Austin, Texas — Campus Advantage has announced its recent acquisition of two properties has closed its $100 million joint venture with one of the nation's largest pension funds.
The first acquisition, Hawks Ridge, formerly The Lodge, in Iowa City, Iowa, serves the University of Iowa. The property contains 201 units and 561 beds and is 100 percent occupied. The university currently master leases 174 beds.
The second acquisition, Crimson Student Living, formerly Sterling Crimson, in Tuscaloosa, Ala., serves the University of Alabama and Stillman College. The property is in its first year of operations, opening in August 2011. It contains 316 units and 700 beds and is 95 percent occupied.
Debt financing for the joint venture's acquisition was sourced through Berkadia Commercial Mortgage, utilizing both agency and life insurance company lenders. "Our lenders are always impressed with the depth of Campus Advantage's market knowledge and their incredible track record," said Peter Benedetto, senior vice president of Berkadia Commercial Mortgage.
The two acquisitions officially placed the remaining equity in a $100 million joint venture with one of the nation's largest pension funds. The joint venture was created in 2007 to source and acquire high-quality student housing assets in close proximity to leading universities nationwide. The name of the pension fund was not reported in the press release, but several recent news articles name the California State Teachers Retirement System as Campus Advantage’s joint venture partner.