The Colliers International Student Housing Group has closed the transfer of interest in a 253-unit/545-bed, mixed-use Class “A+” property, Cardinal Towne, located steps from the University of Louisville campus.
American Campus Communities, the largest developer, owner and manager of student housing in the country, acquired the majority interest in the student housing community. The sellers were Investment Property Advisors, a premier student housing developer, and its affiliates.
Colliers International’s Dorothy Jackman and Travis Prince, Managing Directors of the Student Housing Group, handled the transaction. The transaction was a unique and complex deal involving a number of private and government entities and required the support of highly sophisticated teams to bring the transaction to a close. Both the buyer and seller were committed to the process and, together, worked diligently to ensure a successful result.
“American Campus is proud to be a part of this transaction and to add such an attractive core pedestrian asset to our portfolio,” said William Talbot, Executive Vice President and Chief Investment Officer for ACC. “Such a complicated deal required dedication and focus from the seller and the American Campus team, with great facilitation by the Colliers team.”
Cardinal Towne, built in two phases between 2011 and 2012, serves the students of the University of Louisville and is located within walking distance of the campus and classrooms. The apartment community is an affiliated property of the university and is 98 percent occupied for the 2013-2014 academic school year.
As part of the Cardinal Towne development, two historical homes and one historical apartment building, adjacent to the property, have been transitioned into rentals available for students.
Cardinal Towne is home to the studio for ESPN 680, which broadcasts live from the location, and onsite robust retail including Jimmy Johns, Qdoba Mexican Grill, and College Coop bookstore, among others.
“This was a strategic acquisition for American Campus Communities as it will provide economies of scale and leasing synergies with their other asset in the market, The Province,” says Jackman.
Cardinal Towne is located at 325 West Cardinal Blvd. in Louisville.
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