{"id":12869,"date":"2024-02-01T15:47:23","date_gmt":"2024-02-01T10:17:23","guid":{"rendered":"https:\/\/www.universityliving.com\/blog\/?p=12869"},"modified":"2024-02-01T17:56:03","modified_gmt":"2024-02-01T12:26:03","slug":"beachrock-sells-chamberlain-place-pbsa-to-apollo","status":"publish","type":"post","link":"https:\/\/www.universityliving.com\/blog\/student-housing-news\/beachrock-sells-chamberlain-place-pbsa-to-apollo\/","title":{"rendered":"Beachrock sells Chamberlain Place PBSA to Apollo"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.universityliving.com\/blog\/student-housing-news\/beachrock-sells-chamberlain-place-pbsa-to-apollo\/#Key_Highlights\" >Key Highlights:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.universityliving.com\/blog\/student-housing-news\/beachrock-sells-chamberlain-place-pbsa-to-apollo\/#News_in_Detail\" >News in Detail:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.universityliving.com\/blog\/student-housing-news\/beachrock-sells-chamberlain-place-pbsa-to-apollo\/#Summary\" >Summary:<\/a><\/li><\/ul><\/nav><\/div>\n\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"12869\" class=\"elementor elementor-12869\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2e2e87c7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2e2e87c7\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c62bf4e\" data-id=\"c62bf4e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-606be97e elementor-widget elementor-widget-text-editor\" data-id=\"606be97e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<h2><span data-preserver-spaces=\"true\">Key Highlights:<\/span><\/h2>\n<ul>\n<li><span data-preserver-spaces=\"true\">Beachrock sold Chamberlain Place&#8217;s purpose-built&nbsp;<a href=\"https:\/\/www.universityliving.com\/united-kingdom\/city\/birmingham\" target=\"_blank\"><b>student accommodation in Birmingham<\/b><\/a>&nbsp;to Apollo Global Management for \u00a332.5 million.&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The 209-bed property across from&nbsp;<a href=\"https:\/\/www.universityliving.com\/united-kingdom\/birmingham\/u\/aston-university\" target=\"_blank\"><b>Aston University<\/b><\/a>&nbsp;reflects a 5.75% net initial yield or \u00a3142,000 per student bedroom.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Chamberlain Place amenities include a gym, lounge areas, study spaces, a cinema, a dining room, laundry, and bike storage.&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The Grade II listed building was acquired and developed in 2023 by the Birmingham Property Group.&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Expert James Pullan says the deal shows a strong institutional appetite for quality student housing assets as funding volatility reduces.<\/span><\/li>\n<\/ul>\n<h2><span data-preserver-spaces=\"true\">News in Detail:<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Beachrock, a UK student housing consultant, sold Chamberlain Place, a Birmingham-based purpose-built student accommodation (PBSA), to Apollo Global Management. The global investment firm bought the property for \u00a332.5 million. With 209 beds, the sale price indicates a net original yield of 5.75% or \u00a3142,000 per student bedroom.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Chamberlain Place sits across from Aston University and houses 209 students within its Grade II listed building. It sports a gym, common lounges, study spaces, a cinema lounge, a private dining hall, and laundry facilities. Bike storage for residents is also offered.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Birmingham Property Group initially bought and developed Chamberlain Place in 2023 before Beachrock took ownership. Homes, the student accommodation provider, currently manages the student housing plan for students.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">James Pullan, a Beachrock partner, says the sale shows solid institutional investment interest in high-quality PBSA. Further, the demand for student housing outweighs the supply. Pullan anticipates increased investor confidence due to expected lower interest rates, predicting more deals in Q2 2024 amidst decreasing funding volatility.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Summary:<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Beachrock sold Birmingham&#8217;s 209-bed student housing property, Chamberlain Place, to Apollo Global Management for \u00a332.5 million. Developed in 2023, this purchase indicates a significant institutional tendency towards secure, quality student housing assets. Pullan suggests the sale reflects the possibility of more PBSA sales in 2024 as we see a drop in interest rates.<\/span><\/p>\n<p><\/p>\n<p><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Key Highlights: Beachrock sold Chamberlain Place&#8217;s purpose-built&nbsp;student accommodation in Birmingham&nbsp;to Apollo Global Management for \u00a332.5 million.&nbsp; The 209-bed property across from&nbsp;Aston University&nbsp;reflects a 5.75% net initial yield or \u00a3142,000 per student bedroom. Chamberlain Place amenities include a gym, lounge areas, study spaces, a cinema, a dining room, laundry, and bike storage.&nbsp; The Grade II listed [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":12880,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[983],"tags":[],"class_list":{"0":"post-12869","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-student-housing-news"},"_links":{"self":[{"href":"https:\/\/www.universityliving.com\/blog\/wp-json\/wp\/v2\/posts\/12869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.universityliving.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.universityliving.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.universityliving.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.universityliving.com\/blog\/wp-json\/wp\/v2\/comments?post=12869"}],"version-history":[{"count":0,"href":"https:\/\/www.universityliving.com\/blog\/wp-json\/wp\/v2\/posts\/12869\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.universityliving.com\/blog\/wp-json\/wp\/v2\/media\/12880"}],"wp:attachment":[{"href":"https:\/\/www.universityliving.com\/blog\/wp-json\/wp\/v2\/media?parent=12869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.universityliving.com\/blog\/wp-json\/wp\/v2\/categories?post=12869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.universityliving.com\/blog\/wp-json\/wp\/v2\/tags?post=12869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}