PHILADELPHIA, PA – Campus Apartments, one of the nation’s largest providers of on- and off-campus student housing, has opened four new developments totaling 1,643 beds in Knoxville, Tennessee; Ann Arbor, Michigan; and Philadelphia, Pennsylvania. All four properties are pedestrian-to-campus and offer residents modern, fully-furnished apartments and market-leading community amenities.

TENN is located on Cumberland Ave., steps from the University of Tennessee’s campus and at the heart of its most prominent retail and nightlife corridor. The 603-bed mixed-use property consists of three-, four-, and five-bedroom floor plans; its best-in-class amenity package includes a two-tale clubhouse featuring a fitness center, study lounge, and putting green, and a spacious internal courtyard with a resort-style swimming pool, fire pits, and grill stations.

In Ann Arbor, Campus Apartments opened two off-campus communities, The Yard and Six11, each of which serve the University of Michigan. The Yard, a 590-bed mixed-use community, offers residents the combination of a Main St. location – pedestrian to campus and the most vibrant retail/nightlife strip in Ann Arbor – and the most comprehensive amenity package in the market. Six11, a 350-bed high-rise, is located directly across the street from Central Campus; residents delight in a 1:1 bed/bath ratio, ground-floor retail, and penthouse-level amenities featuring jaw-dropping views of Ann Arbor.

While Campus Apartments has owned and managed student housing in the University City neighborhood of Philadelphia for 60 years, The Simon at Founders Row is its first ground-up development in the area. The mid-rise community is located steps from The University of Pennsylvania’s campus and offers residents spacious, fully-furnished units and a state-of-the-art fitness center.

“We’re excited to be providing students with high-quality housing in Knoxville, Ann Arbor, and our hometown, Philadelphia,” said Daniel Bernstein, President and Chief Investment Officer at Campus Apartments. “We pride ourselves on offering students a place where they can excel – a place to live, study, socialize, and even exercise, just steps away from campus. We’ve been thrilled with the initial response to these four new developments, and we look forward to continuing to surpass our residents’ expectations.”

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SPOKANE, WA – Security Properties and Pacific Life, in partnership with Hearthstone Housing Foundation, closed on the acquisition of Deer Run at Northpointe, a 222-unit affordable housing community located in Spokane, WA. This marks the second joint-venture affordable housing acquisition by Security Properties and Pacific Life.

Deer Run at Northpointe is a 222-unit garden-style community constructed in two phases. Deer Run North, delivered in 2003, consists of 114 residential units located in eight three-tale buildings. Deer Run West, completed in 2005, consists of 108 residential units in five three-tale buildings. The two phases share a leasing center, common laundry, and playground. Deer Run at Northpointe is fully rent-restricted, providing affordable rental housing for 187 households earning no more than 60% of Area Median Income (AMI), and for 35 households earning no more than 50% of AMI. “Deer Run at Northpointe is a high-quality asset located in a vibrant and rapidly growing submarket,” says Jeff Garrison, a Director at Security Properties. “This is a unique opportunity to preserve quality affordable housing in a market where demand for this product type far outweighs available supply.” 

Deer Run at Northpointe was bought with a fixed-rate loan from Freddie Mac, originated by Jones Lang LaSalle. As part of the acquisition, the new ownership group opted to participate in Freddie Mac’s “Green Up” program, which supports the implementation of energy efficiency and water usage upgrades. Over the coming months the new property management agent, Security Properties Residential, will oversee a “Green Up” effort that will extend to all residential units and community spaces. 

Deer Run at Northpointe is Security Properties’ third affordable housing acquisition in Washington. The company’s Affordable Housing Group maintains a national footprint with an existing portfolio of more than 8,000 units across 57 low-income housing assets. Security Properties owns more than 13,500 conventional units across 53 properties.

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MEMPHIS, TN – EdR one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, announced that at the special meeting of EdR stockholders, stockholders voted to approve the proposed merger of EdR with GSHGIF REIT, an affiliate of Greystar Real Estate Partners, pursuant to the merger agreement dated June 25, 2018. 

Approximately 99.90% of the votes cast at the special meeting voted in favor of the approval of the merger, which represented approximately 83.95% of EdR’s total outstanding shares of common stock as of the August 10, 2018 record date for the special meeting.

Under the terms of the merger agreement, which was unanimously approved by EdR’s Board of Directors, EdR’s stockholders will receive $41.50 per share in cash. This represents a premium of 26.3 percent over the 90-day volume-weighted average share price ending May 31, 2018 and a premium of 13.6 percent over the May 31, 2018 closing share price, the last trading day prior to news tales speculating about the possible sale of EdR.

“For more than 50 years, EdR has been a pioneer in the student housing industry, partnering with some of America’s most prestigious universities to enhance and transform their campus housing and achieve their student success goals,” said Randy Churchey, EdR’s Chief Executive Officer and Chairman of the Board of Directors in a prior statement. “As a public company, one of our priorities is to maximize stockholder value and we believe this transaction with Greystar accomplishes that goal. We are certain this is in the best interest of all of EdR’s stakeholders, including university partners, employees and stockholders.”

Churchey added, “Since the current EdR management team took over on January 1, 2010 — and including this transaction — EdR stockholders will have received a total stockholder return of 293%1, which ranks in the top quartile of all public U.S. equity REITs in existence during that time period2.”

“We are pleased to partner with a group of world-class investors to buy one of the nation’s best student housing operators and developers. EdR has one of the highest quality and best located student housing portfolios in the U.S., and it will seed Greystar’s newly formed flagship student housing-focused perpetual-life fund. We are excited to capitalize on our significant scale and experience to enhance the platform’s performance and value over the long term,” said Bob Faith, the Founder, Chairman and Chief Executive Officer of Greystar in a prior statement. “EdR’s ONE Plot on-campus platform is an integral component that drove our interest and we are excited about the continued on-campus growth opportunities it provides. Combined, we will leverage our expertise, vision and financial strength to serve our current university partners as well as further expand our global student housing footprint. We believe in the long-term fundamentals supporting the sector and will continue to seek out opportunities to invest in student housing.”

In conjunction with the above transaction and subject to normal closing conditions, a joint venture between an affiliate of Blackstone Real Estate Income Trust, Inc. (“BREIT”) and an affiliate of Greystar will buy a portfolio of off-campus student housing assets, which are located adjacent to top-tier university campuses. The newly combined Greystar/EdR team will continue to manage the assets. BREIT is a perpetual-life, monthly NAV REIT that, pro forma for this transaction, will own an approximately $10 billion portfolio of stabilized, income generating real estate concentrated in U.S. markets with attractive growth as well as real estate debt securities.

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