Tuscaloosa, Ala. — Campus Evolution Villages has acquired University Village, a 1,164-bed property near the University of Alabama and the Bryant-Denney Stadium.
This marks Campus Evolution Villages’ 15th acquisition since the company was formed in 2012. CEV now owns and manages 23 student housing assets with approximately 12,000 beds serving 23 distinct universities across the country.
Multi Housing Advisors (MHA) arranged the property, which has 456 units and also serves Shelton State community college. Jimmy Adams and Brian Savage of MHA’s Birmingham, Alabama, office represented the seller, BP Building & Land Co. LLC, in the transaction.
“Campus Evolution Villages is excited to be adding this fantastic asset to our portfolio.” says Andrew Stark, CEO of Campus Evolution Villages. “We spent a lot of time in the Tuscaloosa market and with the strong academic reputation and enrollment growth of the university, we knew that we would bring our student-centric brand to the market when we found the right opportunity,” says Andrew Stark, CEO of Campus Evolution Villages.
University Villages will be rebranded as Campus Evolution Villages, and will provide some of the largest apartments in the UA and Shelton State market, Stark added.
“This property, like our entire Campus Evolution Villages portfolio, is located in a beautiful suburban setting and yet just five minutes to the University of Alabama’s campus,” says Evan Denner, chief investment officer of Campus Evolution Villages. We are hitting the ground running and are immediately kicking-off community-wide improvements to enhance our resident’s experience.”
The transaction was completed together with New York City-based Elliott Management Corporation as part of a broader partnership between Campus Evolution Villages and Elliott in the student housing sector.