Source: Inland American / #Student #Housing
OAK BROOK, IL - Inland American Communities, a wholly owned subsidiary of Inland American Real Estate Trust, Inc., announced that it has entered into a partnership with an Oregon-based development company and investors on a student housing development, University House Arena District, at the University of Oregon in Eugene, Ore.
Located within one quarter mile from the University of Oregon’s campus, the property is projected to open in fall 2013 and will add 244 beds to IAC’s existing student housing portfolio, which currently includes over 5,000 beds. The new partnership structure also provides IAC with a significant equity stake, a preferred equity return and an exclusive purchase option upon stabilization.
“The University House Arena District asset aligns with our strategy to double the size of our student housing portfolio through the development and acquisition of best-in-class properties in diversified markets,” said Travis Roberts, president of Inland American Communities. “The partnership with leading Oregon based developer provided an attractive option for entering this high barrier-to-entry market, and we look forward to the successful completion of this project.”
Inland American Communities Group, Inc. (IAC) is a development, acquisition and management firm dedicated to the creation of authentic communities in urban-infill and university markets across the United States. IAC was formed in 2007 as a wholly-owned subsidiary of Inland American Real Estate Trust, Inc. The company is headquartered in Dallas.