PHILADELPHIA, PA - Campus Apartments has acquired three student housing communities, totaling 1,707 beds, for a reported $116 million. The properties serve as off-campus housing for students of Texas A&M University, Syracuse University, and Lehigh University.
“Each of these acquisitions provide value-add opportunity in a pedestrian-to-campus location,” said Daniel Bernstein, Executive Vice President and CIO of Campus Apartments. “So, you’re really getting the best of both worlds – value creation opportunity as well as downside protection. While each asset is unique, this is the common theme. In today’s market, these types of investments have become increasingly difficult to find.”
The acquisitions include Meadows Point, a 628-bed, garden-style property located in College Station, TX; Campus Hill – Syracuse, a 695-bed scattered-site portfolio in Syracuse, NY; and Campus Hill – Lehigh, a 384-bed scattered-site portfolio in Lehigh, PA.
Campus Apartments is planning to reposition these assets through apartment and common area upgrades, as well as a rebranding program that will complement the physical improvements. The most significant repositioning will occur at Meadows Point which will undergo a multi-million dollar renovation program that will include upgraded kitchens and bathrooms in each of the units as well as a new clubhouse, fitness center and dog park.
In April 2015, Campus Apartments and Clarion Partners closed the Campus-Clarion Student Housing Partners, LP Fund with $402.9 million in equity commitments. The Fund targets investments in university-related real estate through acquisition and development, both on- and off-campus, throughout the United States.
Source: Campus Apartments / #Student #Housing