(Read more on the multifamily market.)
PHILADELPHIA-Campus Apartments Inc. has acquired a diverse collection of student housing properties in Richmond, VA, and Athens and Statesboro, GA for an aggregate of $58 million. Each is from a different, unidentified local seller. Together, they cover the breadth of the locally based student housing specialist's capabilities and targets, which range from historic properties to purpose-built campus assets and ground-up development.
The Pierce-Arrow Portfolio contains 24 historically significant buildings in Richmond's historic Fan District, which have been converted to student and faculty housing serving Virginia Commonwealth University. David Adelman, president and CEO of Campus Apartments, tells GlobeSt.com they have an aggregate of about 300 units. "This was a by-the-unit, not a by-the-bed acquisition," he says.
Citing his company's experience with similar type properties in Philadelphia, he says, "We'll maintain and restore these wonderful buildings. Pierce-Arrow is a good brand there, so we'll combine it with our brand and rename the portfolio Campus Crossings at Pierce-Arrow."
Abbey West is a 564-bed, purpose-built student housing complex in Athens that serves the University of Georgia. It's about five years old, and Campus Apartments bought it from the developer, "a merchant builder we've had a long relationship with," Adelman says. "We think it's the gem of the market." It will be called Campus Crossings at Abbey West.
The Statesboro acquisition is a 12-acre parcel adjacent Georgia Southern University on which Campus Apartments is building the 17-building, 600-bed Campus Crossings at Statesboro. It is a garden-style, luxury complex and includes an 8,000-sf clubhouse, according to Adelman. Completion is slated for summer 2008.
The acquisitions were funded from a JV formed between Campus Apartments and GIC Real Estate Pte Ltd. GIC is the real estate investment arm of the Government of Singapore Investment Corp., and, as GlobeSt.com previously reported, the partnership raised $333 million a year ago to leverage $1.1 billion in buying power. Additional acquisitions are in the pipeline, Adelman says.
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