FM Capital Acquires Campus Evolution Villages
Located near Georgia Southern University in Statesboro, the 528-bed student housing community is slated for rebranding and enhanced amenities.
By Jeffrey Steele
FM Capital has acquired Campus Evolution Villages, a 528-bed student-life community in Statesboro, Ga., near Georgia Southern University. The property will be rebranded as The Vault at Statesboro. The acquisition is part of FM Capital’s ongoing initiative to actively acquire student housing properties in strong markets near or adjacent to universities with growing student populations.
“We generally look for growing universities with limited new supply,” FM Capital vice president of acquisitions Joe Fishman told MHN. “This asset fit that criteria. In addition, we also are hyper focused on basis and we believe if we own an asset at a low basis we can be competitive and flexible when implementing our value-add strategy.”
Envisioning a property that in its words will be “amenity rich,” FM Capital is planning enhancements to the asset. Added will be a new clubhouse/game room featuring game-viewing lounge seating, café seating, ping-pong and billiards tables.
In addition, FM Capital will create a cornucopia of new outdoor amenities, including a new hot tub, cabanas, fire pits and grill stations by the pool as well as a new dog park.
A new fitness center overlooking the pool will be built by next year, and a computer room and pair of private study rooms will be constructed next to the clubhouse.
“We liked the proximity to GSU and the area demographics,” Fishman said. “We will be spending our efforts on leasing and stabilizing the asset. We generally win our deals based on our reputation and the fact that we perform and execute in the agreed-upon timeline. This is a rehab play and we believe that our basis allows us flexibility to not have to stretch the numbers to make a deal work.”
The Vault at Statesboro is located a short walk away from a wide array of dining opportunities and retailing. Not much farther away are a variety of attractions including the Ted Smith Family Football Center and the MC Anderson Sports Complex.
“We capitalized on this opportunity and recognized the quality of this asset,” Fishman said. “With the growth of GSU, we knew it was the ideal fit for our portfolio approach and value-add strategy.”