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LOOKING TO EXPAND YOUR PORTFOLIO? CONSIDER INVESTING IN STUDENT HOUSING.


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Campus Advantage Investment Opportunity


RISK CONSIDERATIONS The information and materials contained within this presentation (the “Presentation” and “Confidential Information”) are being furnished on a confidential basis to a limited number of accredited investors on a “one-on-one” basis for informational and discussion purposes only (the “Purpose”) and does not constitute an offer to sell or a solicitation of an offer to purchase any security. The Presentation herein presents an opportunity to invest in a limited partnership sponsored by CASH Fund I GP, LLC, an affiliate of Campus Advantage, Inc., and created to acquire an unidentified pipeline of high-quality core, core +, and, value-add opportunities with a focus on student housing (the “Vehicle”). Campus Advantage, Inc. (“Campus Advantage” or the “Company”) is a top ten owner/manager of student housing real estate in the United States of America. Offers and sales of interests in the Vehicle will not be registered under the laws of any jurisdiction and will be made solely to qualified investors under all applicable laws. Statements contained in this Presentation that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the Company. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this Presentation contains “forward-looking statements.” Actual events or results or the actual performance of the Vehicle may differ materially from those reflected or contemplated in such forward-looking statements. Certain economic and market information contained herein has been obtained from published sources prepared by third parties and in certain cases has not been updated through the date hereof. Neither the Company nor their respective affiliates nor any of their respective employees or agents assume any responsibility for the accuracy or completeness of such information. The Company has not made any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained herein (including but not limited to information obtained from third parties), and they expressly disclaim any responsibility or liability therefore. The Company does not have any responsibility to update or correct any of the information provided in this Presentation. Prior to investing in the Vehicle, prospective investors should consult with their own investment, accounting, regulatory, tax and other advisors as to the consequences of an investment in the Vehicle. Projected performance is not necessarily indicative of future results. There can be no assurance that these results will be achieved. Actual returns on investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, transaction costs and the timing and manner of sale. You will take normal and reasonable precautions to protect the Confidential Information so that you do not divulge Confidential Information to any third party. Upon the Company’s request at any time, you shall promptly destroy or return all Confidential Information, including all copies thereof. If any notes, analyses, compilations, studies, interpretations, documents or records prepared by you contain any such Confidential Information, all such Confidential Information will be and remain our property. The term Confidential Information shall not include information which is or becomes generally available to the public other than as a result of an unauthorized disclosure by you. You agree that any breach or threatened breach of the above outline terms may cause irreparable harm to us, for which we shall, in addition to any other legal or equitable remedies, be entitled to seek an injunction or similar equitable relief against any such breach or threatened breach.

Campus Advantage Investment Opportunity

3


STAY AHEAD BY INCLUDING STUDENT HOUSING IN YOUR INVESTMENTS PORTFOLIO. Student housing investments have gained significant momentum within the last decade, and will continue to do so as the sector continues to mature due to the ever-expanding institutional interest in investing in a real estate asset class that has exhibited strong recession resiliency during the Great Recession. Purpose-built student housing is a niche real estate investment strategy with strong investment fundamentals, including: Countercyclical and demographically driven demand Low supply ratios with room to grow Recession resiliency Higher cash yields compared to like investments within the institutional segment of conventional apartments

PURPOSE-BUILT STUDENT HOUSING

8.7%

INCREASE IN NOI VS.

CONVENTIONAL APARTMENTS

6.3%

DECREASE IN NOI AS ILLUSTRATED IN CHART ON PAGE 5

4

Campus Advantage Investment Opportunity


WHY INVEST IN STUDENT HOUSING? Student housing is a highly fragmented industry that has seen an explosion of institutional interest in recent years. Gone are the days of old when students were faced with mom and pop operators of single-family rentals, duplexes, and townhomes after moving off campus. Today, students across the country can live at a professionally managed purpose-built student housing community focused on providing them with a safe, secure, and beneficial environment. And now, you have the opportunity to invest in these recession-resilient assets with one of the largest and most experienced owner-operators in the country. Student housing is a highly fragmented industry that has seen increasing institutional interest in recent years, with annual sales volume increasing over 200% in a five-year period from approximately $2.95 billion in rolling average in 2013-2014 to $6.12 billion rolling average in 2018-2019. Over the same time period, the asset class has matured with valuation fundamentals increasing, resulting in cap rates decreasing from six-point six percent (6.6%) to five-point five percent (5.5%), meaning for the same net operating income investors were willing to pay twenty-point one percent (20.1%) more in 2019 than in 2013. Correspondingly, price per bed also grew from $50.6k per bed to $83.8k per bed from 2013 to 2019.1 As student enrollment rates at universities continue to grow, so does the demand for housing. As of fall 2017, enrollment at four-year degree-granting public and not-for-profit universities was 12.9 million students, an increase of approximately 2.2 million students since fall 20082. According to Axiometrics, a market research database, the fall enrollment at the nation’s top 175 colleges and universities will increase by 312,000 while the supply of student housing beds, both on and off campus, will increase by only 219,000 beds, leaving an unmet demand of 92,000 students from fall 2019 to fall 20243. In addition, student housing has proven to be very resilient in times of economic recession. People go back to or stay in school because they cannot find work and want to delay paying off student loans, leading to higher enrollment rates. From 2008 to 2010, publicly traded student housing real estate investment trusts (REITs) increased same-store NOI by 8.7%, whereas publicly traded conventional apartment REITS decreased NOI by 6.3%.4 Additionally, student housing capitalization rates generally trade 50–100 basis points greater than conventional multifamily housing, thus providing higher cash yields.

STUDENT HOUSING NOI VS. TRADITIONAL APARTMENT REIT PORTFOLIOS (2004-2015)

STUDENT HOUSING NOI GREW 8.7%.

CONVENTIONAL APARTMENT NOI DECLINED 6.3%.

Source: CBRE | National Student Housing Team Source: National Center for Education Statistics, 2018 Digest of Education Statistics 3 Source: Axiometrics July 2019 National Time Series 4 Source: SEC Public Filings 1

2

Campus Advantage Investment Opportunity

Source: SEC Public Filings

5


INVESTABLE UNIVERSE

We focus on all of the largest and most recognizable university markets. These markets are tracked by Axiometrics, the largest data provider in the industry, and are referred to as the Axio175. Source: National Center for Education Statistics, Axiometrics

STRONG MACRO FUNDAMENTALS

These 175 colleges and universities grew their enrollment by 551,000 students, or roughly one-point three percent (1.3%) annually over the previous decade and they are projected to grow their enrollment by another 352,000 students from Fall 2018 to Fall 2024, or approximately one-point three percent (1.3%) annually. Source: National Center for Education Statistics, 2018 Digest of Education Statistics and Axiometrics, 2019 Student Housing Supply & Demand Model.

TOTAL ENROLLMENT IN AXIO175 Enrollment

6

Projected

Growth Rate

Campus Advantage Investment Opportunity


Strong investor demand for purpose-built, off-campus student housing has increased the 24-month rolling transaction volume in the industry by over 500% since 2013.

INCREASING INVESTMENT DEMAND

Source: CBRE | National Student Housing Team

STUDENT HOUSING TRANSACTIONAL VOLUME

Transactions

Properties

IMPROVING VALUATION FUNDAMENTALS

Portfolios

$ Volume (Billions)

The growth of investor demand has also resulted in improving property valuation fundamentals. From 2013 to 2019, capitalization rates, cap rates, decreased from an average of 6.6% to 5.5% resulting in a 21% increase in valuation, or 3.1% annual compounded growth rate. This compares favorably to the 1.8% compounded annual growth rate of the US Consumer Price Index over the same period of time. Source: CBRE | National Student Housing Team

STUDENT HOUSING VALUATION FUNDAMENTALS

Price Per Bed Campus Advantage Investment Opportunity

Cap Rate

7


WHY CAMPUS ADVANTAGE?

A PROVEN TRACK RECORD OF SUCCESS.

Founded in 2003 as a third-party management company with a focus on customer service through our residence life platform, Campus Advantage has grown to become a top 10 owner-operator of student housing in the United States1 with a fully integrated platform that delivers results for students, parents, universities, employees, and investors. Our investment experience began in 2007 when, after successfully transitioning a 17-property portfolio into our third-party management platform, we were asked to assist CalSTRS with continuing to build their student housing portfolio. Since then, Campus Advantage has acquired 51 assets for a total of over 28,500 beds and $1.55 billion of gross acquisitions in partnership with four large institutional investors, including two of the largest state pension funds, a domestic private investment firm, and a foreign insurance company. As of June 2020, Campus Advantage’s portfolio consists of approximately 32,000 beds in over 40 university markets across the country, with approximately 14,500 of those beds owned via joint ventures.

Leading, privately held national platform Focused on thorough due diligence, long-term strategy, and infrastructure Senior investment team involved in the acquisition and development of over 120 student housing projects Realized investment return performance exceeding both the NCREIF Property Index (NPI) and the PREA | IPD U.S. Property Fund Index Partners and clients have included CalSTRS, SBAF, LaSalle Investment Management, AIG Real Estate, MSD Capital, and ASB Capital Management

1

8

Student Housing Business, November/December 2019

Campus Advantage Investment Opportunity


CAMPUS ADVANTAGE SUCCESS HIGHLIGHTS 1

$675 MILLION+

$1.55

BILLION

EQUITY INVESTED

ACQUIRED

GROWTH IN BEDS

Managed Campus Advantage Investment Opportunity

For fully realized ventures

11.9% REALIZED RETURNS1

CUMULATIVE ASSETS ACQUIRED

Owned/Managed

9


A VERIFIED, COMPREHENSIVE INVESTMENT PROCESS. 1

2

3

SOURCING • Deep industry relationships, in addition to its market intel gathered through its robust management and consulting platforms • Dedicated and experienced team of investment professionals • Large platform provides access to additional deal flow and real-time intelligence • Proven track record of closing gives sellers confidence in Campus Advantage as a buyer

DECISION MAKING • Comprehensive and disciplined investment committee approval process comprised of members with significant industry experience • In-depth on-site due diligence, including 100% lease audits and unit walks, in addition to specialized third-party consultants reviewing the physical and environmental aspects of the asset • Thorough market analysis performed by Campus Advantage’s in-house consulting team with experience conducting over 250 consulting studies • Operations and asset management teams involved in all aspects of underwriting and the closing phase to ensure a smooth transition

EXECUTION • Vertically integrated owner with increased oversight for each asset, including a Vice President of Operations, a Regional Manager, and a Regional Leasing Specialist who are all focused on driving strategy and performance • Catalyst, a full service marketing agency affiliated with Campus Advantage, drives leasing and renewal velocity through strategic digital and traditional marketing campaigns • Campus Advantage’s Students First® residence life platform increases the student experience allowing for high retention rates and strong reputations • Our unique revenue management strategy, including an in-house pricing advisor, optimizes rental rates and maximizes value • The capital projects management team executes capital improvements utilizing web-based project management tools to report on progress and stay on budget

INVESTMENT/EXIT 4

10

• National perspective and access to real-time data to identify and respond to capital market and market trends • Consistent oversight from Campus Advantage’s asset management team to drive value • Ongoing hold/sell evaluations • Wide network of brokerage relationships with top brokers to increase asset interest and facilitate a smooth exit process Campus Advantage Investment Opportunity


INVESTMENT STRATEGY Core Plus and Value-Add are terms used to define the risk and return characteristics of a real estate investment.

Core Plus investments (target allocation 65%) are seasoned, purpose-built student housing properties that benefit from a stronger manager and require a minimal amount of capital infusion. They experience the highest rent growth when located within 0.5-1 mile from campus. Core Plus investments have the highest risk-adjusted return given the limited capital currently focused on this strategy within student housing.

Value-add investments (target allocation 35%) are typically older, purpose-built properties located over one mile away from campus. These assets have experienced poor management and deferred maintenance, and require a management turnaround strategy along with a capital infusion. Pricing for value-add investments is generally at or below replacement cost, but can exceed this in supply-constrained areas where sites are difficult to find.

REALIZED AND UNREALIZED LEVERAGED RETURNS BY STRATEGY (AS OF YE 2019) IRR: 19.2% Leverage: 47%

IRR: 10.2%

IRR: 10.3%

Leverage: 52%

Leverage: 50%

IRR: 6.3% Leverage: 50%

Campus Advantage Investment Opportunity

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WHAT DOES IT MEAN TO INVEST IN A GENERAL PARTNER FUND? Given the multitude of property types within commercial real estate and a need to diversify, passive investors known as Limited Partners (LPs) often invest with expert operators known as General Partners (GPs) to effectuate a real estate investment strategy. In a mutually beneficial arrangement, LPs with liquidity to invest and GPs offering real estate expertise form joint venture arrangements. LPs provide the vast majority of the equity required for an investment, and the GPs provide the platform and expertise while investing in a minority position. The most frequent arrangement is a 90% LP and 10% GP (90/10) joint venture. The following is a graphical illustration of a typical joint venture between an LP and a GP.

In exchange for this expertise, the GP of a 90/10 joint venture has an opportunity to earn an outsized portion of the profits once the investment achieves certain return hurdles. These outsized portions are referred to as Promoted Interests. A typical Promoted Interest structure is illustrated below.

FIRST

90% to the LP and 10% to the GP until an 8% internal rate of return (IRR) is achieved

SECOND

80% to the LP and 20% to the GP until the LP achieves an 11% IRR

THIRD

70% to the LP and 30% to the GP until the LP achieves a 14% IRR

THEREAFTER

60% to the LP and 40% to the GP

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Campus Advantage Investment Opportunity


WHAT DOES IT MEAN TO INVEST IN A GENERAL PARTNER FUND? This disproportionate sharing of distributions creates a drag to the LP’s IRR in relation to the overall investment’s IRR, and it boosts the GP’s IRR in relation to the underlying investment’s IRR. Thus, the GP can achieve outsized returns relative to the risk of the underlying investment. The following tables illustrate the returns in a typical investment that achieves the required return hurdles to create Promoted Interests for the GP.

PROJECT-LEVEL LEVERAGED RETURNS Project Level Leveraged Returns Equity Investment Cash Flow From Opereations Project Level Leveraged Returns Net Sales Proceeds Net CashInvestment Flows Equity Cash Flow From Opereations Project Level Leveraged Project Level Leveraged Internal RateReturns of Return Net Sales Proceeds Net CashInvestment Flows LP Leveraged Returns Equity

Cash Flow From Opereations Project Level Leveraged Internal Rate of Return Net Sales Proceeds Equity Investment Net Leveraged Cash Flows LP Returns Cash Flow From Operations Project Level Leveraged Internal Rate of Return 90% of Net Sales Proceeds up to 8% IRR 80% Net Sales Proceeds after an 8% up to a 11% IRR Equity Investment LPofLeveraged Returns 70% Net From Sales Proceeds after an 11% up to a 14% IRR CashofFlow Operations 60% IRR 90%of ofNet NetSales SalesProceeds Proceedsover up toa 14% 8% IRR Net Cash Flows 80% of Net Sales Proceeds after an 8% up to a 11% IRR Equity Investment 70% ofFlow Net From Sales Proceeds an 11% up to a 14% IRR Cash Operations LP Leveraged Internal Rateafter of Return 60% IRR 90%of ofNet NetSales SalesProceeds Proceedsover up toa 14% 8% IRR Net Flows 80%Cash of Net Sales Proceeds after an 8% up to a 11% IRR

Year 0 (10,000,000)

Year 1

Year 2

Year 3

Year 4

700,000 Year 1 700,000 700,000

721,000 Year 2 721,000 721,000

742,630 Year 3 742,630 742,630

764,909 Year 4 764,909 764,909

Year 1 700,000

Year 2 721,000

Year 3 742,630

Year 4 764,909

14.8% Year 0

700,000 Year 1

721,000 Year 2

742,630 Year 3

764,909 Year 4

Year 0 14.8%

700,000 630,000 Year 1

721,000 648,900 Year 2

742,630 668,367 Year 3

764,909 688,418 Year 4

630,000 Year 1

648,900 Year 2

668,367 Year 3

688,418 Year 4

630,000

648,900

668,367

688,418

Year 0 (10,000,000) (10,000,000) 14.8% Year 0 (10,000,000) (10,000,000)

LP LEVERAGED RETURNS (9,000,000) (10,000,000) (9,000,000) Year 0 (9,000,000) (9,000,000) 13.8%

630,000

648,900

668,367

688,418

(9,000,000) GP Leveraged Returns (This is where CASH FUND I invests)630,000

648,900

668,367

688,418

Year 1

Year 2

Year 3

Year 4

70% of Net Sales Proceeds an 11% up to a 14% IRR LP Leveraged Internal Rateafter of Return 60% of Net Sales Proceeds over a 14% IRR Net Cash Flows Equity Investment

13.8% Year 0

(9,000,000) GP Leveraged Returns (This is where CASH (1,000,000) FUND I invests)630,000

Cash Flow FromInternal Operations LP Leveraged Rate of Return 10% of Net Sales Proceeds up to 8% IRR 20% Net Sales Proceeds after an 8% up to is a 11% IRR Equity Investment GPofLeveraged Returns (This where 30% Net From Sales Proceeds after an 11% up to a 14% IRR CashofFlow Operations 40% IRR 10%of ofNet NetSales SalesProceeds Proceedsover up toa 14% 8% IRR Net Cash Flows 20% of Net Sales Proceeds after an 8% up to a 11% IRR Equity Investment 30% ofFlow Net From Sales Proceeds an 11% up to a 14% IRR Cash Operations GP Leveraged Internal Rateafter of Return 40% IRR 10%of ofNet NetSales SalesProceeds Proceedsover up toa 14% 8% IRR Net Flows 20%Cash of Net Sales Proceeds after an 8% up to a 11% IRR

648,900

668,367

688,418

13.8% Year 0

70,000 Year 1

72,100 Year 2

74,263 Year 3

76,491 Year 4

Year 0

70,000 Year 1

72,100 Year 2

74,263 Year 3

76,491 Year 4

70,000

72,100

74,263

76,491

(This is where CASH FUND I invests) GP LEVERAGED RETURNS CASH (1,000,000) FUND I invests)

30% of Net Sales Proceeds an 11% up to a 14% IRR GP Leveraged Internal Rateafter of Return 40% of Net Sales Proceeds over a 14% IRR Net Cash Flows GP Leveraged Internal Rate of Return

(1,000,000) (1,000,000) 22.8% (1,000,000)

70,000 70,000

72,100 72,100

74,263 74,263

76,491 76,491

22.8% (1,000,000)

70,000

72,100

74,263

76,491

Year 5 787,856 15,000,000 Year 5 15,787,856 787,856 15,000,000 Year 5 15,787,856 787,856 Year 5 15,000,000 15,787,856 709,071 Year 5 9,317,500 1,707,500 1,758,993 709,071 Year 05 9,317,500 13,493,064 1,707,500 1,758,993 709,071 0 9,317,500 13,493,064 1,707,500 1,758,993 Year 50 13,493,064

78,786 Year 5 1,035,278 426,875 753,854 78,786 Year 05 1,035,278 2,294,793 426,875 753,854 78,786 0 1,035,278 2,294,793 426,875

753,854 0 2,294,793

22.8%

* Above returns are for illustration purposes only.

The investment strategy for Campus Advantage Student Housing Fund I, LP (CASH FUND I) is to acquire a diversified pool of six-eight student housing communities via joint ventures with LPs. The aggregate cash flows from these investments in the Fund will then be subject to a Fund level preferred return of 15%, with 50% of residual profits above this threshold being earned by the Fund sponsor (affiliate of Campus Advantage). These joint venture structures allow CASH Fund I investors the opportunity to ultimately earn 16%-18% returns (net of all fees and Fund promote) while investing in assets with the risk profile of 13%16% returns. To achieve the Fund’s targeted returns without this structure, riskier investments in lower quality markets would have to be targeted.

Campus Advantage Investment Opportunity

13


INITIAL SEED ASSETS:

LYON'S CORNER AND CAMPUS VIEW PLACE

University Served: University of Florida – Gainesville, FL Role: General Partner in JV Partnership Number of Beds: 228 Configuration: Two, Three, Four and Five Bedrooms Purchase Price: $21.0 million Total Investment: $22.4 million Acquisition Date: February 2020 Loan-to-Cost: 71% (assumption and new loans) Projected Hold Period: Seven (7) years Projected Project Yield / IRR / MOIC: 8.5% average yield, 13.9% total IRR, 2.1x MOIC Projected Net Fund Yield / IRR / MOIC: 6.8% average yield, 16.8% total IRR, 2.6x MOIC

14

INVESTMENT STRATEGY: CORE PLUS ACQUISITION Sourced off market by Campus Advantage, Campus View Place (CVP) and Lyon’s Corner (LC) are two boutique student housing assets in pedestrian-to-campus locations at the University of Florida in Gainesville, Florida. The assets were sold by the original developer and were previously managed by a small, local thirdparty management company. The assets are complementary product types, with Campus View Place consisting of twoand three-bedroom apartment-style units, and Lyon’s Corner consisting of two-, three-, four-, and five-bedroom townhomestyle units. The business plan includes strategic operational improvements, including implementing our residence life platform, revenue management to drive effective rents, and restructuring the lease terms to exclude utilities from rents, which is now typical in the market. The properties have historically achieved occupancies in the high 90s due to their pedestrian locations, particularly Lyon’s Corner, which is near the popular Greek corridor. The Fund strategically partnered with Stark Enterprises on the transaction. Stark Enterprises and CA are in a separate joint venture co-developing another Gainesville project set to deliver in fall 2020. This development is near both properties, allowing the leveraging of additional local resources and increased economies of scale.

Campus Advantage Investment Opportunity


CASE STUDY: THE BEACON

University Served: Auburn University – Auburn, AL Role: General Partner in JV Partnership with Institutional Investor Number of Beds: 576 Configuration: Two, Three, & Four Bedrooms Purchase Price: $24.6 million Total Investment: $26.4 million Acquisition Date: November 2015 Loan-to-Cost: 60% (new loan) Current Book Value: $33.8 million Projected Sale Date: October 2025 IRR through sale: 14.0% (unrealized) MOIC through sale: 2.7x (unrealized)

Campus Advantage Investment Opportunity

INVESTMENT STRATEGY: CORE+ ACQUISITION Acquired in November 2015, The Beacon was 98% occupied at the time of acquisition, having recently gone through a repositioning. The acquisition strategy consisted of completing the renovation, focusing on the common area amenities, and curing deferred capital that the seller could not identify a dollar-for-dollar return upon. Campus Advantage saw the opportunity in capitalizing on the hard work of the unit renovations performed by the prior owner and finishing the product off with a new look/ name and refreshed amenity base to provide stable cash flow and steady value appreciation. Upon acquisition, the property was renamed to The Beacon from Eagles Reserve. Throughout the hold period, the property has maintained in excess of 98.0% occupancy, achieving 4.3% compounded rent growth after an initial Year 1 growth rate of 11.1%. Currently, the project is held for long-term investment with a projected 10-year IRR of 15.1% versus the pro forma of 11.5%.

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CASE STUDY: THE MARQ

University Served: Marquette University Role: General Partner in JV Partnership with Institutional Investor Number of Beds: 612 Configuration: Studio, One, Two, Three, & Four Bedrooms Purchase Price: $26.6 million Total Investment: $28.3 million Acquisition Date: February 2014 Loan-to-Cost: 40% (new loan) Sale Date: October 2017 Sale Price: $42.3 million IRR: 22.9% (realized, after defeasance) MOIC: 2.0x (realized after defeasance)

16

INVESTMENT STRATEGY: VALUE-ADD ACQUISITION Originating as an operational assessment for an institutional owner, Campus Advantage was later hired to third-party manage the asset, along with six other assets owned by the investor. Upon marketing the portfolio for sale, Campus Advantage was the successful bidder for a subset of three value-add deals, including The Marq. The property was 81% occupied at acquisition and lacked modern student housing amenities, particularly social spaces and sufficient internet bandwidth. Upon acquisition in March 2014, Campus Advantage invested $1.4 million in capital improvements to update the property, including a complete renovation of the first-floor lobby/clubhouse and laundry facilities, the addition of a computer lab, a yoga studio with Fitness On Demand, a fresh market, and study and tanning spaces. In addition to the physical transformation, the property went through a complete rebrand from 2040 Lofts to The Marq that included a new logo, website, and all advertising materials. With these changes, NOI increased 49% from inception. The project sold for $42.3 million, achieving a 22.9% leveraged IRR and a 2.0x equity multiple.

Campus Advantage Investment Opportunity


LIST OF PROPERTIES ACQUIRED PROPERTY NAME

UNIVERSITY

CITY

ST

BEDS

DATE ACQUIRED

University Crossing Islander Village Campus View The District on Luther 4050 Lofts Hawk’s Ridge Crimson Legacy Northgate Lakes The Domain at Columbia Campus Pointe West 22 The Avenue Campus Quarters The Marq ON50 42North Hannah Lofts Republic at Sam Houston The Highlands The Beacon The Verge Lafayette Place Burnham 310 Villas at Riverbend The Lodges at 777 The Armstrong The Oliver Grayson Cottages Forest Village & Woodlake Grindstone Canyon Parker 301 Redtail on the River Tremont The Bryn The Bower The Davis 21 Oaks 25 East The Monroe The Wyatt Torchlight The Alden West & Wright Slate at 901 The Soto Nora Nolan The Flats Lyon’s Corner Campus View Place

Kansas State University Texas A&M University-Corpus Christi University of Missouri Texas A&M University University of South Florida University of Iowa University of Alabama Georgia Southern University University of Central Florida University of Missouri Kent State University Kennesaw State University Indiana University-Purdue University Indianapolis Texas A&M University-Corpus Christi Marquette University University of South Florida University of South Florida Michigan State University Sam Houston State University University of Nevada Auburn University University of Central Florida University of Mississippi University of Illinois - Champaign Urbana Louisiana State University Louisiana State University Louisiana State University Louisiana State University University of Missouri University of Missouri University of Missouri University of Alabama University of South Carolina Penn State University Penn State University East Carolina University East Carolina University University of South Carolina Michigan State University Indiana University-Purdue University Indianapolis Western Michigan University Florida State University University of Alabama at Birmingham Auburn University University of Tennessee University of Oregon University of Washington University of Washington Illinois State University University of Florida University of Florida

Manhattan Corpus Christi Columbia College Station Tampa Iowa City Tuscaloosa Statesboro Oviedo Columbia Kent Kennesaw Indianapolis Corpus Christi Milwaukee Tampa Tampa East Lansing Huntsville Reno Auburn Orlando Oxford Champaign Baton Rouge Baton Rouge Baton Rouge Baton Rouge Columbia Columbia Columbia Tuscaloosa Columbia State College State College Greenville Greenville Columbia East Lansing Bloomington Kalamazoo Tallahassee Birmingham Auburn Knoxville Eugene Seattle Seattle Normal Gainesville Gainesville

KS TX MO TX FL IA AL GA FL MO OH GA IN TX WI FL FL MI TX NV AL FL MI IL LA LA LA LA MO MO MO AL SC PA PA NC NC SC MI IN MI FL AL AL TN OR WA WA IL FL FL

700 312 656 1,098 722 561 700 368 710 654 630 850 358 336 612 444 420 702 687 732 576 930 366 437 308 1,290 532 612 513 704 384 680 472 696 684 528 600 662 654 796 700 736 528 456 224 378 206 199 447 116 112

Nov-07 Feb-08 Mar-08 Feb-10 Dec-10 Oct-11 Dec-11 May-13 Jun-13 Sep-13 Oct-13 Nov-13 Dec-13 Feb-14 Feb-14 Feb-14 Feb-14 Oct-14 Dec-14 Jan-15 Nov-15 Mar-16 Sep-16 Sep-16 Nov-16 Nov-16 Nov-16 Nov-16 Nov-16 Nov-16 Nov-16 Nov-16 Feb-17 Feb-17 Feb-17 Feb-17 Feb-17 Feb-17 Apr-17 Apr-17 Apr-17 Apr-17 Apr-17 May-18 May-18 May-18 May-18 May-18 May-18 Feb-20 Feb-20

TOTAL PROPERTIES: 51 Campus Advantage Investment Opportunity

|

TOTAL BEDS: 28,550

|

TOTAL ASSETS ACQUIRED: $1.55 BILLION 17


WITH A STEADILY INCREASING DEMAND NATIONWIDE, PURPOSE-BUILT STUDENT HOUSING IS A PRIME, VALUE-ADDED INVESTMENT OPPORTUNITY. CAMPUS ADVANTAGE IS EXCITED TO PRESENT THE OPPORTUNITY TO INVEST IN A DIVERSIFIED STUDENT HOUSING FUND. TO LEARN MORE ABOUT HOW YOU CAN EXPAND YOUR PORTFOLIO IN STUDENT HOUSING, VISIT CAMPUSADV.COM/INVESTNOW.

CAMPUS ADVANTAGE

PHONE: (512) 579-5414

110 Wild Basin Road, Suite 365

EMAIL: investnow@campusadv.com

Austin, TX 78746

URL: www.campusadv.com/investnow

© CAMPUS ADVANTAGE 2020. CONFIDENTIAL AND PROPRIETARY.

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