Charlotte, N.C. — Charlotte-based Campus Crest Communities has filed a preliminary prospectus with the Securities and Exchange Commission announcing its intentions to raise approximately $215.6 million. The company filed a registration statement in May for a proposed initial public offering of common stock.
The company plans to use the proceeds to acquire the land to develop five new student housing communities, with a targeted completion date of fall 2011 for all of the projects. Specific details of the projects were not released. Following completion of these communities, Campus Crest plans to develop five to seven new student housing communities per year. The company already has three communities under development through its joint venture with HSRE. They are located in Conway, Ark; Statesboro, Ga.; and Huntsville, Texas.
Including completed properties and those under construction, Campus Crest Communities currently controls a portfolio totaling 27 properties and 13,580 beds. All of the completed properties average two years in age, and all operate under the brand of The Grove. Twenty-one of the properties are wholly owned by the company. They are located in Alabama, Arkansas, Colorado, Georgia, Kansas, New Mexico, North Carolina, Tennessee, Texas and Washington. In addition to the three properties under construction, Campus Crest owns three additional properties in its joint venture with HSRE. The properties are located in Kansas, Idaho and Texas.
— Coleman Wood