(Read more on the multifamily market.)
PHILADELPHIA-Campus Apartments Inc. has acquired a diversecollection of student housing properties in Richmond, VA, andAthens and Statesboro, GA for an aggregate of $58 million. Each isfrom a different, unidentified local seller. Together, they coverthe breadth of the locally based student housing specialist'scapabilities and targets, which range from historic properties topurpose-built campus assets and ground-up development.
The Pierce-Arrow Portfolio contains 24 historically significantbuildings in Richmond's historic Fan District, which have beenconverted to student and faculty housing serving VirginiaCommonwealth University. David Adelman, president and CEO of CampusApartments, tells GlobeSt.com they have an aggregate of about 300units. "This was a by-the-unit, not a by-the-bed acquisition," hesays.
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