Campus Advantage, a property management company that specializes in student housing, purchased Evolve Auburn on May 29, 2018.
“This acquisition marks the end of a successful investment period on our joint venture, and we look forward to delivering strong returns to our partners,” said Michael Orsak, executive vice president of Investment for Campus Advantage. “We also look forward to establishing new relationships and replicating the successful track record we have built over the last 10 years.”
Evolve Auburn Apartments, located at 201 W. Glenn Ave., was just one of the properties Campus Advantage purchased at five different universities on May 29.
Campus Advantage's acquisition adds 1,910 beds and completes a $200 million joint venture.
“These high-quality assets are the perfect addition to our portfolio,” said Josh Greenleaf, vice president of Investments for Campus Advantage. “We targeted these assets for their strong locations, high quality markets and stable performance, which will complement and diversify our existing portfolio.”
Campus Advantage purchased The Flats at Illinois State University, Uncommon Eugene at the University of Oregon, Evolve Knoxville at the University of Tennessee and Identity, LIV at the University of Washington at the same time they purchased Evolve Auburn.
All off the properties were properties CA Student Living recently built. Each of the properties, including Evolve Auburn, are located within walking distance of their respective campuses and offer a variety of unit types ranging from studios to five-bedroom/five-bathroom units.
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Campus Advantage has been working on purchasing Evolve since late 2017, shortly after it opened. They have owned The Beacon, located at 1255 S. College St., since 2015 and were looking to expand their presence in Auburn, Greenleaf said.
"We take an innovative approach in providing programs and amenities that foster a sense of community among our residents," Greenleaf said. "The student experience is truly at the core of what we do — not only encouraging social interaction, but building communities in which our residents thrive and grow through opportunities for living, learning, and career support."
Campus Advantage is the sixth largest student housing owner and the seventh largest property manager in the U.S., which makes it one of the fastest growing private student housing companies in the U.S., Greenleaf said.
Current Evolve residents can expect minimal physical changes to Evolve and some program enhancements.
"Under Campus Advantage management, Evolve will benefit from a fresh set of eyes and new programs including Campus Advantage’s highly sought after Students First program which inspires and equips residents to thrive in all areas of life, and provides a sense of community among residents," Greenleaf said.
Campus Advantage's Students First program is offered at each of Campus Advantage's properties and focuses on living, learning and career support, according to Campus Advantage's website.
"They [residents] choose from a calendar full of fun events, engage in community service opportunities, get referrals to campus and community resources and take advantage of workshops and information to help them succeed," Campus Advantage's website reads.
Campus Advantage properties offer a 24/7 on-site team that works to build an atmosphere focused on mutual respect and positive relationships, according to their website.
"We expect to deliver excellent customer service, as well as valuable residence life opportunities through our Students First program," Greenleaf said.
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