Austin, Texas — The partnership is the third joint venture between Campus Advantage and a public pension plan.
Austin, Texas — Campus Advantage has announced a $150 million joint venture with a public pension plan that provides investment services to public employees and state and local governments.
Under the partnership, Campus Advantage will invest $150 million in student housing properties. The student housing company seeks out investment properties that are located near universities at which there is high demand for off-campus housing, as well as those schools that are seeing their enrollments grow. Through this approach, Campus Advantage can position the pension fund to earn good returns on its investments. Ultimately, these returns will benefit the employees and governments that serve the state.
Campus Advantage has been active in helping public pension funds maximize their investments. The student housing company announced in December a second round of investments that were made on behalf of the California State Teachers' Retirement System (CalSTRS), which is one of the nation's largest state pension funds. In total, CalSTRS has made $175 million of investments with Campus Advantage. The California pension fund first teamed with the student housing company in a $100 million partnership back in 2007.
"We have been extremely successful in helping public pension funds deliver returns to their investors by putting money into the student housing industry," said Mike Peter, president and CEO of Campus Advantage. "These partnerships are important to us, and I can think of no better way to celebrate our company's 10th anniversary than by announcing this new joint venture."
Campus Advantage celebrates its 10th anniversary on March 3. Since that time, it has grown from five employees and one 571-bed property into a company with more than 600 employees overseeing $1.5 billion in assets. It currently manages more than 30,000 beds at 50 communities in 20 states.