The current property manager will retain a minority equity position in the property.
A joint venture between Connor, Clark & Lunn Infrastructure and Bestinver Infra has acquired a majority interest in Northside, a 1,200-unit student housing community in Richardson, Texas, a Dallas submarket.
The partnership acquired the entirety of the interest owned by funds managed by Tikehau Capital North America. Balfour Beatty is the current property manager and is retaining a minority equity ownership stake in the asset.
Agentis Capital served as financial advisor, White & Case LLP as legal counsel, Deloitte as accounting and tax advisor, while Infrata served as technical advisor to the buyer. Bestinver acquired the ownership though its Fund II.
A four-phase student development
Northside came online in four phases between 2016 and 2021. Located at 3000 Northside Blvd., the property is within walking distance of the University of Texas at Dallas. Downtown Dallas is 18 miles away, while the DFW International Airport is within 26 miles southwest…