PHILADELPHIA, PA — Campus Apartments has acquired three student housing communities, totaling 1,707 beds, for a reported $116 million. The properties serve as off-campus housing for students of Texas A&M University, Syracuse University, and Lehigh University.
“Each of these acquisitions provide value-add opportunity in a pedestrian-to-campus location,” says Daniel Bernstein, executive vice president and CIO of Campus Apartments. “So, you're really getting the best of both worlds – value creation opportunity as well as downside protection. While each asset is unique, this is the common theme. In today's market, these types of investments have become increasingly difficult to find.”
The acquisitions include Meadows Point, a 628-bed, garden-style property located in College Station, TX; Campus Hill – Syracuse, a 695-bed scattered-site portfolio in Syracuse, NY; and Campus Hill – Lehigh, a 384-bed scattered-site portfolio in Lehigh, PA.
Campus Apartments is planning to reposition these assets through apartment and common area upgrades, as well as a rebranding program that will complement the physical improvements. The most significant repositioning will occur at Meadows Point which will undergo a multi-million dollar renovation program that will include upgraded kitchens and bathrooms in each of the units as well as a new clubhouse, fitness center and dog park.
As previously reported by GlobeSt.com, in April 2015, Campus Apartments and Clarion Partners closed the Campus-Clarion Student Housing Partners, LP Fund with $402.9 million in equity commitments. The Fund targets investments in university-related real estate through acquisition and development, both on- and off-campus, throughout the United States.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
