CHICAGO-Harrison Street Real Estate Capital LLC has sold off its majority interest in three student housing properties to its joint venture partner, Campus Crest Communities Inc.

Campus Crest funded the $24 million acquisition through its $326 million IPO. The three communities total 528 units and 1,488 beds, and the REIT now owns interests in 27 student-housing properties with 5,048 apartments and 13,580 beds.

Harrison Street and Campus Crest have been partners since 2008 when the team launched a program to develop 10 “fully]loaded” student living communities across the US. “The IPO serves as an exit strategy for Harrison Street,” says Christopher Merrill, co-founder, president and CEO of Harrison Street. “We sat down with Campus Crest to figure out the best strategy. Given the point we got to with the scale and the interest in student housing, we thought a public exit would be beneficial. This is the first time we’ve taken one of partners public.”