Charlotte — Closes $52.1 million of construction financing and forms new joint venture.
Charlotte — Campus Crest Communities has started an on-campus project at Colorado State University in Ft. Collins, Colo., and projects at Ball State University in Muncie, Ind., and The University of Oklahoma in Norman, Okla. The three projects are expected to be delivered for the 2013-2014 academic year and have total estimated project costs of $82.5 million. The Ft. Collins and Muncie properties are wholly owned, while the Norman property is being developed in a joint venture with Harrison Street Real Estate (HSRE). Campus Crest will own 20 percent of the Norman project.
All developments will feature the company's ninth generation prototype with 100 percent bed-bath parity, furnishings, amenities such resort-style swimming pools, game rooms, a fitness center and a library, along with the a residence life program.
"These are the first three projects of this year's development pipeline. They are located an average of approximately 0.2 miles from campus and represent our ninth generation project prototype, which among other things has a higher average bed count than the existing portfolio, our newest high speed internet configurations (100 megabytes or greater) and various other improvements designed to make college living at a Grove property an unparalleled experience," says Ted W. Rollins, co-chairman and chief executive officer of Campus Crest Communities.
"As a result of continued improvements in the efficiencies of our vertically integrated platform, we continue to increase our quality offerings to the students at attractive asset costs. Our on campus property at Colorado State is part of our continued approach to pursue on-campus opportunities when it makes economic sense, and we are excited to add this one to our portfolio. Our teams are working on finalizing the entitlement process for the remaining 2013-2014 academic year projects, and we anticipate announcing these later this year."