CHICAGO, IL – CA Ventures, the global vertically integrated real estate investment management company, announced that QuadReal Property Group (“QuadReal”) has bought a 50% interest in its U.S. student living platform. The transaction formalizes the conversion of QuadReal’s existing student, entity-level investments with CA, to an ownership stake in the company. QuadReal’s commitment with CA Is $1.6 billion including other CA investment vehicles strategically designed to support the continued growth of the firm’s student housing portfolio.
“This is a celebrated milestone for our student living business and the beginning of the exciting next chapter in our longstanding relationship with QuadReal,” said Tom Scott, chief executive officer at CA. “QuadReal has been a valued and trusted partner to CA since 2017 and has played an integral role in the strategic growth and transformation of our student living business. We are all incredibly proud of what we have accomplished to date and enthusiastic about the future opportunities we see for the business and the industry as a whole.”
The U.S. student housing industry, known in the real estate investment world for its recession-resilient qualities, has experienced incredible growth and maturation over the past decade. CA, a pioneer in the sector, has made a scalable, best-in-class development and operational model that has remained on a growth trajectory since its inception in 2004. During that time, CA has delivered more than 60 student housing communities totaling more than 35,000 beds in college communities across the country. Over the past few years, QuadReal has invested alongside CA to deliver 11,432 beds in 23 top-tier university markets.
“Student housing is an area of investment conviction for us based upon our research and our experience in the U.S. working with a dedicated team like CA,” commented Jonathan Dubois-Phillips, QuadReal’s president of international real estate. “Even as this year is delivering unexpected dynamics to the landscape of higher education, students studying in the U.S. need safe and comfortable homes away from home, close to campus and their social and academic networks. CA has long understood the needs and expectations of students and their families. What CA offers is as relevant today as ever. We are pleased to be working together even more closely now with our investment in the operating company.”
This year, CA delivered nine student housing communities with nearly 4,000 beds, all of which were completed in time for the 2020-21 academic year despite the challenges posed by the pandemic. These assets feature signature CA design trademarks such as expansive indoor and outdoor amenity space, state-of-the-art integrated technology and high-end fixtures and finishes within each unit. CA’s thoughtful design approach and in-house operational platform, complete with health and wellness services, has positioned the firm well to navigate the COVID-19 impacts on the student housing market over the past eight months. Since the start of the fall semester, CA has seen a measurable increase in year-over-year leasing activity as a result of the rapidly changing situation on university campuses.
“Today more than ever, we are seeing a flight to quality as investors and lenders look to partner with experienced operators that have made significant investments in the systems, technology and programming that really enhance the residential experience,” said Nishant Bakaya, chief investment officer at CA. “The resilience of demand in this space has been particularly evident during the pandemic. Our core, same-store portfolio has already pre-leased to 95% for the 2020-21 academic year and we are projecting positive leasing momentum through year end. We feel strongly that post-COVID student living will emerge as one of the best-peforming real estate asset classes and we are thrilled to have QuadReal as our partner as we capitalize on these opportunities and build upon our highly successful track record.”
CA and QuadReal will continue to focus on development and acquisition investment opportunities for student housing communities pedestrian to large, research-oriented university systems that offer best-in-class undergraduate and graduate programs.

Powered by WPeMatico

PLANTATION, FL – Mill Creek Residential, a leading multifamily developer and operator specializing in premier apartment communities across the U.S., announced leasing is underway at Modera Cornerstone, a modern retreat-like apartment community located in the vibrant Southeast Florida suburb of Plantation.
Situated amidst the 58-acre Class A business campus of Cornerstone Corporate Center, Modera Cornerstone offers 330 contemporary apartment homes and deluxe array of community amenities. First go-ins at the Fort Lauderdale-area community started in August.
“Plantation continues to be an attractive option for renters with its centralized Broward County location and unique combination of city living in a suburban environment,” said Jeff Meran, executive managing director of development of Florida for Mill Creek. “We are thrilled to join the neighborhood and look forward to offering a sophisticated living experience that we believe will set the standard for apartment living in the area.”
Located at 1240 S. Pine Island Road immediately north of the Interstate 595 interchange, Modera Cornerstone provides a prime Broward County location with expedient access to surrounding locales such as Fort Lauderdale, Davie, Sunrise, Weston and Miami.
Within the immediate area of Modera Cornerstone, residents have access to a wide variety of national and local retailers and restaurants, medical facilities, recreational opportunities and major employers. Nearby Broward Mall is adding new restaurants and shops, and the repurposed Plantation Fashion Mall is under development which will feature additional high-end retail, office and hotel space.
Modera Cornerstone offers one-, two- and three-bedroom homes ranging in square footage from 657 to 1,384 with den layouts available. Community amenities include a resort-style pool, club-quality fitness center with yoga/Pilates studio, expansive clubhouse, outdoor lakeside patio, courtyard putting green, onsite dog park and pet spa, pool table, barbecue area, business center and playground. Residents also have access to self-serve package lockers, controlled-access garage parking and free Wi-Fi in social zones.
Apartment interiors are delivered with wood plank-style flooring, nine-foot ceilings, ceiling fans, stainless-steel Energy Star appliances, quartz countertops, tile backsplashes, USB ports, full-size washers and dryers, keyless entry and private patios or balconies featuring lake, city or green space views. Select homes include a separate dining area, pantry, breakfast bar, linen closets and an alarm system. Residents also have access to cold storage as well as additional storage.
Modera Cornerstone marks Mill Creek’s eleventh development community in the South Florida region. Other Fort Lauderdale-area communities include Modera Flagler Village in development and Modera Port Royale.

Powered by WPeMatico

KING OF PRUSSIA, PA – Morgan Properties, the nation’s fifth largest apartment owner and operator, announced it has bought 18 communities encompassing 3,256 units in North and South Carolina. Morgan Properties bought the portfolio for $323 million. This transaction takes Morgan Properties unit count in the Carolinas to nearly 5,000 units and their national portfolio to more than 78,750 units. Through the acquisition, the company will maintain over seventy existing jobs while making 10 new regional management positions to be based in the Carolinas. Morgan Properties also plans to invest an additional $20 million into renovations and amenity upgrades at the properties.
Despite 2020 being an unprecedented year, this acquisition shows our continued confidence in class B, value-add multifamily fundamentals, the strength of our business and talented team, and our eagerness to grow our portfolio, said Jonathan Morgan, President of Morgan Properties. The Carolinas are quick-growing markets that offer fantastic access to major employment hubs. We are excited to further expand our presence in these key markets, provide employment opportunities at a critical time in our economy, and enhance the living experience for the thousands of residents who call these communities home.
The Carolinas portfolio is primarily concentrated in North Carolina with 13 properties totaling 2,243 garden-style apartments conveniently located in or near Charlotte. The communities include Village at Brierfield, Wexford and Sharon Pointe in Charlotte; Parkway Station, Trinity Station and Waters Edge in Concord; Kannon Station and McClain Heights in Kannapolis; Woodbrook in Monroe; Alexander Station, Ashton Woods and Lakewood in Salisbury; and Huntersville in Huntersville. There are three additional communities encompassing 562 units that are located in Winston-Salem: Highland Ridge in High Point; Clemmons Station in Clemmons; and Enclave at North Point.
The South Carolina portfolio also consists of three unique multifamily communities with 583 units in Rock Hill, Gaffney, and Anderson: Gable Oaks, with immediate access to retail and I-77, 1022 West, conveniently located near US Highway 29 and I-85, and Station 153, situated in close proximity to Anderson s largest park and minutes away from fantastic shopping, restaurants and entertainment.
Morgan Properties plans to do a $20 million value-add repositioning strategy throughout the portfolio, which will include enhanced curb appeal and signage; premium kitchen and bathroom upgrades; washer and dryer installations; and amenity upgrades such as dog parks, playgrounds with exterior fitness stations, high end bike racks and bike-share program, resident patios with grilling and firepits, putting greens, club rooms with gaming such as ping pong, foosball and pool tables, and package rooms with Amazon hub lockers.
The Carolinas portfolio presents tremendous opportunity for Morgan Properties to expand its footprint in the Carolinas and do what it does best: bring our top-level service and value-add amenities to residents seeking an affordable but exceptional living experience, said Jason Morgan, Principal of Morgan Properties. As a best-in-breed class B owner/operator, we ll continue to target investment opportunities in these markets and nationally where our operational expertise can quickly add value for residents and investors.
Since 2012, Morgan Properties has bought over $7.5 billion in total acquisition volume comprised of more than 55,000 units. In 2019 alone, the Company bought $3.1 billion and 24,000 units in 8 states.

Powered by WPeMatico