Campus Advantage Acquires Auburn Student Housing Community
- Jan 26, 2016
Eagles Reserve marks the company’s 10th and final acquisition of a joint venture with a major state public pension fund. The pension fund partner reinvested an additional $150 million in equity with Campus Advantage, upon completion. This brings the total equity raised by Campus Advantage to $475 million in all joint ventures to date.
“We have more than eight years of experience successfully investing with institutional partners and have acquired more than $650 million in properties in the student housing industry,” Mike Peter, president & CEO of Campus Advantage, said.
Located in the highly regarded Southeastern Conference market, close to Auburn University, Eagles Reserve comprises a total of 576 beds. The apartments offer two-, three- and four-bedroom floorplans with prices starting at $450 per month. The student housing facility features a variety of amenities, including a 24-hour fitness center, outdoor fireplace, sand volleyball court, complimentary coffee bar, pet friendly policy, computer lab and study room.
“We are excited about the future for Eagles Reserve,” added Michael Orsak, senior vice president of investments for Campus Advantage. “This is an asset that provides a strong and stable returns for investors. The property now has new interior units and quality amenities in an existing structure. This allows us to offer attractive rents relative to a number of the newly built student housing properties in the market.”
Campus Advantage anticipates acquiring six additional student housing properties in 2016, which will expand its portfolio of more than 40 properties in 22 states.
Images courtesy of Eagles Reserve