Lubert-Adler Partners was involved in a $230 million
acquisition of five student housing properties.
The Philadelphia real estate investment firm partnered
with Candlebrook Properties of New York in the acquisition of the portfolio
that is comprised of 3,400 beds. The seller was Trinitas Ventures of Lafayette,
Ind. The properties are in Bloomington, Ind., Indianapolis, Ind., Kennesaw,
Ga., Lexington, Ky., and Richmond, Va.
As part of this transaction, Candlebrook established a
new student housing division called Letter 9. Locally, Candlebrook owns the
former Marquis apartment complex that is now called 251 DeKalb in King of
Prussia, Pa.
Source: Philadelphia
Business Journal
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