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Harrison Street Takes Campus Crest Private

CHICAGO—The acquisition of the student housing REIT, which began reviewing its options last October, represents locally based Harrison Street Real Estate Capital's biggest investment in the sector to date.

By Paul Bubny | Updated on October 18, 2015

CHICAGO—Another REIT has opted to be taken private after considering its options. Chicago-based private equity firm Harrison Street Real Estate Capital LLC will acquire Campus Crest Communities Inc. for $6.90 per share, its single-largest investment in student housing to date. When the student housing REIT’s sale of its joint-venture interest in two Montreal properties is factored in, the total transaction is valued at approximately $1.9 billion.

“The need for high-quality off-campus housing continues to grow and we believe this sector has strong long-term fundamentals that will drive sustainable returns,” says Christopher Merrill, Harrison Street’s co-founder, president and CEO. Since its founding in 2005, Harrison Street has developed or acquired more than 63,000 student housing beds; the CCG deal will add another 42,000 across 79 properties.

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