The Woodlands at Statesboro Caters to Growing Student Housing Demand at Georgia Southern University
Campus Advantage, a leading student housing company, has closed on its first acquisition under its formally announced second joint venture with the California State Teachers’ Retirement System (CalSTRS).
The property, The Woodlands at Statesboro, serves the students of Georgia Southern University and is located in Statesboro, Ga. Exclusively consisting of two-bed/ two-bath units, the property includes 184 units and 368 beds and is 99 percent occupied. The property is within easy walking distance to the university and includes amenities such as a clubhouse, swimming pool, fitness center, basketball and sand volleyball courts, business center and a billiards room. In addition, units feature washer/dryer, crown moldings, walk-in closets, track lighting and a breakfast bar.
The Woodlands at Statesboro is the first property acquired under the $75 million second round commitment that CalSTRS has made with Campus Advantage. CalSTRS is one of the nation’s largest state pension funds. CalSTRS’ investment manager for its investment in the venture is Heitman Capital LLC.
The California pension fund first teamed with Campus Advantage in a $100 million partnership back in 2007, which was fully placed in December 2011. The first venture successfully acquired seven properties totaling more than $193 million in student housing and encompassing 4,749 beds.
“We are excited to add The Woodlands to a strong portfolio of leading student housing communities nationwide,” said Michael Orsak, senior vice president of investments for Campus Advantage. “This property serves a university that is seeing tremendous growth in its enrollment, which means there is great demand for student housing. The Woodlands two-bed/ two-bath unit offerings, small community feel and pedestrian access to campus creates a property that is perfectly positioned to deliver great returns on the investment.”
CalSTRS is the largest teachers’ pension fund and the second largest public pension fund in the United States. Serving educators teaching at public schools, CalSTRS’ portfolio is valued at $155.4 billion. Its investment advisor, Heitman, is headquartered in Chicago and it manages approximately $26 billion in real estate investments in North America, Europe and Asia-Pacific
Campus Advantage operates 51 student housing communities across 19 states with a total bed count of more than 26,000.