AUBURN, AL - Walker & Dunlop announced that it structured $24,500,000 for Two21 Armstrong, a 390-bed student housing property adjacent to Auburn University Auburn, Alabama.
The Walker & Dunlop team was led by Livingston Hessam, Jeremy Pino, and Kyle Miller, of the company's Capital Markets group, as well as HUD experts, Keith Melton and David Strange. Leveraging their vast network of diverse capital sources, which exceeded 300 in 2017, the team identified a life insurance company to provide financing for the property.
Two21 Armstrong represented an irreplaceable investment opportunity and garnered competitive rates from lenders thanks to its unmatched location, high demand for housing, and constrained supply. Auburn University comprises nearly 30,000 students, over 5,000 faculty and staff, and is situated on 1,841 acres. The institution has a tremendous economic impact in the City of Auburn, and as demand for student housing continues to grow, high quality infill properties such as Two21 Armstrong are becoming increasingly crucial.
Mr. Hessam stated, "We were thrilled to win this high-profile assignment and put our broad network of capital to work for the sponsor. The property was well-received by the capital markets and we were able to provide competitive proceeds thanks to the property's quality, excellent location, and the area's promising growth."
Located just two blocks away from Auburn University's main campus and next to a Tiger Transit stop, Two21 Armstrong is a three-story, 156-unit student housing community. Units include balconies with storage space, fully-equipped kitchens with granite countertops, walk-in closets, and in-unit washers and dryers. The property also boasts a premium amenity package, complete with a large pool, fitness center, billiards room, grilling stations, complimentary coffee bar, on-the-go breakfast offering, and community bikes.