XFD acquires 792-bed student community in Oklahoma

Stillwater Student Life

XFD Real Estate Partners acquired Stillwater Student Living, a 792-bed community in Stillwater, Okla., from Oklahoma State University Student Services. The company plans to rename the property to Cottage Row Stillwater and spend around $3.5 million to upgrade the asset.

Acting on behalf of American bank, NRL Partners seized on a $38.1 million CMBS loan in 2020. The partnership paid out about $23.6 million for Stillwater Student Living, according to Yardi Matrix data. Before typing, Aspen Heights Partners owned the property.

Sprawling over 38 acres, the 2013-built community features 170 self-contained cottages and 231 units with a mix of two- to five-bedroom floor plans, ranging from 1,357 to 2,672 square feet. The units are equipped with a washer and dryer, high-speed Internet access and a patio or balcony. Common facilities include a swimming pool, fitness center, volleyball and basketball courts, group study rooms, computer lab, and dog parks.

The buyer plans to upgrade all unit interiors, redesign the community pavilion, add another fitness center with new equipment, and create study lounges and conference rooms. For green spaces, XFD will include amenities such as fitness classes, a frisbee golf course and off-leash dog courses.

Located at 920 E. Loveland Drive across from Boomer Lake Park, Stillwater Student Living is less than 3 miles from Oklahoma State University and surrounding areas including Boone Pickens Stadium, Colvin recreation center and many restaurants. The community is one of seven properties near the main campus, totaling 3,574 rooms, according to Yardi Matrix.

XFD’s Value Added Strategy

The acquisition is part of the company’s value-added strategy, which is focused on identifying assets in growth markets with strong listings and creating value through its operations and real estate improvements, said the CFO and Head of Capital Markets Daniel Lin in a prepared statement.

Last year, XFD formed a joint venture with Ash Real Estate, Real Estate Saxum and Anchor real estate capital and acquired The Landing, an 888-bed student housing community in Greenville, North Carolina, with plans to invest $2 million in improvements.

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