Halstatt Real Estate Partners, along with Development Ventures Group and Ustler Development (Partnership), has sold UnionWest at Creative Village, a mixed-use student housing tower in Orlando, Florida.
Provident Resources Group purchased the asset, which was funded through the offering of tax-exempt and taxable bonds underwritten by BofA Securities.
The partnership built the 15-story building, which includes 644 student housing beds, more than 100,000 square feet of academic space, 11,000 square feet of street-level retail, and a 600-space parking garage. The tower opened in August 2019. The University of Central Florida and Valencia College are nearby.
The UnionWest at Creative Village sale marked the second successful exit involving bond financing for Development Ventures Group, known as the Deven Group.
DEVEN is a developer and owner of student housing, mixed use and hospitality projects across the United States. DEVEN is a subsidiary of Kajima USA and the Kajima Corporation, a 180-year old publicly traded construction and real estate company with revenues exceeding $25 Billion annually. With a focus on high quality real estate assets, and a reliance on a deep analytical approach to investing and an enduring commitment to integrity in all their dealings, DEVEN’s mission is to develop, invest in, and own projects that offer superior risk-adjusted returns.
Halstatt Real Estate Partners manages a series of private equity funds that invest in middle-market value-add and opportunistic real estate projects.
