BLOOMINGTON, IN – Alex. Brown Realty and Asset Campus Housing announce the acquisition of The Fields, a student housing project near the main campus of Indiana University in Bloomington, Indiana. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $11.7 million in the joint venture. The acquisition was financed with a first mortgage loan from Texas Capital Bank, N.A.

Built as a conventional apartment community between 1997 and 2001, the property was recently converted to a 537-bed student housing community by the prior owner and includes a resort-style pool, lap pool, two 24-hour fitness centers, a business and media center, a 10-acre park overlooking scenic ponds, and The Clubhouse–an elegantly renovated 1940’s barn with 24’ rafted ceilings.

“The Bloomington student housing market continues to be a strong performer,” stated Stephen Mitchell, EVP with Asset Campus Housing, noting the University’s steady enrollment growth and barriers to new supply in the market. “We believe The Fields will continue to benefit from its conversion to a student housing community,” added Mitchell. At closing, The Fields was 98% leased for the 2016-2017 school year.

The joint venture plans to complete $3.4 million of value-add improvements to cure deferred maintenance, upgrade select unit interiors and refresh the property’s curb appeal. “The property has strong in-place revenue,” commented Tom Burton, ABR’s chief investment officer. “Once the capital improvements are complete, the property will be more competitively positioned within the market and we expect to see healthy NOI growth.”

“ABR and Asset Campus Housing have successfully partnered in several student housing projects,” stated John Prugh, president and CEO of ABR. “They have a proven track record and are a strong joint venture partner.” The acquisition of The Fields represents the sixth joint venture between ABR and ACH.

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PHILADELPHIA, PA – Campus Apartments, one of the nation’s largest providers of on- and off-campus student housing, announces today a development project with University of the Sciences that will start to replace the University’s on-campus housing stock and help to bring new life to Woodland Avenue in the University City section of Philadelphia. The new 128,000-square-foot live-learn facility, located at 46th St. and Woodland Ave., will accommodate approximately 400 students and will include generous social, study, classroom and programming spaces, as well as ground floor retail space. The estimated $50 million development of the new residence hall marks the start of a multi-phase effort to improve facilities across the entire University over the next several years.

Slated for completion by August 2018, the project will deliver an on-campus residential facility to start replacing the available housing at the University. The six-tale building will include two-person semi-suites designed to serve the University’s first-year student population, two staff apartments, as well as 16,000 square feet of communal social and study lounges. The live-learn facility will feature 5,000 square feet of classroom space and new Resident Life office space for the University. In addition to University facilities, the building will include two ground floor retail spaces (2,700 square feet) along Woodland Avenue and a publicly accessible open courtyard. The building will incorporate numerous sustainable features to achieve Green Globe certification.

“The new first-year residence hall is the first of a multi-phase effort to improve the quality of our housing and learning facilities to enhance interaction and collaboration at the University and to attract more students to our institution,” said Dan Severino, Director of Facilities at University of the Sciences. “Through this project, we also strive to energize this corridor of Woodland Avenue and further integrate our campus and University with our neighboring community. The retail and public space will make a new hub within the community, which will benefit the neighborhood for years to come.”

The live-learn facility will be located on the site of the former Alexander Wilson Elementary School, which the University bought from the Philadelphia School District in 2014. Replacing the vacant structure, the new University development will provide the local community with new stores and meeting and green space, in addition to streetscape repairs and lighting. The University will also offer community-driven programming.

“This project will transform an underutilized site into a vibrant corridor by making modern facilities for students to live and learn, and new retail and programming spaces for the local community,” said Daniel Bernstein, President and Chief Investment Officer at Campus Apartments. “The University’s long-term commitment to enhancing its campus will help attract and retain the best and brightest students. University of the Sciences is a fantastic partner, and we’re excited to bring this new facility to students, university staff and community members in our hometown.”

Campus Apartments was awarded the residence project after a competitive RFP process. Campus Apartments and the University partnered with architect Design Collective and general contractor Torcon Construction for this development. Construction is set to start in January 2017.

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