New York — The firm has completed 13 acquisitions in the past 12 months.
CEV’s
Weatherford, Okla.,
acquisition.New York — Campus Evolution Villages has acquired two properties totaling 692 beds. The sellers were affiliates of Baltimore-based real estate investment firm Alex Brown Realty. Both properties have been rebranded Campus Evolution Villages.
The first in the portfolio was formerly known as The Legends at Canyon. Serving West Texas A&M University in Canyon, Texas, it contains 336 beds in 108 units and is less than one mile from campus. The second property, previously named The Legends at Weatherford, serves Southwestern Oklahoma State University and contains 356 beds in 120 units and is also less than one mile from the Weatherford, Okla., campus. This acquisition is CEV’s 13th in the past 12 months and increases the total portfolio to approximately 8,500 owned and managed beds across 20 properties.
This acquisition closely follows on the firm’s closing on a five-property portfolio of 1,992 beds in October. The company currently owns 13 purpose-built student housing communities totaling approximately 6,000 beds in Texas, Oklahoma, Kentucky, Louisiana, Missouri, North Carolina, South Carolina, Georgia and West Virginia.
“We are developing a campus-centric brand,” says Evan Denner, chief investment officer of The Canyon, Texas,
acquisition.Campus Evolution Villages. “We are starting to see tangible results as the Campus Evolution brand gains traction through our strong year-over-year early pre-leasing figures, as well as direct feedback we receive from residents, parents and university administrators.”
“We are very excited to enter the Texas and Oklahoma markets and look forward to bringing to our residents all of our offerings that provide them with a well-rounded college life experience,” says Campus Evolution Villages CEO Andrew Stark. “As our portfolio grows, our core mission remains consistent in delivering exceptional, well located student-housing with our best-in-class management team singularly focused on our student demographic.”
The acquisition was completed with Campus Evolution’s partners, Barry Reichmann and associates of Reichmann International Development Corporation, a Toronto-based firm. The Reichmanns, a family with investments in various real estate companies and assets, are well known for controlling the Olympia & York real estate organization and the development of Canary Wharf during the 1980s and 1990s.