AUSTIN, TEXAS, Aug. 4, 2016 (GLOBE NEWSWIRE) -- Campus Advantage and Waypoint Residential have acquired their first property under a new partnership that will help Waypoint enter the student housing industry by tapping into Campus Advantage's long history as both a manager for institutional clients and as an operating partner with large institutional investors.
First Street Place Apartments serves the students of East Carolina University in Greenville, N.C. The 288-bed property is located on the banks of the Tar River and a block away from Greenville's Town Common park. Because of its ideal location in a strong student housing market, the property makes an ideal first step into student housing for Waypoint, which already has extensive experience in the conventional multifamily housing sector. A $1.3 million capital improvement plan is expected to enhance the property's position in the Greenville market, including improvements to the clubhouse, amenities and unit interiors.
"Our team looks forward to leveraging our years of experience in the student housing industry to make strategic improvements to First Street Place Apartments that reinforce its already-strong position in the Greenville market," Josh Greenleaf, Campus Advantage's director of acquisitions. "The number of acquisitions this year is expected to be the largest in Campus Advantage history with over $200 million. That success is due to partnerships like this one with Waypoint."
"The acquisition of First Street Place Apartments is the culmination of a year-long effort to explore and analyze the student housing space," said Jeremy Pemberton, managing director of Waypoint Residential. "This transaction is the first of a new product focus that compliments Waypoint's extensive experience in the conventional multifamily arena. Because we are new to the student housing industry, we have partnered with Campus Advantage to tap into its staff's extensive expertise sourcing, evaluating and closing on student housing investments."
Waypoint has acquired over $1.2 billion in multifamily properties since 2011 and currently owns/manages more than 10,000 apartment units along with having a well-established record of providing investors with access to institutional-grade real estate investment opportunities, Pemberton said. The company hopes to do the same with First Street Place by enhancing the property's position in the market with targeted capital improvements, such as planned internet and unit upgrades, as well as a clubhouse renovation.
"The acquisition of First Street Place is just the start of what we hope will become a long, successful partnership with Waypoint," said Mike Peter, president and CEO of Campus Advantage.
Campus Advantage has extensive background in building equity for its investment partners, he said. In its 13-year history, the company has sponsored seven joint venture partnerships and acquired more than $675 million in student housing assets. The company also has delivered more than $100 million in capital expenditure projects on time and on budget.
About Campus Advantage
Campus Advantage is an Austin-based real estate firm that offers student housing management, development, acquisition, and consulting services. The company has been creating successful communities since its founding in 2003. Its proven expertise and time-tested approach creates better student living experiences, which in turn creates financial success. For additional information, please visit http://www.campusadv.com.
About Waypoint Residential
Founded in 2011, Waypoint Residential is a vertically integrated real estate investment manager specializing in apartment properties that seeks attractive current rates of return and longer term appreciation through targeted, value-add investment opportunities in select metropolitan areas of the Sunbelt and Midwestern regions of the United States. Waypoint provides investors access to institutional grade real estate investments on a recurring basis and the ability to customize their own diversified, income-producing, tax-efficient real estate portfolio. Waypoint currently manages approximately 10,000 units. For more information, visit www.waypointresidential.com.
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