Campus Advantage, which has grown rapidly in the student housing space during this decade, has acquired six student housing properties as part of a $200M joint venture with an unspecified state pension fund. The acquisition marks the second of its kind between the partners.
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The properties, located at five universities, add 1,910 beds to Campus Advantage’s managed student housing property holdings, which total about 34,000 beds. The new portfolio consists of recently developed properties by CA Student Living that total 714 units.
The properties are each within walking distance of their respective campuses, and offer a variety of unit types, from studios to five-bedroom/five-bathroom units.
“We targeted these assets for their strong locations, high-quality markets and stable performance, which will complement and diversify our existing portfolio,” Campus Advantage Vice President of Investments Josh Greenleaf said in a statement.
The portfolio includes Evolve Auburn, near Auburn University; The Flats, near Illinois State University; Uncommon Eugene, near the University of Oregon; Evolve Knoxville, near the University of Tennessee; and two properties, Identity and LIV, near the University of Washington.
Campus Advantage completed a $150M JV investment with the same partner in 2015. It also undertook two other partnerships with another institutional partner that totaled $175M from 2007 to 2015. All together, across four JVs, Campus Advantage has invested $525M since 2007.
The company will soon begin fundraising for a new JV to invest in more student housing assets, which the company says will be "geographically diverse."
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