Asset Campus Housing Inks First Contract in Canada
The centrally located Parc Cité in Montreal was completed in 2014, and serves McGill University students.
By Bogdan Odagescu
Parc Cite, Montreal
Montreal—Kayne Anderson Real Estate Advisors and Campus Suites recently chose Houston-based Asset Campus Housing to manage the 280-bed Parc Cité, an off-campus student housing community in Montreal. The deal marks the management company’s first Canadian contract.
Located at 3440 Avenue du Parc, the community was completed in 2014, and serves students attending McGill University and other nearby schools. Situated within walking distance from several dense retail corridors and shopping centers, Parc Cité features fully furnished units, study rooms, 24-hour fitness center, high-speed internet and free bicycle parking, as well as an on-site Tim Hortons coffee shop.
The building is located within a 10-minute walk from the McGill University campus and within a 15-minute bus ride from both Concordia and Quebec universities. Place-des-Arts, the closest metro station, is also closeby.
“We are always looking for opportunities to expand our international presence,” said Ryan McGrath, president of Asset Campus Housing, in a prepared statement. “Parc Cité gives us a chance to build on our partnership with Kayne Anderson and Campus Suites.”
With a portfolio of more than 250 properties in the U.S. adding up to roughly 113,500 beds, Texas-headquartered Asset Campus Housing is the nation’s largest third-party student housing management company in the nation. An affiliate of Asset Plus Cos., the firm was established in 1986 and became a separate entity in 1998. In 2016, the National Multifamily Housing Council rated Asset Plus Cos. as the country’s 17th largest apartment management provider, with a portfolio of 56,357 units.
Other recent transactions for Asset Campus Housing include its March acquisition of a 316-bed community near Texas State University with Alex. Brown Realty Inc.
Image via Google Street View
