Campus Evolution Villages Acquires UA Property
- Nov 14, 2014
New York—Campus Evolution Villages LLC has acquired University Village, a housing property serving University of Alabama students in Tuscaloosa, Ala. The acquisition delivers an increase of more than 1,160 beds to the company portfolio.
Located near the heart of the university campus, University Village is also close to Bryant-Denney Stadium. It will benefit from an immediate initiation of campus-wide enhancements that the company believes will boost the resident experience.
Those improvements include enhancements in Internet speeds and delivery means, unit upgrades and a community-wide amenity improvement.
Campus Evolution Villages has been growing strategically since the company’s founding just more than two years ago, and today has more than 12,000 beds.
“Our focus has been on acquiring great assets in markets where we can bring our hands-on, student-centric brand to the forefront for an enhanced student experience and value creation for our partners,” Campus Evolution Villages’ chief executive officer Andrew Stark tells MHN.
Enrollment at the University of Alabama has been on a strong upward trajectory, rising more than 74 percent since 2000. Further growth at the nationally-acclaimed institution of higher learning is projected.
“University Village, now rebranded Campus Evolution Villages, is a beautiful asset sitting on over 35 acres, yet just a few minutes from the Bryant-Denny stadium and the center of campus,” Stark says. “Our acquisition was at an extremely attractive basis per bed and the repositioning provides a strong opportunity for the company.”
The acquisition’s only challenge was related to a question about the property’s ongoing competitiveness. “With some recent new deliveries in the market we had to make certain our occupancy and rental rates could continue to be supported,” Stark adds. “With extensive diligence we were able to support our initial thoughts and thesis.”
The transaction was completed in conjunction with New York City-based Elliott Management Corporation as part of a broader partnership between Campus Evolution Villages and Elliott in the student housing sector.
Stark reports the company is excited to add the property to its portfolio. “We spent a lot of time in the Tuscaloosa market, and with the strong academic reputation and enrollment growth of the university, we knew that we would bring our student-centric brand to the market when we found the right opportunity,” he says. “University Village, now to be branded Campus Evolution Villages, provides some of the largest apartments serving students of UA and Shelton State [Community College]. And with the great amenities package and our hands-on approach, we are excited for the future at this community.”
Concluded Evan Denner, chief investment officer of Campus Evolution Villages: “Our residents will have access to all of the great, useful and differentiating things that make living at Campus Evolution special.”