FAYETTEVILLE, ARK. — Strategic Asset Management, LLC and an affiliate of Virtus Real Estate Capital entered into a joint venture and acquired YOUnion@Fayetteville, a student housing property located at The University of Arkansas. The joint venture purchased YOUnion@Fayetteville from Strategic Student & Senior Housing Trust, Inc., a public non-traded REIT sponsored by SAM, for a purchase price of $72.25 million. In addition, a SAM affiliate will serve as property manager on behalf of the joint venture.
TSB Capital Advisors consulted on the joint venture and arranged acquisition financing on behalf of SAM and Virtus.
The YOUnion@Fayetteville contains 198 units and 589 beds, with one-, two-, three- and four-bedroom, fully-furnished floor plans. The property sits on 2.3 acres of land adjacent to the University of Arkansas and is 100% leased for the 2024–2025 academic year.
According to H. Michael Schwartz, Chief Executive Officer of SAM, “Our YOUnion Student Living brand represents best-in-class student housing owned and operated communities nationally. 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”.
“We could not be more pleased to partner with Virtus on our YOUnion@Fayetteville property. Our combined student housing experience, dedicated teams and resources will greatly contribute to increasing the YOUnion@Fayetteville resident experience for years to come”, said John Strockis, President & Chief Investment officer for SAM.
“We are excited about our partnership with SAM and the opportunity to own one of the best located assets in the Fayetteville market,” said Matt Powers, Vice President at Virtus Real Estate Capital. “YOUnion@Fayetteville perfectly embodies Virtus’ investment strategy of acquiring high-quality, pedestrian to campus assets at high-growth, Tier I universities. We look forward to a successful collaboration that will enhance the living experience for our residents.”
