First-Class Ownership, Operations Expertise Leads to Successful Disposition of Property
AUSTIN, TX — Campus Advantage®, a leader in student housing, providing property management, consulting, acquisitions, and development services, today announced it has closed on the sale of The Marq, a 612-bed student housing property located near Marquette University.
Campus Advantage acquired The Marq in 2014 and successfully executed on its value-add investment strategy, infusing capital to cure deferred maintenance, as well as renovation to common areas to provide students the amenities and services unequalled in the market. That, combined with an integrated marketing approach delivered by partner and industry specialist Catalyst, and the company’s proven operations expertise, helped enhance the property’s appeal in the market. Since acquiring The Marq three years ago, Campus Advantage increased Net Operating Income (NOI) by approximately 211%, or 23.8% annually, compounded.
“We are pleased to have been able to implement our solid investment strategy to help improve The Marq’s living experience, and significantly increase the value of the property and the value delivered to the student community,” said Michael Orsak, Senior Vice President of Investments for Campus Advantage. “The sale of The Marq is reflective of our well-established track record and ability to turn around, stabilize and optimize struggling assets. This, combined with our Students First® residence life programming, and involvement in property renovations, resulted in a more profitable asset.”
Since 2007, Campus Advantage has acquired more than $1.3B in student housing assets through its partnerships, with round trips on more than $440M. In addition, the Company’s investment return performance has exceeded both NCREIF Property Index (NPI) and PREA | IPD U.S. Property Fund Indexes, since its inception.
“The Marq is yet another example of our commitment to maintaining and operating our properties to the highest standard which allows us to create an environment that our residents love, resulting in maximum occupancy, rental rate growth and returning resident ratios,” said Mike Peter, President and CEO of Campus Advantage. “When you partner with us, you get a great return on investment and we look forward to continuing to provide our proven, value-add expertise to the benefit of future clients, partners, and ultimately our residents.”
This is Campus Advantage’s third property disposition this year. The Company is recycling investment capital gains from the disposition to support opportunities in tier one markets.
About Campus Advantage
Campus Advantage® is an Austin-based real estate firm fostering financially prosperous higher education student housing communities through its management, development, acquisition, and consulting services. Since its founding in 2003, Campus Advantage has been creating successful communities that provide rewarding living, learning, and career experiences, and as a result has become one of the fastest growing private companies in the nation. The company’s asset acquisition and management strategies combined with its dedication to residence life and student development has made Campus Advantage the 6th largest student housing owner/operator in the United States. Learn more at www.campusadv.com.
- Lisa Koetz
- Bloom Communications