CLV sells one Delaware asset, refinances another.
Houston — Campus Living Villages has finalized two key real estate transactions in the Delaware market. The first is the scheduled refinancing of Studio Green, a 704-unit, off-campus residential community serving the University of Delaware in Newark. This transaction brings to a conclusion CLV’s refinancing program in the United States, which included 16 on-campus assets in March 2011 and the $38 million refinance of Illini Tower, serving the University of Illinois in Champaign.
In nearby Claymont, CLV has completed the sale of Waterview Court, which is a 120-unit multi-family complex that was originally purchased in 2008 as a parcel with Studio Green. That property was never slated to join the company’s student housing portfolio and has been operated independently since its acquisition.
“CLV continues to be committed to the U.S. student housing market. The sale of Waterview Court and the additional equity injection into Studio Green allows us to focus on our core strategy of student housing,” said Global CEO Martin Earp in a press release.
CLV’s refinancing team worked with C-III Capital Partners on the transaction.
Studio Green Delaware debuted under the CLV flag in summer 2009, after a $6 million reinvestment.