CBRE Arranges Sale of 698-Bed Pedestrian Student Housing Community at The University of Oklahoma
08 Dec 2021
CBRE announced the sale of Millennium, a 698-bed, 196-unit pedestrian student housing community at the University of Oklahoma (OU) in Norman, Oklahoma. Denver-based Cardinal Group purchased the asset from an undisclosed seller.
Jaclyn Fitts, William Vonderfecht and Casey Schaefer with CBRE’s National Student Housing team arranged the transaction on behalf of the seller. Mike Bryant and Brad Peters with CBRE’s Debt and Structured Finance team arranged the acquisition financing on behalf of Cardinal Group.
At the time of the sale, the OU student housing market was 97% occupied for the 2021-2022 academic year and its supply and demand fundamentals benefit from significant tailwinds. There is no student housing product currently under construction in the market and, with a record-breaking freshman class, OU is positioned to achieve strong enrollment growth.
“The Norman student housing market’s incredible occupancy rates and OU’s recent acceptance of an invitation to join the NCAA Southeastern Conference created significant investor appeal. As one of only two class A assets with structured parking in the Norman market, Millennium garnered immense interest from the student housing investment community,” said Mr. Vonderfecht, Senior Vice President at CBRE. “Following the sale of the nearby Aspen Heights Norman, Millennium is the second student housing transaction CBRE has executed in Norman in the last thirty days.”
Built in 2015, Millennium offers residents a quick walk to campus with its convenient location at 900 E. Lindsey Street on the corner with Classen Boulevard. The property offers Class A community amenities, including a large resort-style pool with water features, fire pits, a clubhouse with a social lounge, ping pong tables and a study center equipped with computers and individual study rooms. The units feature contemporary furniture, dark wood-style flooring in common areas, stainless steel appliances, an open living area, a SMART TV, a washer and dryer and full bed-to-bath parity.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.