Harrison Street Takes Campus Crest Private
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CCG’s Auburn University property is among 79 student housing assets in its portfolio.
CHICAGO—Another REIT has opted to be taken private after considering its options. Chicago-based private equity firm Harrison Street Real Estate Capital LLC will acquireCampus Crest Communities Inc. for $6.90 per share, its single-largest investment in student housing to date. When the student housing REIT’s sale of its joint-venture interest in two Montreal properties is factored in, the total transaction is valued at approximately $1.9 billion.
“The need for high-quality off-campus housing continues to grow and we believe this sector has strong long-term fundamentals that will drive sustainable returns,” says Christopher Merrill, Harrison Street’s co-founder, president and CEO. Since its founding in 2005, Harrison Street has developed or acquired more than 63,000 student housing beds; the CCG deal will add another 42,000 across 79 properties…
