Eugene, Ore. — The 244-bed property will open fall 2013. Construction is under way, and the project is being built to LEED Gold standards.
Eugene, Ore. — Inland American Communities (IAC), a wholly owned subsidiary of Inland American Real Estate Trust, has entered into a partnership with an Oregon-based development company and investors on a student housing development, University House Arena District, at the University of Oregon in Eugene.
The property, which is within one quarter mile from the University of Oregon’s campus, is projected to open in fall 2013 and will add 244 beds to IAC’s existing student housing portfolio, which currently includes more than 5,000 beds. The new partnership structure also provides IAC with a significant equity stake, a preferred equity return and an exclusive purchase option upon stabilization, according to the firm.
“The University House Arena District asset aligns with our strategy to double the size of our student housing portfolio through the development and acquisition of best-in-class properties in diversified markets,” says Travis Roberts, president of Inland American Communities. “The partnership with a leading Oregon based developer provided an attractive option for entering this high barrier-to-entry market.”