Joint Venture to Develop 10 Student Housing Projects
A North Carolina developer and Chicago equity firm are joining forces to develop $220 million of housing projects catering to students. Charlotte, N.C.-based Campus Crest Communities has already broken ground on three of the 10 projects, all of which will be branded under the name “The Grove.”
Article Tools
Latest News
Most Popular Articles
advertisement
Executives at Campus Crest and its partner in the joint venture, Harrison Street Real Estate Capital, plan to follow up on the first 10 off-campus projects with new phases of student projects as part of an ongoing relationship.
“Because of various factors, particularly the substantial growth in college admissions across the country, student housing is an especially attractive asset class for us and our investors,” says Christopher Merrill, co-founder and managing partner of Harrison Street Real Estate Capital.
Eight of The Grove projects are slated for completion in time for the 2009-2010 academic year. The remaining properties will break ground in the fourth quarter of 2009. “Each of these projects will serve the growing demand for student housing in their respective markets for years to come,” says Shannon King, partner and president of Campus Crest’s property management subsidiary. “They will also serve a growing demand among college students for high-end amenities and personal safety.”
The off-campus properties will serve students at Austin Peay State University in Clarksville, Tenn; University of Central Arkansas at Conway, Ark.; Sam Houston State University in Huntsville, Texas; University of Kansas in Lawrence, Kan.; University of Idaho in Moscow, Idaho; University of Nevada, Reno in Reno; Angelo State University in San Angelo, Texas; Texas State University in San Marcos; Georgia Southern University in Statesboro; and California State University, Stanislaus, in Turlock.
A typical Grove project has 504 bedrooms and measures approximately 218,000 sq. ft. Units are fully furnished and include a washer and dryer. All bedrooms have a private bathroom and walk-in closet.
Campus Crest operates 18 student housing communities in nine states.
Want to use this article? Click here for options!
© 2010 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus
Quick Poll
advertisement
NREI Interactive Products
-
Podcast
Commercial Real Estate: Hey, Save a Piece of Stimulus Pie for Me!
Following a year that saw the near meltdown of the banking system, 2010 could shape up to be a better year for investors, though perhaps not as robust as some would wish.
-
Podcast
Is the Recession Over?
Rick Mattoon, senior economist with the Federal Reserve Bank of Chicago, shares the latest numbers from the Fed's National Activity Index that show the economy is experiencing a fairly sharp rebound from the bottom of the Great Recession.
Webinars
2010: The Year of the Sale - Leaseback
This webinar provides brokers, bankers, developers, CFOs and real estate executives with a blueprint for accessing the many facets of the sale-leaseback model.
Blogs
-
Green Shoots
-
BlackSwan
-
Traffic Court
Current Issue
Marketplace Ads
advertisement
advertisement
advertisement
advertisement
