CAMPUS LIVING VILLAGES COMPLETES KEY REAL ESATE TRANSACTIONS IN DELAWARE INCLUDING SALE OF MULTI-FAMILY PROPERTY, SCHEDULED REFINANCING OF STUDENT HOUSING COMMUNITY
HOUSTON, TX – February 23, 2012 – Campus Living Villages (CLV), a global leader in student housing, has finalized two, key real estate transactions in the Delaware market. CLV has successfully completed the scheduled refinancing of Studio Green, a 704-unit, off campus residential community located at 91 Thorn Lane and serving nearby University of Delaware in Newark. This brings to a conclusion CLV’s refinancing program in the US, which included 16 on-campus assets in March 2011 and the $38-million refinance of Illini Tower, serving the University of Illinois Urbana Champaign, in July 2011.
In nearby Claymont, CLV has completed the sale of Waterview Court at 321 Harbor Drive. Sold for an undisclosed price, the 120-unit multi-family complex was originally purchased in 2008 as a parcel with Studio Green. The property was never slated to join the CLV student housing portfolio and has been operated independently since its acquisition.
According to Global CEO Martin Earp, “CLV continues to be committed to the US student housing market. The sale of Waterview Court and the additional equity injection into Studio Green allows us to focus on our core strategy of student housing.”
The refinancing has also ensured CLV is well positioned to operate Studio Green effectively in post-GFC Market conditions.
The refinancing team at CLV worked closely with C-III Capital Partners on the transaction. Earp was impressed by the time they took to understand the off-campus housing market. “C-III was extremely thorough in their approach and worked closely with CLV to understand the nuances of the property and the wider market.”
Studio Green Delaware debuted under the CLV flag in summer 2009. As a result of a $6-million reinvestment in the formerly neglected property, CLV was credited with creating a community asset and neighborhood focal point. In 2011, Studio Green was named the country’s “Best Turnaround Project” by Student Housing Business, a leading national trade publication that follows industry trends and news.
Designed to foster a healthy lifestyle for its student and university-affiliated residents, CLV’s enhancements have included replanting a green space to increase the tree canopy, plus the addition a state-of-the-art club house and recreation area featuring an indoor basketball court, yoga studio, business center, meeting room, fitness center, game room, screening room with surround sound, outdoor lounge and saltwater lap pool.
About Campus Living Villages
Campus Living Villages (CLV) is one of the national leaders in the privatized management and development of on-campus student housing. CLV’s international team of housing and hospitality professionals currently manage student housing facilities on or near 50 university campuses totaling over 34,000 beds in the US, Australia, England and New Zealand. For more information, visit www.campuslivingvillages.com.