Two Baton Rouge student housing complexes have sold as part of a large portfolio purchase by American Campus Communities Inc. in a deal valued at $862.8 million.
American Campus, the largest owner, manager and developer of high-quality student housing properties in the U.S., purchased the student housing properties from Kayne Anderson Capital Advisors, L.P affiliates. The Cottages of Baton Rouge and U Club Cottages comprise a total of 12,049 beds, including 366 beds at expansion of an existing complex (expected to be completed in third quarter 2013). The deal, which just recently closed, includes in its purchase price $395.8 million of outstanding mortgage debt.
Located at 777 Ben Hur Road, The Cottages of Baton Rouge is a 1,290-bed student housing complex near Louisiana State University. The gated community features high-end amenities such as a 24-hour fitness center, 24-hour computer center equipped with iMacs, pcs and complimentary printing, Wi-fi Hotspots, two-story clubhouse out decked with television sets, billiards, foosball, shuffle board, etc. Other amenities include a swimming pool, poolside cabana, poolside jumbo screen, sundeck, barbeque grills, outdoor fireplace, hammock garden, barbeque grills and free tanning service. Outdoor amenities include recreational green spaces, walking and fitness trail, ponds and lakes, a catch and release lake, sandy volleyball court and tennis court. The community is pet friendly, and includes pet washing stations. Individual units feature granite kitchen countertops, stainless steel appliances, full-sized refrigerators, walk-in closets, full-sized washer and dryer and air conditioning in each room.
5689 River Road, U Club Cottages, formerly known as Aspen Heights, is a 308-bed student housing complex that is also adjacent to the Louisiana State University campus. The card-controlled access community features a fitness center, computer center, media room, study area with conference room, on-site maintenance and on-site management. Complimentary tanning, a swimming pool, hot tub, BBQ pavilion and porch swings are also available at the pet-friendly community. Units feature walk-in closets, full-sized refrigerators, granite kitchen countertops and dishwashers.
“These assets represent an exceptional opportunity to increase our asset base with high-quality properties and locations in Tier 1 university markets,” said American Campus CEO Bill Bayless in a press release.
Photo courtesy of Aspen Heights’ Facebook profile