Campus Advantage has announced the completion of phase two of its new investment partnership with Saban Real Estate, a subsidiary of Saban Capital Group. Through this partnership, the Austin, Texas–based student housing provider will acquire a 19-property portfolio from American Campus Communities (ACC) in three phases.
The Saban–Campus Advantage acquisition partnership was announced in November, and its first phase was completed later that month with the purchase of eight tier-one properties at the University of Missouri, Louisiana State University, and the University of Alabama.
In phase two, Campus Advantage and Saban have closed on University Oaks and Garnet Riverwalk at the University of South Carolina; Lion’s Crossing and Nittany Crossing at Penn State University; and University Manor and Pirate’s Place at East Carolina University.
“Our phase one properties are benefiting from a fresh set of eyes, new programs, upgraded amenities, and capital improvements that provide enhanced, supportive communities for students,” said Mike Peter, president and CEO of Campus Advantage, in a release. “We are now both excited and ready to bring our expertise and time-tested approach to these next six university communities.”
Campus Advantage currently owns and operates about 30,000 student beds nationwide, many of them acquired in programmatic joint ventures. It is currently the sixth-largest student housing owner and operator in the nation.