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
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
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...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...