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Varsity Nabs Portfolio, Looks to Expand

McLEAN, VA-After paying $12 million for a 249-unit student housing portfolio--its first acquisition outside of New England-- the firm looks to expand east of the Mississippi.

By Erika Morphy | Updated on June 23, 2008

[IMGCAP(1)]McLEAN, VA-Varsity Capital Advisors, a student housing investor, has acquired a 249-unit portfolio for $12 million that serves Marshall University in Huntington, WV. The company acquired it from two local investors–Pyramid Properties and University Suites–company co-founder John Buttarazzi, tells GlobeSt.com. Pyramid Properties is being retained as a property manager, he adds.

This transaction marks the beginning of an aggressive expansion strategy by the firm, which up until now has been primarily active in New England. By the end of the year, Varsity expects to have completed between $50 million to $100 million in acquisitions.

[IMGCAP(2)]West Virginia will continue to be an area of interest for the firm, Buttarazzi says. West Virginia University in Morgantown, for example, is an attractive possibility, as are properties in other states east of the Mississippi, he says. “We are actively negotiating some of these deals right now.”

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