Sales Annoucements

The Dinerstein Companies sells 276-unit Millennium property in Baton Rouge, LA.

Houston, Texas – The Millennium - Towne Center, located in the prestigious Bocage district of Baton Rouge, LA, was sold to a JV venture between Morgan Management and Thompson National Properties. The property contained 276 units divided amongst eleven three-story buildings.

The property, which was completed in 2007, experienced a very rapid lease-up and maintained an average occupancy of 95% since stabilization. The Millennium - Towne Center boasts trend-setting, modern amenities and stylish contemporary architecture. To meet the diverse needs of its residents, the Property contained everything from ground-floor loft units to top-level penthouses.

It is believed the Property sold for the highest price-per-unit ever paid for conventional apartments in Louisiana.

Globe St Article

The Dinerstein Companies sells 192-unit property located in Kingwood, TX to SCI Real Estate Investments.

Houston, Texas – Kings Cove Apartments, located in Kingwood, TX adjacent to the Kings Harbor waterfront development, contained 192 units divided amongst six three-story buildings. This transaction represents the fifth sale between The Dinerstein Companies and SCI.

At the time of sale, Kings Cove’s occupancy was near 95%. The property was completed in 2007 and featured Class A amenities and multiple floorplan options for its residents.

The Seller was represented by David Wylie and David Mitchell of Apartment Realty Advisors.

The Dinerstein Companies sells 472-bed student property located at The University of South Carolina to Campus Acquisitions, LLC.

Houston , Texas - Sterling by the River, located in West Columbia, SC, contained 170 units and 472 beds divided amongst eleven three-story buildings. Sterling by the River is the fourth property the Dinerstein Companies have developed near USC over the past several years. Construction was completed in August of 2007, and the units came fully-furnished, including a 42” plasma TV. Unit types included two-, three-, and four-bedroom units. At the time of sale, the property was over 95% occupied and was nearly fully preleased for the Fall 2008 school year.

The Seller was represented by Pat Jones and Chris Bancroft of Apartment Realty Advisors. The Purchaser’s debt and equity were both placed through James Tramuto of CBRE Melody.

Globe St Article

The Dinerstein Companies sells 416-bed student property located at Sam Houston State University to SCI Real Estate Investments

Houston, Texas - Sterling University at the Junction, located in Huntsville, Texas, contained 160 units and 416 beds divided amongst six four-story buildings.

Sterling at the Junction is the second property the Dinerstein Companies have developed near SHSU in as many years. Construction was completed in August of 2006, and approximately 70% of the units were furnished, including a 42” plasma TV. Unit types included a townhouse-style floorplan featuring a loft.

The buyer elected to retain Sterling University Management as the onsite property management, due partly to the company's expertise in the local market, evidenced by the property's 96%+ occupancy at the time of closing.

The Seller was represented by Ryan Reid with CB Richard Ellis.

The Dinerstein Companies sells 450 bed student property located at the University of Missouri to SCI Real Estate Investments

Houston, Texas - Sterling University Providence, located in Columbia, Missouri, contained 138 furnished units and 450 beds divided amongst nine three story buildings.

Sterling Providence is located at the intersection of Providence Road and Buttonwood Drive. Construction was completed in August of 2006, and amenities included a 42” plasma TV in every unit. The property was over 96% occupied at the time of closing.

The Seller was represented by Ryan Reid with CB Richard Ellis.

UT apartments sell for about $24M

An Irving real estate company has purchased the recently completed Sterling University WestCamp.

JPI bought the 76-unit complex at 2704 Rio Grande Ave. from The Dinerstein Cos. of Houston. A purchase price for the Class A property was not disclosed but sources say the transaction was at or near the $24 million asking price.

Patton Jones, sales director in the Austin office of Apartment Realty Advisors, represented the seller. Jones says ARA works with a number of public and private investors that focus on student-housing projects.

"Our challenge was to identify a buyer that could get their arms around a property that costs more than $300,000 a unit," he says.

Jones says factors -- such as asset quality, proximity to the UT campus and an attractive cap-rate yield -- enabled ARA to generate several offers.

The 260-bed community includes amenities such as a resort-style swimming pool, state-of-the-art fitness center and tanning salon.

Construction on Sterling University WestCamp began in fall 2005 and residents began moving into the property in August 2006. The development was one of the first under the University Neighborhood Overlay approved by the city of Austin in late 2004. The overlay allows for greater density and fewer height restrictions in the area immediately surrounding the university.

Sterling University Housing sells 960 bed student property located at the Texas A&M University to SCI Real Estate Investments

Houston, Texas - Sterling University Village, located in College Station, TX, contained 292 units and 960 beds. The property was built in two phases; 840 beds were completed in 1998 and 120 beds were completed in 2001.

Sterling Village was one of Sterling’s first student housing developments and remained one of the company’s more successfully performing properties since its opening. The purchase is one of SCI’s first major endeavors into the student housing business.

The Seller was represented by Ryan Reid with CB Richard Ellis.

Sterling University Housing sells 960 bed student property located at the Texas A&M University to SCI Real Estate Investments

Houston, Texas - Sterling University Village, located in College Station, TX, contained 292 units and 960 beds. The property was built in two phases; 840 beds were completed in 1998 and 120 beds were completed in 2001.

Sterling Village was one of Sterling’s first student housing developments and remained one of the company’s more successfully performing properties since its opening. The purchase is one of SCI’s first major endeavors into the student housing business.

The Seller was represented by Ryan Reid with CB Richard Ellis.

Sterling University Housing sells 480 bed student property located at the University of South Carolina to Education Realty Trust (EDR) for $13.7 million

March 21, 2005

Houston, Texas - Sterling University Riverside, located in Cayce, South Carolina, contained 144 furnished units and 480 beds divided amongst ten three story buildings.

The property sold for $96,500 per unit or $28,500/bed. Sterling University Riverside was completed in August of 2002.