Selective acquisitions of the HSRE
joint venture assets continue to be an excellent avenue for our Company to grow its wholly-owned portfolio.
Further, interests in four additional operating assets are still held by the company in joint ventures with HSRE
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.
CCG and HSRE remain partners in four other joint ventures.
Rollins, CCGa[euro](tm)s co-chairman and CEO, the company continues to regard the selective acquisitions of assets held in joint ventures with HSRE as an excellent way of expanding its portfolio of wholly owned properties.
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.
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.
(Harrison Street Real Estate Capital, LLC), of Chicago, purchased the portfolio for an undisclosed price.