvania and Drexel University.

Harrison Street Capital acquired the asset (leased fee) from Campus Crest Communities as part of a multi-state bulk portfolio sale for $1.9 billion in March 2016, according to CoStar data. Harrison Street is one of the largest private investors in the student housing market with more than 73,000 beds throughout the U.S. and Europe. Since inception in 2005, Harrison Street has invested $18 billion across its portfolio strategies, including $9 billion across 232 properties in education and student housing assets.

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