Campus View
Campus View presented a unique opportunity to acquire an older, first-generation student housing asset managed by a conventional apartment owner/operator. The property suffered from deferred maintenance and a lack of student housing focused management. Upon acquisition, Campus Advantage implemented its Students First™ Residence Life program as well as invested nearly $2.8 million in capital. Over the course of the next five years, Campus Advantage was able to secure and grow a master lease arrangement with the University of Missouri, as well as renovate nearly 70% of the interior units. The property was sold in July 2014.
- Role: General Partner of JV with Institutional Investor
- Location: Columbia, MO (University of Missouri)
- Acquisition: March 2008
- Beds: 656
- Strategy: Value Add
- Purchase Price: $13.5 million
- Total Investment: $16.2 million
- Loan-to-Cost: 68% (loan assumption)
- Sold July 2014 for $27.2 million
- NOI Increase since Inception: 154%
- Outperformed Pro Forma NOI by 23%
- 25.1% IRR (realized)
- 3.1x MOIC (realized)
