Campus Advantage, in partnership with Saban Real Estate, has purchased 19 student housing properties from American Campus Communities Inc. The deal was worth $508 million. Over the next 5 months, Campus Advantage will take control of property management and implement a $30 million capital investment plan aimed to rebranding and updating the properties. Campus Advantage assumed management of the first eight properties on November 16 and has acquired over $600 million in additional assets this year.
Austin, Texas — Austin-based American Campus Communities Inc. has sold 19 student housing assets containing more than 12,000 beds to Los Angeles-based Saban Real Estate, in partnership with Campus Advantage, for $508 million. The transaction included the prepayment of $197.3 million of secured mortgage debt.