Charlotte Student Housing Portfolio
Charlotte, North Carolina
Acquired in Q4 2017 in partnership with an institutional investor, this two asset portfolio benefits from its position as a low cost provider of student housing adjacent to UNC Charlotte’s campus.
Offering already-extensive amenities, significant capital improvements are planned to improve market penetration and the 95% occupancy at the time of acquisition.
With this transaction, Criterion’s student housing portfolio has increased to 3,300 beds, all of which are “purpose-built” as student housing (rather than “market rate housing attractive to students”), incorporating student-specific amenities, including best in class Internet access, and “bed-bath parity.”.
Raleigh Student Housing Portfolio
Raleigh, North Carolina
Acquired in Q2 2016 in partnership with a Persian Gulf institutional investor, this three asset portfolio benefits from Class A construction as well as the “fortress” location of its largest property, the Dail College Inn, originally developed by the North Carolina State Student Aid Association (better known as the Wolfpack Club) and directly across from NC State’s campus.
Offering already-extensive amenities, significant capital improvements are planned to ensure continued market leadership, particularly with the student athletes who have traditionally lived at two of the three properties.
The portfolio was acquired via an off-market recapitalization of three partnerships, including the assumption of existing financing.
Campus Edge Apartments
Raleigh, North Carolina
Acquired in Q2 2016 in partnership with the same venture partners as the Vista Apartments, and The Outpost, Campus Edge benefits from a location adjacent to one of the main entrances to North Carolina State University’s new Centennial Campus, served by both the GoRaleigh bus system as well as NC State’s “Wolfline”.
Offering private decks, 9’ ceilings, in-unit (full size) washer/dryers and an already extensive amenity package, Campus Edge will receive significant capital improvements designed to both further improve the existing clubhouse and complete extensive in-unit renovations.
The property was acquired in an off-market transaction via the successful assignment of an existing partner’s “buy-sell” rights as well as the venture’s ability to respond to this partner’s tax and timing needs.
The Outpost Apartments
San Marcos, Texas
Acquired at year end 2014 in partnership with the same venture partners as the Vista Apartments, The Outpost benefits from a favorable location on the University of South Texas shuttle route one half mile from the campus itself.
Offering private decks, courtyard enclosures, and an already extensive amenity package, The Outpost will receive capital improvements designed to improve Internet access speeds and reduce energy consumption, while also providing for renovations to the existing clubhouse and leasing center.
Vista Apartments
Denver, Colorado
Acquired late in 2014 in partnership with one of the nation’s leading privately-held owner-operators of purpose-built student housing and a major west coast public pension plan, the Vista Apartments offer a “fortress” location immediately adjacent to the University of Denver campus.
This high-rise structure offers its residents stunning views of the Rocky Mountains as well as extensive on-site amenities. Planned capital improvements include reductions in energy use through improved technology, significantly-enhanced broadband, and the renovation and expansion of existing amenity areas.
