COLUMBIA, MO—A joint venture between Lutz Real Estate Investments and Harrison Street Real Estate Capital has just acquired Campus View Apartments, a 656-bed off-campus student housing community that serves students attending the University of Missouri. This was the venture’s sixth student housing acquisition. In the past two years, Lutz and Harrison have acquired more than 2,250 beds at four major universities around the country.
Campus View is one of the closest, large-scale student housing communities to Mizzou’s Columbia campus. The development features two- and four-bedroom units along with a clubhouse, swimming pool, fitness center and business center. The University master leases a number of beds at Campus View, ensuring a certain cash flow. The partners did not disclose the price.
“The acquisition of Campus View Apartments represented an excellent opportunity to expand our portfolio with a well-located student housing community in a Tier 1 collegiate market,” says Adam M. Lutz, president and chief executive officer of Lutz. “Furthermore, we expect to create value through a combination of interior unit renovations, clubhouse upgrades, and amenity enhancements.”
Kevin Larimer of Hendricks-Berkadia represented the seller in the transaction. Will Baker of Walker & Dunlop arranged the first mortgage loan through the Fannie Mae Delegated Underwriting and Servicing program.
Birmingham, MI-based Lutz has developed or acquired over $3.1 billion of real estate investments. Chicago-based Harrison Street and its affiliates manage about $5.8 billion in property assets and publicly traded securities.