MIAMI—A joint venture between BMOC (Best Management Onward Campus) and Calidus Holdings has made its first purchase—and it's a big one. The JV snapped up 2,106 student housing beds at four public universities in Texas, Arkansas, Kansas, and Alabama for $50 million. The transaction marks one of the largest student housing deals in terms of number of beds purchased by a non-REIT in 2013.

The joint venture creates an alliance between a nationwide leader in student housing operations, BMOC, and a premier investor and operator of U.S.-based commercial real estate, Calidus Holdings, with an institutional equity partner. In an effort to take advantage of the pent-up demand for student housing, the joint venture is moving to acquire purpose-built off-campus student housing product, well below replacement cost at four-year public universities nationwide.

”We are not only focused on D-1 markets, but very excited about working with universities, parents, and students in growing D-2 and D-3 markets,” says William J. Levy,BMOC founder, CEO and manager of the day-to-day operations of the new properties. Calidus will provide the asset management services.