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MONTREAL—Campus Crest Communities Inc. has entered the Canadian student housing market through a joint venture with Beaumont Partners SA. In their first deal, the pair has bought the Delta Centre-Ville Hotel, a 711-room property in this city’s Downtown, for $60 million. They plan to convert the 33-story asset into an upscale student housing tower, with a mix of single and double units and expected delivery for the fall 2014 semester.

According to the JV, the acquisition was made at a discount to replacement cost. Charlotte, NC-based Campus Crest is the minority partner in the joint venture, with a 20% stake. The firm and Beaumont plan to obtain financing later this year to fund the redevelopment.

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