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Campus Advantage, one of the largest managers of student housing properties in the U.S., closed Tuesday on the second phase of its investment to acquire a 19-property portfolio from American Campus Communities. The deal includes two locations near Penn State University.

The two properties near Penn State, Lions Crossing at 201 Vairo Blvd. and Nittany Crossing at601 Vairo Blvd., will undergo a revamp during the next two years. Jennifer Cassidy, Campus Advantage’s senior vice president of asset management, said the unit and clubhouse interiors will get upgrades such as new flooring, appliances and fixtures.

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This story was also referenced in the Total Campus Report.