PAOLI, PA — TSB Realty, LLC successfully completed the sale of The Next at ODU, a 307-unit, 909-bed purpose-built student housing property located next to Old Dominion University in Norfolk, Virginia. The Michaels Organization sold the asset to Saxum Real Estate.
“The Next provided a unique opportunity to own the only purpose-built student housing property in the Norfolk market,” said Timothy S. Bradley, a principal with TSB Realty and the founder of TSB Capital Advisors. “Not only does it offer a deluxe amenities package and an irreplaceable location, but The Next also benefits from strong relationships with both ODU and nearby Bryant & Stratton College.”
Delivered in 2010, The Next at ODU features top-of-the-line unit finishes and luxurious community amenities unparalleled in the market. Residents have access to a resort-style pool and spa, 24-hour fitness center, free tanning, a clubroom, a business center, an ODU shuttle to campus, and more. In-unit highlights include modern appliances, wood plank flooring in common areas, washer and dryer, and full bed-to-bath parity throughout.
The Michaels Organization, a national leader in residential real estate, with full-service capabilities in development, property management, finance and construction, entered the student housing market in 2010. Since then, Michaels Student Living has developed both on- and off-campus student living communities and manages more than 23,000 beds for its own portfolio and University partners through fee-manage partnerships.
Saxum Real Estate is a privately held investment and development firm with offices in New Jersey, Texas and Pennsylvania. Saxum’s development pipeline and projects are national in scale, including industrial, multifamily, office, mixed-use and student housing asset classes ranging from adaptive reuse to ground-up development. The firm includes 25 professionals with an investment portfolio exceeding 6 million square feet across 35 assets and totaling over $1 billion in investment capitalizations.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. Since inception in 2014, the Paoli, Pennsylvania-based firm has closed nearly $7 billion in student housing sales for a diverse client base, encompassing more than 50,000 beds from tier 1 markets to tertiary markets.