Student Housing: Campus Habitat Closes on the Acquisition of University Club at Howard
Campus Habitat, one of the nation’s leading student housing owner/operators, closes on the acquisition of University Club at Howard, a 120-unit, 480-bed student housing asset located directly across the street from Western Michigan University in Kalamazoo, MI. Built in 2001, University Club consists entirely of four-bedroom units and is 100% pre-leased for the 2009-2010 academic year. University Club is soon to be rebranded under the Campus Habitat umbrella.
The University Club transaction was successfully closed on May 15th, 2009 despite current economical tribulations and one of the most difficult credit markets in decades. As part of the transaction, Campus Habitat assumed the asset’s existing in-place financing from Wells Fargo Bank, N.A., as Trustee for the registered holders of J.P. Morgan Chase Commercial Mortgage Securities Corporation.
Campus Habitat and its employees are looking forward to continuing this tremendous growth throughout the remainder of 2009 as they continue to gain national exposure as the nation’s most recognizable student housing brand.
Jamie Bray, Vice President of Operations stated, “University Club is a beautiful asset with an unbeatable location. We very much look forward to enhancing the student experience for our tenants in Kalamazoo. It is a fantastic addition to our portfolio.”
Oliver Swan, Vice President of Acquisitions had this to say, “The acquisition of University Club exemplifies Campus Habitat’s ongoing acquisition strategy and ability to close complicated REMIC transactions.”
About Campus Habitat
Campus Habitat is currently the fastest-growing Student Housing owner/operator in the US. Founded in 1998 by Maximus Yaney, the company acquires, renovates, and manages student apartment communities near major universities nationwide. Campus Habitat creates upscale atmospheres by providing the kind of fresh style and ground-breaking amenities today’s student values most. As of May 2009, Campus Habitat’s portfolio spans 7 states.
