Student Housing Leader Takes Over Five Properties
AUSTIN, TX–(Marketwired – April 03, 2017) – Campus Advantage®, a leader in student housing, providing property management, consulting, acquisitions, and development services, today announced the takeover of five student housing properties near University of Alabama Birmingham, Florida State University, Indiana University, Michigan State University and Western Michigan University. This is the third and final phase of its 19-property investment with Saban Real Estate, a subsidiary of Saban Capital Group.
Campus Advantage announced a collaboration with Saban Real Estate and a three-phased acquisition plan for a 19-property American Campus Communities (ACC) portfolio in November 2016. Phase one, which included eight tier one university student housing properties, closed in November, and phase two which included six university student housing properties closed in January.
“We are very excited to bring our proven expertise in student housing management and time-tested approach to creating better living experiences to this third set of properties and residents,” said Mike Peter, President and CEO of Campus Advantage. “Because of our three-phased take over approach, we’ve been able to really focus on one group of properties at a time, ensuring there’s a smooth transition of assets as well as time to address staffing needs and any capital improvements that need to be made to the properties. We look forward to creating enhanced, supportive communities for the students at these properties.”
Since its initial investment announcement in November, Campus Advantage has been deploying capital and working with an interior design company to plan clubhouse and unit upgrades for the first phase properties. This includes student housing properties for the University of Missouri, Louisiana State University, and the University of Alabama. Currently in the decision-making phase, these upgrades include interior design, flooring, furniture and reconstruction as well as internet and technology-based upgrades. Property-specific upgrades continue to be assessed and will occur on a property-by-property basis.
Through programmatic joint ventures, Campus Advantage has built its property portfolio of owned and managed properties to ~30,000 beds, making Campus Advantage the sixth largest owner/operator in the United States. This investment further builds upon the Company’s dedication to provide rewarding living, learning, and career experiences. This dedication to residence life combined with an integrated marketing approach results in a nearly 97% occupancy rate, industry-leading resident renewal rates, and low maintenance costs thanks to satisfied residents.
About Campus Advantage
Campus Advantage® is an Austin-based real estate firm fostering financially prosperous higher education student housing communities through its management, development, acquisition, and consulting services. Since its founding in 2003, Campus Advantage has been creating successful communities that provide rewarding living, learning, and career experiences, and as a result has become one of the fastest growing private companies in the nation. The company’s asset acquisition and management strategies combined with its dedication to residence life and student development has made Campus Advantage the 6th largest student housing owner/operator in the United States. Learn more at www.campusadv.com.