Welcome!

News Feed Item

Joint Venture Between Calidus, Pebb Capital & Pragma Investments Purchases Over 3,100 Beds In A $43.5 Million Acquisition Of Student Housing

Deal one of the largest by a non-REIT in 2014

WEST PALM BEACH, Fla., Sept. 3, 2014 /PRNewswire/ -- The newly formed joint venture between Calidus, Pebb Capital and Pragma Investments announced today that it purchased  3,155 beds at Florida State University, a four-year public university  in Tallahassee, FL. The new company, Collegium Capital Partners ("Collegium"), paid $43.5 million for the beds and has set aside capital for a multi-million dollar renovation of the properties.  CCRE, a commercial real estate finance company affiliated with Cantor Fitzgerald L.P., provided the acquisition financing as part of its new bridge lending program.  The deal closed August 7, 2014 and is one of the largest acquisitions by student housing bed count so far this year.

There are approximately 10,000 on-campus student beds and 30,000 off-campus, purpose-built student beds in Tallahassee, a city that has over 70,000 students. 

"This acquisition not only makes us one of the largest student housing providers in the Tallahassee market, it also is indicative of our willingness to tackle extremely complicated value-add projects," said Benjamin Macfarland, Chief Investment Officer of Calidus, and President of Collegium. "This is a great example of our focus to seek out new acquisitions with solid cash flow at an exceptionally low basis to give our investors the ability to make a great return."

The joint venture teams up three premier investors and operators of U.S.-based commercial real estate headquartered in Palm Beach County.  Each member of the venture brings a particular skill set to the group. Calidus provides underwriting and asset management; Pebb brings capital, debt and equity resources; and Pragma oversees capital improvements and rebranding efforts.  Collegium selected Peak Campus Management to provide full-service property management for the portfolio.  With this management contract, Peak will manage nearly 35,000 beds nationwide.

"This acquisition will bring the Collegium student housing portfolio to approximately 6,000 beds with three additional closings scheduled for the second half of this year," said Todd Rosenberg, CEO of Pebb Capital. "Our plan is to help Collegium achieve its goals with a sophisticated, dedicated capital source to grow its holdings into one of the largest privately held student housing portfolios in the country."

Calidus Holdings (www.calidus.co) owns and manages U.S.-based commercial real estate assets working with some of the most prestigious family offices in Palm Beach, institutional investors and Wall Street lenders. Formed in 2011 Calidus its principals, Jonathan Cameron-Hayes and Benjamin Macfarland have closed over $125,000,000 in real estate deals in the last twelve months primarily in student housing, self storage, and office assets in multiple markets.  The Calidus team is well established to identify, underwrite, and asset manage all types of real estate and report to the standards of large financial institutions.

Pebb Capital (www.pebbcapital.com) is a real estate private equity platform started in 2014 by Jeff and Todd Rosenberg, real estate developers and owners of approximately 2 million square feet of office and retail, over 200 acres of residential land and a combined 50 years of commercial real estate experience.  Joined by Ian Horowitz, a former hedge fund trader and Carlos Jimenez a former commercial real estate banker, Pebb Capital leverages this combination of experience partnering with best in class sponsor relationships and co-investing in a wide variety of asset classes and geographies.  The platform's goal is to invest the family's capital across a diversified investment portfolio with the predominance being invested in real estate.  Since its inception in March 2014, Pebb Capital has already formed multiple joint ventures and closed approximately $100,000,000 in real estate transactions.  Given the existing portfolio cash flow and liquidity, Pebb Capital continues to seek similar strategic partners to grow its holdings.

Pragma Investments (www.pragmainvestments.com) focuses on the acquisition of undervalued student housing properties that can be re-adapted to a unique college lifestyle brand of student housing that maximizes value by capturing the rapidly growing college market. Pragma's acquisition focus is on growing state universities. The principals of Pragma have completed over $500 Million in real estate transactions, value-add management, and maintain strong relationships with its targeted universities.

Peak Campus Management (www.peakcampus.com) is an institutional-grade property management company based in Atlanta, Georgia, focused exclusively on the student housing space.  The Company's seasoned professionals offer the strategies and proven ability to execute on the goals and long term investment strategies for a diverse and growing number of real estate investors.  Peak Campus Management currently oversees 66 assets at nearly 35,000 beds, with a combined valuation of nearly $2 billion for investors nationwide.  For more information on Peak Campus and its full array of real estate solutions, please visit www.PeakCampus.com.

SOURCE Calidus Holdings

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...