Campus Apartments’ $116M Student Housing Acquisition
The company has acquired three student housing communities totaling 1,707 beds.
Meadows Point
By Dees Stribling, Contributing Editor
Philadelphia—Campus Apartments has acquired three student housing properties totaling 1,707 beds, for an aggregate price of $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,” noted Campus Apartments CIO Daniel Bernstein. “In today’s market, these types of investments have become increasingly difficult to find.”
The acquisitions include Meadows Point (pictured), a 628-bed, garden-style property in College Station, Texas; Campus Hill-Syracuse, a 695-bed scattered-site portfolio in Syracuse, N.Y.; and Campus Hill-Lehigh, a 384-bed scattered-site portfolio in Lehigh, Pa.
Philadelphia-based Campus Apartments is planning to reposition the properties through unit and common-area upgrades, as well as a rebranding program that will complement the physical improvements. The company said that the most significant repositioning will occur at Meadows Point, which will undergo a multi-million dollar renovation program to upgrade the kitchens and bathrooms in each of the units, as well as create a new clubhouse, fitness center and dog park.
The company has been buying an active buyer recently. In April, 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.
