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INVESTMENT MARCH/APRIL 2015 STUDENT HOUSING BUSINESS .COM 40 TOP INVESTORS IN STUDENT HOUSING REITs and private equity top the list of active buyers. By Randall Shearin O Over the last 24 months, data from Real Capital Analytics ( see chart on page 46 ) shows that REITs, private equity and pension fund-backed buyers have been the largest acquirers of student housing assets. More than 80 transactions took place in the sector in 2014, valued at $2.38 billion in sales volume, according to research from FourPoint Student Housing Investments, who also reports, in its 2014 Year-End Student Housing Report , that 2014 edged out 2007 to become the third most active sales market in the history of the industry. Top players Topping RCA's most recent ranking (based on 4th Quarter 2014 data) is Austin, Texas-based American Campus Communities, the largest REIT in the space who is also the largest owner of student housing, according to our 2014 rank- ing. Second on the list is Austin-based Campus Advantage, who has been acquiring proper- ties in conjunction with pension funds that it has relationships with. Campus Advantage reported in December that it had acquired $210 million worth of student housing assets during 2014, exceeding its estimate of $150 million it made earlier in the year. "Campus Advantage was able to achieve its acquisition goals due to our diligent efforts to identify best-in-class student housing proper- ties and our reputation within the industry of having surety of close," Michael Orsak, Campus Advantage's senior vice president of investments, said at the time. "Our low lever- age and diligence in underwriting ensured we closed transactions at 99.9 percent of original contract price." Third on RCA's ranking is Greenwich, Connecticut-based Starwood Capital, who has made a major entry into the sector in recent months. The company announced in 2014 & 2015 SELECT TRANSACTIONS William Vonderfecht 214.979.6194 william.vonderfecht@cbre.com Ryan Reid 214.979.6540 ryan.reid@cbre.com Jaclyn Fitts 214.979.6524 jaclyn.fitts@cbre.com Ben Roelke 214.979.5609 ben.roelke@cbre.com Mike Bryant 214.979.5612 mike.bryant@cbre.com www.cbre.com/studenthousing Ryan Lang 214.979.6140 ryan.lang@cbre.com THE MARKET LEADER Over $5.8 Billion Closed Core Located Portfolio Various Universities 3 Properties | 1,476 Beds Sold & Financed Quadrangles Village Arizona State University 756 Beds Sold The Element Cal State - Sacramento 792 Beds Financed U.S. Institutional Portfolio Various Universities 6 Properties | 3,791 Beds Sold Legends Place University of Kansas 632 Beds Sold Belmont Duke University 516 Beds Sold Executive Summary Vistas San Marcos Texas State University 600 Beds Under Contract Campus Walk I & II University of NC - Wilmington 535 Beds Under Contract Auto Lofts University of IL - Chicago 482 Beds Under Contract West 10 Florida State University 876 Beds Sold & Financed Campus Club | Gateway at Glades University of Florida 1,356 Beds Sold GrandMarc at Tallahassee Florida State University 371 Beds Sold Monarch 301 | Progress 910 GSU | UNC - Wilmington 1,074 Beds Sold Tier I University Portfolio Various Universities 4 Properties | 3,480 Beds Sold & Financed The Highlands University of Nevada - Reno 732 Beds Sold & Financed Asbury Green | Vista University of Denver 646 Beds Sold The Venue University of North Texas 387 Beds Under Contract Forum at Statesboro GA Southern University 780 Beds Financed 35 Properties Sold & Financed in 2014 14 Properties Sold & Financed in 1Q 2015 National Student Housing Sterling Sierra University of Nevada - Reno 704 Beds Sold & Financed 400 Meeting Place College of Charleston 160 Beds Sold & Financed