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Brickstone Partners, Deutsche Recapitalize Student Housing

Brickstone Partners and Deutsche Finance America have recapitalized of The Lodge at Boulder, a 220-unit, 355-bedroom student housing complex near the University of Colorado campus in Boulder.

Brickstone Partners purchased The Lodge property more than three years ago and began large scale renovations of many of the units and common spaces. The new partnership plans to complete renovations to the remaining unit interiors and finalize upgrades to the clubhouse, leasing office and mechanical systems.

The recapitalization of The Lodge marks the second joint investment between Deutsche and Brickstone. The first was the LakeHaus, a 200-unit luxury apartment community under construction in the Lake Calhoun neighborhood of Minneapolis.

To date, Deutsche has invested approximately $50 million with Brickstone and in 2019-20 they plan to invest $100 million of additional equity, primarily focused on an opportunistic student housing platform. Brickstone Partners is a real-estate investment and development firm operating in Colorado and Minnesota.

“I am looking forward to continuing our partnership with Brickstone and Dan Otis,” said Jason Lucas managing partner for North America of Deutsche. “The Lodge at Boulder offers our LP investors exposure to an asset in a premier university market with high barriers to entry.”

 

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