Selective acquisitions of the HSRE
joint venture assets continue to be an excellent avenue for our Company to grow its wholly-owned portfolio.
Loans on three of the properties, The Grove at Lawrence, The Grove at Moscow and The Grove at San Angelo, which are HSRE joint venture projects, closed in October 2011.
6 million of construction loans for its three joint venture projects with HSRE.
With the completion of these acquisitions, we have now purchased wholly-owned interests in five properties from HSRE
and are excited about the opportunity to continue to do so as we grow our business," said Rollins.
The two projects owned in the joint venture with HSRE
contain 432 units and 1,168 beds with total expected construction costs of approximately $46.
In November 2010 the joint venture with HSRE
closed two construction loans for a total of $30.
In addition, the Company finalized its second joint venture with HSRE to fund project equity in the amount of $50 million to develop, own and operate additional purpose-built student housing opportunities whereby the Company will retain a 20% equity position and will earn development and management fees.
The Company has commenced development of two projects owned in the new HSRE joint venture to be delivered for the 2011/2012 academic year.
The Company has commenced development of three projects owned in the new HSRE joint venture, containing 648 units and 1,800 beds with an expected completion for the 2011 to 2012 academic year.
As previously announced in the Company's third quarter 10-Q filing, one of the HSRE JV properties located at The University of Missouri in Columbia, Missouri originally scheduled for 2012 delivery has replaced the JV's project at the University of Maine in Orono, Maine in this year's JV start schedule.
HSRE (Harrison Street Real Estate Capital, LLC), of Chicago, purchased the portfolio for an undisclosed price.
We were pleased to acquire such a strong performing portfolio of stores with the benefit of excellent assumed CMBS debt," said Geoffrey Regnery, vice president at HSRE.