CCG Provides Update to Its Staged Acquisition of Copper Beech Townhome Communities
March 21 2013 - 5:10PM
Business Wire
Campus Crest Communities, Inc. (“CCG”) (NYSE: CCG) today
provided an update to its pending investment in Copper Beech
Townhome Communities, LLC and affiliates (“Copper Beech”). CCG has
closed on an initial investment in certain assets of Copper Beech
for approximately $153.1 million, including the repayment of
debt.
The Company expects to make the remaining investment in the
second & third quarters of 2013 subject to certain closing
conditions and requisite lender consents. Campus Crest will provide
a further update on its first quarter of 2013 earnings call at the
end of April.
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading developer, builder,
owner and manager of high-quality, residence life focused student
housing properties located close to college campuses in targeted
U.S. markets. CCG is a self-managed, self-administered and
vertically-integrated real estate investment trust which operates
all of its properties under The Grove® brand. CCG owns interests in
39 operating student housing properties containing approximately
20,884 beds. CCG plans to deliver six projects containing
approximately 3,564 beds in the third quarter of 2013.
Additionally, CCG is developing a 33-story student housing tower in
Philadelphia, PA containing approximately 850 beds for delivery in
the third quarter of 2014. Since its inception, CCG has focused on
customer service, privacy, on-site amenities and its proprietary
residence life programs to provide college students across the
United States with a higher quality of living.
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