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Alex. Brown Realty JV Acquires Student Housing Project in Bloomington, Indiana
[September 19, 2016]

Alex. Brown Realty JV Acquires Student Housing Project in Bloomington, Indiana


Alex. Brown Realty, Inc. (ABR) and Asset Campus Housing (ACH) announce the acquisition of The Fields--a student housing project near the main campus of Indiana University (News - Alert) in Bloomington, Indiana. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $11.7 million in the joint venture. The acquisition was financed with a first mortgage loan from Texas Capital Bank, N.A.

Built as a conventional apartment community between 1997 and 2001, the property was recently converted to a 537-bed student housing community by the prior owner and includes a resort-style pool, lap pool, two 24-hour fitness centers, a business and media center, a 10-acre park overlooking scenic ponds, and The Clubhouse--an elegantly renovated 1940's barn with 24' rafted ceilings.

"The Bloomington student housing market continues to be a strong performer," stated Stephen Mitchell, EVP with Asset Campus Housing, noting the University's steady enrollment growth and barriers to new supply in the market. "We believe The Fields will continue to benefit from its conversion to a student housing community," added Mitchell. At closing, The Fields was 98% leased for the 2016-2017 school year.



"ABR and Asset Campus Housing have successfully partnered in several student housing projects," stated John Prugh, president and CEO of ABR. "They have a proven track record and are a strong joint venture partner." The acquisition of The Fields represents the sixth joint venture between ABR and ACH.

Alex. Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com


Asset Campus Housing (ACH) - Headquartered in Houston, Texas, Asset Campus Housing is an affiliate of Houston-based Asset Plus Companies, a third party property management firm specializing in real estate services for investors, developers, and owners. Asset Campus Housing manages a student housing portfolio of more than 200 properties, exceeding 115,000 beds located throughout the United States. www.assetcampus.com


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