Chicago — Chicago-based Harrison Street Real Estate Capital has sold its interest in three student housing communities it formerly held as part of a joint venture between one of its sponsored funds and Campus Crest Communities. The three communities contain a total of 528 units and 1,488 beds. The sale was made in connection with the initial public offering of Campus Crest, which occurred last month.
The first property is The Grove at San Marcos, a 129-unit/504-bed community located in San Marcos, Texas, that serves students of Texas State University. The property is fully occupied. The second community is The Grove at Milledgeville, a 168-unit/492-bed property located in Milledgeville, Ga., that serves Georgia College & State University. Occupancy was 99 percent at the time of the sale. The third property was The Grove at Carrollton, a 168-unit/492-bed community located in Carrollton, Ga., that serves the University of West Georgia. Occupancy was 92 percent at the time of closing.
The seller's name and the sale price were not released. Harrison Street and Campus Crest continue to own six communities together and will soon begin construction for three new projects.