Campus Advantage has acquired six student housing properties as part of a joint venture with a major state pension fund. The portfolio of properties, located at five universities, adds 1,910 beds to Campus Advantage’s managed student housing property holdings.
This acquisition marks the successful investment of a $200 million joint venture with a large state pension fund, the second of its kind between the partners.
The portfolio, located at Auburn University (Evolve Auburn), Illinois State University (The Flats), University of Oregon (Uncommon Eugene), University of Tennessee (Evolve Knoxville), and the University of Washington (Identity, LIV) consists of recently constructed properties by CA Student Living and contains a total of 714 units. The properties are located within walking distance of their respective campuses, offer a variety of unit types ranging from studios to five-bedroom/five-bathroom units, and include best-in-class finishes and amenities that rank at the top of their respective markets.
Campus Advantage previously completed a $150 million joint venture investment with the same partner in 2015, in addition to two other programmatic partnerships with another institutional partner, totaling $175 million from 2007 to 2015. In total, across four joint ventures, Campus Advantage has invested $525 million in equity since 2007. A disciplined investment approach combined with diligent asset management has resulted in performance on the disposition of more than $440 million exceeding both NCREIF Property Index and PREA | IPD U.S. Property Fund Indexes.
Campus Advantage will soon begin fundraising for a new programmatic joint venture to invest in student housing assets. The venture is expected to be geographically diverse, and pursue multiple strategies, leveraging the company’s fully integrated platform and deep industry knowledge to deliver a strategic exposure to the student housing asset class.
Through programmatic joint ventures and best-in-class management services, Campus Advantage has built its property portfolio of owned and managed properties to more than 34,000 beds, continuing a decade-long record of being ranked within the top 10 student housing managers and owners.