Saban Adds Over 12,000 Beds to Portfolio with Acquisition of 19 Student Housing Communities

Saban Adds Over 12,000 Beds to Portfolio with Acquisition of 19 Student Housing Communities

LOS ANGELES, CA - Saban Real Estate, in partnership with Campus Advantage, has completed the acquisition of nineteen student housing communities from American Campus Communities in a transaction valued at $508 million. The 12,083-bed portfolio includes properties serving students at Penn State University, Michigan State University, Louisiana State University, University of Missouri, University of Indiana, University of South Carolina, University of Alabama, Florida State University, University of Alabama-Birmingham, East Carolina University and Western Michigan University.

With this acquisition, Saban and CA collectively own and/or operate a portfolio of over 35,000 beds across 40 universities, making them the 4th largest owner/operator of off-campus, purpose-built student housing communities in the US.

“We’re excited to partner with Campus Advantage, one of the industry pioneers in student housing and to once again work with American Campus Communities in the acquisition of a significant portfolio of well-located, institutional quality student housing properties,” said Philip Han, Chief Investment Officer at Saban Real Estate. “We are confident that together with Campus Advantage, we will be able to continue the legacy of quality ownership that American Campus Communities is known for and look forward to delivering an unsurpassed housing experience for all of our student residents.”

CA will take over management from ACC in three phases during the next five months as well as implement a capital investment plan of approximately $30 million to reposition and rebrand the properties. Today, CA assumed management on the first phase of assets which include eight tier one university student housing properties for the University of Missouri, Louisiana State University, and the University of Alabama.

“We are excited about the opportunity to once again work with American Campus Communities with whom we’ve done three previous acquisitions and to partner with Saban Real Estate in building a platform for future acquisitions,” said Mike Peter, President and CEO for Campus Advantage. “As one would expect from a first class operator such as American Campus Communities, these were well run, well maintained assets. The properties will benefit from a fresh set of eyes, new programs, upgraded amenities, and approximately $30 million in capital improvements that will provide enhanced, supportive communities for students. I am also proud to say that, with this transaction, CA has become one of less than a handful of privately-held companies in its industry to acquire over $1.2 billion in portfolio assets.”

“We are proud to partner with one of the top student housing operators in the country, on acquiring this significant portfolio,” said Bowen Hsu, Managing Director for Saban Real Estate. “We look forward to a long and prosperous relationship with Campus Advantage as we grow our investment platform together.”

Saban and CA were represented by Holliday Fenoglio Fowler in securing financing from Fannie Mae. HFF’s debt placement team was led by directors Robert Wooten and Casey Wenzel.

Source: Saban Real Estate / #Student #Housing

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