Chicago — The six sites are largely entitled and ready for CA to begin construction on five of the sites in the spring of 2015, for delivery in the fall of 2016.
CA Student Living (CA), a subsidiary of CA Ventures, Wanxiang America Real Estate Group and Core Investments LLC have formed a joint venture and closed on the acquisition of six development sites from Campus Crest Communities Inc. The sites are located in Tuscaloosa, Alabama; Bellingham, Washington; Allendale, Michigan; Tempe, Arizona; Sacramento, California; and Boca Raton, Florida.
Wanxiang America Real Estate Group is a Chicago-based investment partner that is the domestic real estate arm of Chinese auto parts manufacturer Wanxiang Group Inc. Core Investments is a co-developer and investment partner consisting of John Clifford and Thomas Odai.
“CA is excited to step into and launch these fast-moving developments to expand our student housing offerings at a wider range of pricing options for students around the country,” says Tom Scott, CEO of CA Ventures.The joint venture completed this transaction as part of a strategic opportunity to acquire entitled, or nearly entitled, land with plans and permits, avoiding the entitlement process and proceeding directly to construction. The six sites are largely entitled and ready for CA to begin construction on five of the sites in the spring of 2015, for delivery in the fall of 2016. The JV intends to utilize the previously approved Campus Crest development plans for the majority of these development sites, while incorporating some modifications to make the projects more consistent with CA’s other developments and assets.