Student-housing company adds properties in $256 million deal

Posted: June 13, 2007

Campus Apartments Inc., Philadelphia, today said it had acquired a 14-property student housing portfolio from Dallas-based FirstWorthing Residential Co. L.P. for $256 million.

Privately held Campus Apartments called the deal the largest private student housing transaction on record. It adds 6,517 beds to the company's holdings.

"This portfolio allows us to extend the Campus Apartments brand to new university markets nationwide," said David Adelman, president and chief executive officer. "It was a targeted acquisition, in line with the investment strategy that we plan to carry out over the next few years."

With the acquisition, Campus Apartments expands its footprint to 11 states from Pennsylvania to California. The company now owns and manages more than 12,000 beds nationally.

The newly acquired properties are in six states and encompass 12 existing communities in Tuscon, Ariz.; Riverside, Calif.; Ft. Collins, Colo.; Orlando, Fla.; Baton Rouge and Lafayette, La.; and Raleigh, N.C.; and two development parcels in Baton Rouge, where Campus Apartments plans to build a mixed-use project and additional housing.


Contact staff writer Suzette Parmley at 215-854-2594 or sparmley@phillynews.com.

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