By Dees Stribling, Contributing Editor
Newark, Del.—Campus Living Villages (CLV), a specialist in student housing, has completed the refinancing of Studio Green, a 704-unit, off-campus residential property near the University of Delaware that it recently redeveloped. The CLV refinancing staff worked with C-III Capital Partners on the transaction. The refinance brings to a conclusion CLV’s refinancing program, which included 16 on-campus UD assets in March 2011 and the $38 million refinance of Illini Tower, serving the University of Illinois Urbana Champaign, in July 2011.
CLV began the redevelopment of Studio Green in the summer of 2009, eventually putting $6 million into what it termed a “formerly neglected property.” In 2011, Studio Green was named the country’s “Best Turnaround Project” by Student Housing Business, a national trade publication that covers Student Housing trends.
The changes that CLV made to the property included replanting a green space to increase its tree canopy, plus the addition of a club house and recreation area featuring an indoor basketball court, yoga studio, fitness center, game room, screening room with surround sound, outdoor lounge and saltwater lap pool. Besides an all-around improvement of the property, the goal of the redevelopment was to foster a healthy lifestyle for its student and university-affiliated residents, CLV global CEO Martin Earp says.
Earp adds that the company is continuing to look for acquisition and management opportunities. “When considering new developments or acquisitions, our preferred model is to develop on-campus properties, where there’s a clear market demand, working in close partnership with universities and colleges to achieve their housing goals,” he tells MHN. “When considering management contract opportunities, CLV is open to working with a variety of partners, both educational institutions and third party, either on- or off-campus.”
The company has also sold Waterview Court, a 120-unit multifamily complex in the Wilmington suburb of Claymont that it bought in 2008. The company declined to specify the property’s sale price, but did note that it originally bought Waterview Court as a parcel with Studio Green, and never intended it to be a permanent part of the CVL portfolio.