Yugo Acquires Campus Advantage
The deal will expand Yugo's portfolio to 40,000 beds across 28 states.
Yugo has acquired Campus Advantage, a U.S. student housing property management business and real estate investment management firm. Campus Advantage will become part of Yugo U.S., bringing over 430 new team members into the fold.
TD Securities acted as adviser to Yugo and the broader Dot Group. Greenberg Traurig and PWC provided legal and tax advice.
After the acquisition, Yugo’s portfolio will comprise 88 properties totaling about 40,000 beds and will span 22 states. The firm also plans to introduce its technology platform and commercial partnerships in the U.S., aiming to improve operational standards across its portfolio.
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Campus Advantage Founder Mike Peter will be CEO of Yugo U.S. effective immediately, while Jim Sholders will be joining as Yugo U.S. President and will lead the operational team. Previously, Sholders worked as CEO and COO at Campus Life & Style.
Campus Advantage owned 43 communities across 22 states. Earlier this year, the firm sold The Beacon, a 180-unit, 576-bed student housing property in Auburn, Ala., to Tailwind Group.
Student housing sector remains steady
The student housing sector continued to perform well, according to the latest Yardi Matrix student housing report. Across Yardi 200 schools, preleasing reached 89.9 percent as of July for the next academic year, 170 basis points ahead of the same month last year.
However, more than 80 universities saw rents drop year-over-year, up from 73 last month. Most of these schools have new student housing projects recently completed or set to open soon. The average advertised asking rent as of July was $905 per bed, down $4 month-over-month.
