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CAMPUS APARTMENTS NAMES DANIEL BERNSTEIN NEW CHIEF INVESTMENT OFFICER
Philadelphia, PA - July 25, 2006
Campus Apartments, Inc., the oldest student housing company in the country and a leader in developing, managing and financing upscale housing for colleges and universities throughout the United States, today announced the naming of Daniel I. Bernstein as chief investment officer. Bernstein formerly served as the company's chief operating officer.
Following the launch of its month-old, billion-dollar venture with GIC Real Estate Pte Ltd (GIC RE), the real estate investment arm of the Government of Singapore Investment Corporation, Campus Apartments now ranks as one of the largest private student housing companies in the country. Bernstein is now charged with deploying the capital and will help the company execute on a healthy pipeline of acquisition, development and industry consolidation opportunities.
In this capacity, Bernstein will further cement relationships with colleges and universities across the country by assisting them in applying creative solutions to academic housing problems. Bernstein will work in existing and new geographies to exponentially grow Campus Apartments delivery of turnkey solutions for adaptive reuse, ground-up, and mixed-use construction projects that maximize the institutional value of student housing.
"Dan has complete and total command of all facets of the student housing business," said David Adelman, president and chief executive officer of Campus Apartments. "His unique blend of operational and development experience allows him to identify, analyze and execute on complex investment opportunities that have consistently benefited both Campus Apartments and our clients. This, coupled with the broad network and tremendous rapport Dan has established with the higher education community makes him the perfect steward for investing this capital across the country."
Bernstein, a Magna Cum Laude graduate of the University of Pennsylvania, joined the Campus Apartment team while attending school and has since served as asset manager, senior property manager and, most recently, chief operating officer. During his tenure, Bernstein played an integral part in developing a joint equity venture with the University of Pennsylvania to redevelop property in University City, in what has become a national model for economic development between public and private interest groups. Bernstein also oversaw the prestigious engagement between the University of Pennsylvania and Campus Apartments for the management of 67 scattered site properties. Through his leadership, Campus Apartments was able to cut the previous service providers' operating budget by 20 percent in the first 10 months.
Additionally, Bernstein most recently forged a strong relationship with Franklin and Marshall College, located in Lancaster, Pa., and spearheaded the development of a new $30 million, 200,000 square-foot residential and retail complex, dubbed "College Row." The mixed-use project is scheduled to be completed in the Fall of 2007. Once built, College Row will foster the transformation of the school's North Campus into a vibrant community where students, faculty, staff and others from the region can gather to live, shop, dine and socialize. Bernstein has also helped to ensure the success of several out-of-state projects including negotiating a master lease with North Carolina Central University for a recent development project in Durham, N.C.; the acquisition and repositioning of a student housing complex at Rowan University in Glassboro, N.J.; and the acquisition and renovation of the Seneca Hotel in Columbus, Ohio into luxury student housing.
"I've been a part of the Campus Apartments team for a number of years and am thrilled with the evolution of my role here," said Bernstein. "It's an exciting time for our company, as well as the industry as a whole. My goal is to use my intimate understanding of the marketplace and college and university needs to further situate Campus Apartments as the premier student housing company."
Oversight of Campus Apartments operational assets will now be attended to by Miles Orth, Campus Apartments new senior vice president of property operations.
About Campus Apartments, Inc.
Philadelphia, Pa.-based Campus Apartments, Inc., the oldest student housing company in the country, develops, manages, designs, and privately finances upscale housing for colleges and universities. The company has been successful in growing its holdings and now owns or manages more than 220 properties across the Eastern Seaboard and Midwest. For more than 40 years, Campus Apartments has been a pioneer in developing communities and providing turnkey solutions for colleges and universities. The company's projects include undergraduate, graduate and faculty housing, as well as for-sale condominiums and mixed-use developments, both on- and off-campus. Campus Apartments' university relationships comprise public-private partnerships, fee development, master leases, third-party management and long-term ground leases.
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Media Contact: Kristen Saponaro (215) 735-3470 x122 ksaponaro@brownsteingroup.com