Chicago-based Harrison Street Real Estate Capital is buying Charlotte-based Campus Crest Communities and its 79 student housing properties for $1.9B. The transaction is contingent on CCC’s stockholders’ approval and on a separate JV deal by CCC, according to a report by Law360.com.
The student housing portfolio includes 42,000 beds, adding to Harrison Street’s existing 63,000 beds, making it one of the largest student housing owners in the nation (if not the largest).
Harrison Street CEO, president and co-founder Christopher Merrill (pictured at a Bisnow event) told Law360 that the need for high-quality off-campus housing continues to grow and that this sector has strong long-term fundamentals that will drive sustainable returns. [Law360]
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