AUSTIN, Texas — Campus Advantage, a leader in student housing, today announced the acquisition of Eagles Reserve in Auburn, Ala., as the 10th and final acquisition of a joint venture with a major state public pension fund. Upon completion the pension fund partner reinvested an additional $150 million in equity with Campus Advantage.
This brings the total equity raised by Campus Advantage to $475 million in all joint ventures to date. This infusion of equity allows Campus Advantage to continue to grow its portfolio of student housing properties.
“We have more than eight years of experience successfully investing with institutional partners and have acquired more than $650 million in properties in the student housing industry.” said Mike Peter, president and CEO of Campus Advantage.
Eagles Reserve has 180 units and 576 beds, is located in a highly regarded Southeastern Conference market and was recently renovated. The community is situated just minutes away from Auburn University and features amenities such as a 24-hour fitness center, complimentary coffee bar and an outdoor fireplace.
“We are excited about the future for Eagles Reserve,” said Michael Orsak, senior vice president of investments for Campus Advantage. “This is an asset that provides a strong and stable returns for investors. The property now has new interior units and quality amenities in an existing structure. This allows us to offer attractive rents relative to a number of the newly built student housing properties in the market.”
In 2016, Campus Advantage anticipates acquiring 6 additional student housing properties adding to its portfolio of more than 40 properties in 22 states and 35 markets.