By Adina Marcut
American Campus Communities has entered an agreement to recapitalize and acquire a $560.6 million portfolio from Core Spaces and DRW Real Estate Investments. The portfolio includes seven student housing properties totaling 3,776 beds, as well as an exclusive option to purchase a 248-bed community located in Seattle.
The portfolio includes the acquisition of two existing communities, two communities opening this fall and three under-construction projects slated to open in fall 2018. The properties are:
- Hub Eugene, a 513-bed student housing property located adjacent to the University of Oregon, in the heart of Eugene, only a short walk to downtown. Built in 2015, the development offers 8,300 square feet of rooftop amenity space, a rooftop swimming pool with hot tub, sun deck and lounge area, an outdoor gaming area, rooftop sand volleyball court, rooftop fire pit, barbecue grills, golf simulator, multimedia area and a 24-hour state-of-the-art fitness center.
- State is a 665-bed property serving the Colorado State University. Common-area amenities include a 24-hour fitness center, 24-hour multimedia room, barbecue grilling station, swimming pool with hot tub and sun deck, outdoor courtyard with fire pits and sand volleyball court. Built in 2013, State community is also pet friendly.
- The James, an 850-bed community, which is scheduled to open in fall 2017, is located near the University of Wisconsin. The student housing development will offer students unit amenities such as fully equipped kitchens, leather-style sofa, private bedrooms and bathrooms, walk-in closets, full-size washer and dryer and individually locking bedroom doors. Common-area amenities include a state-of-the-art fitness center, outdoor meditation garden, spa with steam room, rooftop pool with hot tub, sun deck and lounge seating, outdoor study terrace, six outdoor TVs with picnic tables, barbecue grilling stations, recreation center with billiards and ping pong, multimedia area and outdoor study terrace.
- Hub U District Seattle is a 248-bed community serving the University of Wisconsin. Amenities include an outdoor lounge, 10 private dining areas, fireplace and TV area, outdoor gaming area with billiards, ping pong and foosball, outdoor hot tub and private study pods. Additionally, Hub U District Seattle offers a 350-square-foot private conference theater, 800-square-foot communal study room and 1,000-square-foot, state-of-the-art fitness center.
- Hub Ann Arbor, Hub West Lafayette and Hub Flagstaff are the three projects that are scheduled for delivery in Fall 2018, totaling 1,500 beds. The properties are located near the University of Michigan, Purdue University and Northern Arizona University, respectively.
“The properties we have strategically selected in this portfolio are located in Power-5 conference and state flagship university markets that meet the highest levels of our investment criteria of differentiated products in close proximity to campus in submarkets with high barriers to entry,” Bill Bayless, American Campus Communities CEO, said in a statement. “With the implementation of our operating platform across the portfolio, we should achieve meaningful accretion in asset value as well as additional operational efficiencies within the five markets where we have existing properties.”
Images courtesy of American Campus Communities