Media > Press Release
Campus Apartments Adds Over $50 Million in New Properties to Portfolio
Deals at Moravian College, Rowan University, and North Carolina Central University strengthen company's position as a leader in the student housing market
June 15, 2005 - Philadelphia, PA
Campus Apartments, Inc., a developer, manager, and owner of upscale housing for colleges and universities, today announced three new property acquisitions totaling over $50 million located near Moravian College in Bethlehem, Pa., Rowan University in Glassboro, N.J., and North Carolina Central University in Durham, N.C. These acquisitions, which account for a total of 1600 beds/609 units, are a part of Campus Apartments' overall expansion plan and represent dramatic growth in the student housing market.
Each new asset represents one of three pillars in Campus Apartments' business strategy:
Rehabilitating promising historical properties. Campus Apartments' purchase and rehabilitation of the former Bethlehem Silk Mill represents a $15 million investment to provide off-campus student housing for Moravian College. The vacant 110,000 sq. ft. warehouse, built in 1885, will reopen as The Silk Mill in September 2006. The building, about a block from campus, will house 77 apartments and 255 beds. Campus Apartments is working with Ashley Development to preserve architectural details of the mill during construction.
Repositioning conventional apartment buildings as university housing. Audubon Ridge Apartments, located just one block from Rowan University, is in the process of becoming Campus Crossing at Glassboro. Campus Apartments acquired the 12-building complex for $18 million, and is adding $2 million in capital improvements-including new kitchens, bathrooms, and upgrades to the club house and exterior-to better appeal to student needs and desires. The 328-unit, garden-style community will remain occupied during renovations.
New development. For its first expansion into the North Carolina market, Campus Apartments acquired Campus Pointe after the project had stalled in mid-construction. The 27-acre apartment complex consists of 17 buildings located near North Carolina Central University. Campus Apartments purchased the complex, valued at $20 million, for $9.45 million and will invest an additional $6 million to finish the remaining construction. The state-of-the-art complex will feature a club house with a movie theater, fitness center, game room, and outdoor pool. Each of the 204 units includes a fully-equipped kitchen, high-speed Internet, and a bathroom in every bedroom. Campus Pointe is now partially occupied. Campus Apartments will complete construction by August at which time it will rebrand the property Campus Crossings at Durham.
"Our goal is to offer the best managed, maintained, and most secure college real estate in the country," says David Adelman, President and CEO of Campus Apartments Inc. "We've been in the student housing market for almost 50 years and these acquisitions help maintain our focus by expanding our business model to new universities and new geographic regions. With these new assets, we continue to position Campus Apartments as the gold standard for university housing, and one of the leading national players in this sector."
To arrange interviews with David Adelman or for more information about Campus Apartments and its acquisitions, please contact Katie Miller at 610-642-8253 or e-mail katie@gregoryfca.com.
About Campus Apartments, Inc.
Campus Apartments, Inc. based in Philadelphia, PA, develops, manages, designs, and privately finances upscale housing for colleges and universities. The company has been successful in growing its holdings, which now owns or manages 220 properties. For almost 50 years, Campus Apartments has been a pioneer in developing communities and providing turnkey solutions for college and university housing needs. This is evidenced by successful joint ventures with the University of Pennsylvania as well as numerous other projects the company has slated for development with other institutions. In 2002, Campus Apartments was awarded the prestigious property management contract for 78 properties owned by the University of Pennsylvania.