Campus Advantage Acquires 6 Student Housing Properties
- May 31, 2018
Campus Advantage has acquired six student housing properties as part of a joint venture with a major state pension fund. The portfolio includes properties near Auburn University (Evolve Auburn), Illinois State University (The Flats), University of Oregon (Uncommon Eugene), University of Tennessee (Evolve Knoxville) and the University of Washington (Identity and LIV).
The properties, which consist of recently constructed student housing by CA Student Living, contain a total of 714 units, and add 1,910 beds to Campus Advantage’s managed student housing holdings. Each property is within walking distance of its respective campus, and offers a variety of unit types, ranging from studios to five-bedroom/five-bathroom units.
Since 2007, Austin-based Campus Advantage has acquired more than $1.5 billion in student housing assets through its partnerships. The company has built its property portfolio of owned and managed properties to more than 34,000 beds.
Campus Advantage Plans Further Student Housing JVs
“This acquisition marks the end of a successful investment period on our joint venture, and we look forward to delivering strong returns to our partners,” said Michael Orsak, executive vice president of investment for Campus Advantage. “We also look forward to establishing new relationships.”
Campus Advantage will soon begin fundraising for a new joint venture to invest in more student housing assets. The venture is expected to be geographically diverse, according to the company.
Student housing is still popular with investors. They acquired about $7.7 billion worth of student housing properties last year, according to Real Capital Analytics, the second highest total for sales after 2016.