Campus Crest sells four properties for $50 million

CHARLOTTE – Campus Crest Communities, the locally based student housing developer, late last month sold four of its Grove communities for $50 million, according to a release from the company.

Campus Crest sold The Grove at Jacksonville, a community at Jacksonville State University in Alabama; The Grove in Jonesboro, at Arkansas State University; The Grove at Wichita, at Wichita State University in Kansas; and The Grove at Wichita Falls, at Midwestern State University in Texas. Each of those properties has 192 units and 504 beds, the release said.

The Grove properties are a garden-style apartment project with all-inclusive rent, according to Ted Rollins, CEO of Campus Crest.

“These dispositions reflect our commitment to continually improve the quality of our portfolio by selling older generation, non-core assets with lower long-term…growth prospects compared to our core portfolio,” Rollins said in the release. “Dispositions are currently an attractive source of capital, and we plan to recycle a portion of the proceeds into higher yielding developments, as well as pay down a portion of our outstanding credit facility balance in the interim.”