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
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...