Campus Apartments’ $116M Student Housing Acquisition
- Sep 25, 2015
By Dees Stribling, Contributing Editor
Philadelphia—Campus Apartments has acquired three student housing properties totaling 1,707 beds, for an aggregate price of $116 million. The properties serve as off-campus housing for students of Texas A&M University, Syracuse University and Lehigh University.
“Each of these acquisitions provide value-add opportunity in a pedestrian-to-campus location,” noted Campus Apartments CIO Daniel Bernstein. “In today’s market, these types of investments have become increasingly difficult to find.”
The acquisitions include Meadows Point (pictured), a 628-bed, garden-style property in College Station, Texas; Campus Hill-Syracuse, a 695-bed scattered-site portfolio in Syracuse, N.Y.; and Campus Hill-Lehigh, a 384-bed scattered-site portfolio in Lehigh, Pa.
Philadelphia-based Campus Apartments is planning to reposition the properties through unit and common-area upgrades, as well as a rebranding program that will complement the physical improvements. The company said that the most significant repositioning will occur at Meadows Point, which will undergo a multi-million dollar renovation program to upgrade the kitchens and bathrooms in each of the units, as well as create a new clubhouse, fitness center and dog park.
The company has been buying an active buyer recently. In April, Campus Apartments and Clarion Partners closed the Campus-Clarion Student Housing Partners LP Fund with $402.9 million in equity commitments. The fund targets investments in university-related real estate through acquisition and development, both on- and off-campus, throughout the United States.