AUSTIN, Texas – Nov. 10, 2014 – Campus Advantage, a leading student housing company, is celebrating the acquisition of Hannah Lofts in East Lansing, Mich., making the company the largest acquirer of student housing assets since January 2013. The acquisition is part of Campus Advantage’s core investment strategy to acquire highly occupied properties located near major, high growth universities such as Michigan State University.
The acquisition of Hannah Lofts makes Campus Advantage the largest acquirer of student housing assets for the period of January 2013 through October 2014 with $354 million in acquisitions, according to Real Capital Analytics. Campus Advantage has acquired 11 student housing properties in the last 18 months, putting it ahead of many other student housing firms for that same time period. It has two additional deals under contract, scheduled to close by year-end, which will put investment activity at over $410 million for 2013 and 2014.
Hannah Lofts is located just to the east of the Michigan State campus and includes 282 units and 702 beds. It features townhome-style units—unique to the East Lansing market—and a 99 percent occupancy rate. Michigan State is the largest university in Michigan with a total enrollment of 49,300 students.
The property’s amenities include a fitness center, study rooms, shuttle system, multi-purpose room, entertainment room, tanning beds, parking deck, computer lab and fire pits. Hannah Lofts is walking distance to both the Michigan State campus and the Lansing Community College East Campus and is close to the Hannah Plaza Shopping District. Its units feature stainless steel appliances, granite countertops, washer/dryer and private bedrooms and bathrooms.
“This acquisition represents an exciting first opportunity between two best-in-class student housing companies, Campus Advantage and Capstone Collegiate Communities, and we look forward to working with them again in the future,” said Michael Orsak, senior vice president of investments for Campus Advantage. “The acquisition of Hannah Lofts also marks Campus Advantage’s expansion into a new state and a new student housing market.”
Campus Advantage operates 42 student housing communities across 19 states.