CHARLOTTE, N.C., Nov. 20, 2014 /PRNewswire/ -- Campus Crest
Communities, Inc. (NYSE: CCG) (the "Company"), an owner and manager
of high-quality student housing properties, announced its intent to
dispose of certain, undeveloped real estate pipeline assets as part
of its strategic repositioning.
Highlights
Disposition of Available Land Parcels
As a result of the Company's decision to discontinue its
construction and development business, the Company is disposing of
undeveloped land parcels held in the following student housing
markets:
- Allendale, Michigan
(Grand Valley State University)
- Bellingham, Washington
(Western Washington University)
- Boca Raton, Florida
(Florida Atlantic University)
- Charlotte, North Carolina
(UNC-Charlotte)
- Mt. Pleasant, Michigan
(Central Michigan University)
- Sacramento, California
(Cal-State Sacramento)
- San Angelo, Texas
(Angelo State University)
- Tempe, Arizona (Arizona State University)
- Tuscaloosa, Alabama
(University of Alabama)
Disposition Details
Effective immediately, the Company will accept written offers
for purchase on the following specific sites:
Allendale, Michigan
- 19+/- acre site located at 4967 Pierce Street, Allendale, Michigan
- Fully-entitled and fully-permitted for a 224-unit / 600-bed
garden-style project
- Adjacent to other purpose-built student housing communities and
on existing campus shuttle route
- 0.7 miles from Grand Valley State
University
Bellingham,
Washington
- 15.25+/- acre site located at 800 Viking Circle, Bellingham, Washington
- 9.27-acre site is fully-entitled and fully-permitted for a
216-unit / 584-bed garden-style project
- 5.98-acre site is entitled for multifamily and/or student
housing development
- Near major retail centers and on existing municipal shuttle
route
- 1.3 miles from Western Washington
University
Boca Raton, Florida
- 8.01+/- acre site located at 2600 NW 5th Avenue,
Boca Raton, Florida
- Undeveloped and ideally situated for student housing
development
- Directly across from Florida Atlantic
University
Charlotte, North
Carolina
- 27+/- acre site located at Kempford Drive, Charlotte, North Carolina
- Zoned MX-2 mixed-use residential
- Adjacent to other purpose-built student housing serving the
University of North Carolina at
Charlotte
Mt. Pleasant,
Michigan
- 35+/- acre site located at Commons Drive and Isabella Road,
Union Township, Michigan
- Adjacent to Copper Beech at Mt.
Pleasant and other purpose-built student housing
- Zoned R3A to permit multifamily development
- 1.2 miles from Central Michigan
University
Sacramento,
California
- 13.6+/- acre site located at 3075 Redding Avenue, Sacramento, California
- Fully-entitled and fully-permitted for a 213-unit / 616-bed
garden-style and townhouse project
- Near major retail centers and other purpose-built student
housing
- 0.8 miles from the California State
University-Sacramento
San Angelo, Texas
- 42.9+/- acre site located between South Jackson Street and Cox
Lane in San Angelo,
Texas
- Adjacent to the Grove at San
Angelo, a purpose-built student housing development opened
in the Fall of 2009
- 0.5 miles from Angelo State
University
Tempe, Arizona
- 1.8+/- acre site located at 1000 East Apache Boulevard,
Tempe, Arizona
- Previously received municipal approval for a mixed-use
development including 326-units, +/-3,538 sf. leasing/reception
offices, +/-6,250 sf retail and +/- 290,197 sf parking garage all
within a fourteen (14) story building
- 0.1 miles from Arizona State
University
Tuscaloosa, Alabama
- 12.8+/- acre property located at Jack Warner Parkway and
McFarland Boulevard
- Fully-permitted and fully-entitled for a 228-unit/ 628-bed
development
- 0.1 miles from University of
Alabama, along the Black Warrior River, and adjacent to
other purpose-built student-housing
Disposition Process and Timing
The Company will accept written offers on the above-referenced
properties until 5:00 PM ET on
Wednesday, December 3, 2014. All
written offers should be forwarded to Campus Crest Development,
LLC, attention Alex Eyssen, Vice
President, 2100 Rexford Road, Charlotte,
North Carolina, 28211 via overnight delivery or via email at
alex.eyssen@campuscrest.com. Upon execution of a confidentiality
agreement, interested parties will be provided access to existing
due diligence and entitlement information.
Priority will be given to offers based upon several criteria to
include: the ability to close on or before February 13, 2015; portfolio offers; ability to
close without funding contingencies; and/or ability to close
without entitlement contingencies. Offers previously received will
be given full consideration as presented unless revised or
withdrawn prior to December 3,
2014.
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading owner and manager of
high-quality student housing properties located close to college
campuses in targeted markets. It has ownership interests in 86
student housing properties with over 46,000 beds across
North America. Additional
information can be found on the Company's website
at http://www.campuscrest.com.
Forward-Looking Statements
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts. In some cases, you can identify
forward-looking statements by the use of forward-looking
terminology such as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "estimates," "predicts" or
"potential" or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters. You
should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond the Company's control, that
may cause actual results to differ significantly from those
expressed in any forward-looking statement. All forward-looking
statements reflect the Company's good faith beliefs, assumptions
and expectations, but they are not guarantees of future
performance. Furthermore, except as otherwise required by federal
securities laws, the Company disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes
in underlying assumptions or factors, new information, data or
methods, future events or other changes. For a further discussion
of these and other factors that could cause the Company's future
results to differ materially from any forward-looking statements,
see the risk factors discussed in the Company's most recent Annual
Report on Form 10-K, as updated in the Company's Quarterly Reports
on Form 10-Q.
SOURCE Campus Crest Communities, Inc.