College Station, Texas — Purchase of Texas A&M off-campus development marks CPP's expansion into Tier 1 and Tier 2 markets, the company says.
College Station, Texas — Columbus Pacific Properties (CPP) has acquired The Cottages of College Station, a 1,354-bed cottage community that was developed by Capstone Collegiate Communities and opened in August 2013. It is billed as the largest student housing community in the College Station market. CPP says the Cottages of College Station is the company’s first recently built class A community and the only cottage product in the portfolio. Homestead U, CPP’s management division, will manage the property.
“The property is absolutely gorgeous,” says Laura Formica, vice president of operations for Homestead U. “Its presence in the market is strong, and the amenities are A-plus, so no rebranding or major capital projects are on the horizon. Our onboarding strategy is to ask our residents what they want...and then deliver. First order of business: valet trash service."
This acquisition pushes CPP’s portfolio to 7,000 beds. Dave Anderson, founder and president of Homestead U, says further growth is expected in 2015 as the company targets additional properties in the Midwest and Southwestern markets. “Our goal is to continue to grow, and double the size of the CPP/HU portfolio in the next 24 months. We are continually evaluating deals as to whether they fit our business model and company strategy.”
CPP was founded in 1995. Its student housing division was added in 2012.