Joint Venture Buys 2,016 Beds at Four Universities for $50 Million

by Katie Sloan

West Palm Beach, Fla. — Three entities comprise the buyers of the assets that are located at four public universities in Texas, Arkansas, Kansas and Alabama.

West Palm Beach, Fla. — A newly formed joint venture between BMOC (Best Management Onward Campus), which manages 6,000 beds according to its website, and Calidus Holdings has purchased 2,016 beds at four public universities in Texas, Arkansas, Kansas, and Alabama in a $50 million transaction. The deal, which closed at the end of December, is reported to be one of the largest in numbers of beds purchased by a non-REIT in 2013, according to the joint venture.

The buyers comprise BMOC and an investor and operator of U.S.-based commercial real estate, Calidus Holdings, with an institutional equity partner. The joint venture aims to acquire purpose-built off-campus student housing product, below replacement cost at four-year public universities nationwide.





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