Strategic Student & Senior Housing Trust enters $63M sale of last student housing property; Q3 NOI +$0.3M

Strategic Student & Senior Housing Trust, Inc.

Sale price for Fayetteville, AR student housing property is approx. $63M; expected to close Jan 2024.
Net proceeds will repay $29.5M mortgage and $25.8M KeyBank Bridge Loan (total ~$55.3M) and add working capital.
Buyer is a joint venture (95% Walton Street Capital affiliate, 5% sponsor affiliate); sponsor affiliate to manage property.
Senior living occupancy rose to ~93% at Sep 30, 2023 from ~91% at Jun 30; student housing occupancy ~99%.
Q3 2023 vs Q3 2022: property revenues +$0.8M, expenses +$0.5M, NOI +$0.3M; distribution of gain expected late 2024.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Strategic Student & Senior Housing Trust, Inc. entered into Fayetteville Sale Agreement with W-S 376 Watson Owner IX, L.P. valued at approximately $63 million (effective 2023-11-27).

Action: entry
Agreement: asset purchase
Counterparty: W-S 376 Watson Owner IX, L.P.
Value: approximately $63 million
Effective: 2023-11-27

Exact text from the filing

On November 27, 2023, a subsidiary of Strategic Student & Senior Housing Trust, Inc. (the “Registrant”) executed an agreement of purchase and sale (the “Fayetteville Sale Agreement”) with W-S 376 Watson Owner IX, L.P. (the “Buyer”) for the sale of the Registrant’s student housing property located in Fayetteville, Arkansas

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Strategic Student & Senior Housing Trust, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-067213

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