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Campus Development-Longwing Real Estate Ventures JV
Acquires 612-bedroom Class A
Student Apartment Complex
New York, November 2, 2005
Campus Lodge of Athens, GA, a 612-bedroom Class A all suite student apartment complex located near the University of Georgia, was purchased by Agora Suites LLC, a joint venture between Campus Development, Inc. of St. Augustine, FL, and Longwing Real Estate Ventures, LLC of New York City, a member of the Dubai Investment Group. D2 Advisors Inc. advised Campus Development in this transaction and structured the financial portion of this sale and recapitalization.
Located approximately 1.5 miles from downtown Athens and the University, the complex was completed in early 2004, built as a "shared living" apartment complex for students and leased by the bedroom. Each resident has a private master bedroom and bath suite equipped with high-speed Internet connection cable TV hookup, and two phone lines. Unit residents share the common areas, including full kitchen, furnished living room and dining area (including 32” TV), screened porch, laundry facility, and storage in area each unit.
Other amenities include a state of the art fitness center, a large swimming pool and furnished deck area, computer and study rooms for residents located in the Main Lodge that also provides group seating areas, a 50” plasma TV, a floor to ceiling double sided stone fireplace, as well as administration and model apartment facilities.
"This was a very unique opportunity to acquire a great property at a price below replacement cost," said Vincent Pica, CEO of Longwing. “We have been working with our partners at Campus Development to implement a more aggressive leasing program, and we are exploring the viability of setting aside some units to be sold as condominiums."
Jason Fort, a principal with Campus Development, added, “This is perhaps the finest property of its type in the market. We believe that it has suffered from inconsistent management since it opened, and we are certain that the property has significant growth potential under new ownership.”
Athens has been named one of the top-10 college towns by a number of publications. In addition to the magnificent UGA campus, Athens boasts a very active music and arts scene, excellent restaurants and shopping, outstanding town-gown relationships, an outstanding climate, and easy access to Atlanta. About Campus Development, Inc.
Campus Development Inc. is a specialized real estate developer that concentrates exclusively on providing top of the market rental apartments targeted for students and located very close to major universities. Based in Gainesville, FL, the company has developed, or is currently developing, seven such projects totaling over 2 million square feet with a stabilized market value of approximately $243 million. Campus Development’s management takes a hands-on approach to feasibility and analysis, site selection, architectural and engineering design, permitting, and quality control of construction in the field The company’s projects have been highly successful, and it has become a significant factor in this growing and profitable real estate niche.
The company provides ongoing management through a wholly owned subsidiary, SuiteUSA, which has developed definitive hands on management practices that are particularly effective in the student housing market. The company recognizes that this is not traditional multifamily housing and focuses on executing a theme concept that is age-specific to the tenants, understands the hospitality aspects of leasing by the bedroom, and addresses safety concerns of the parents, who actually pay the rent. SuiteUSA employs a trained, seasoned staff, manages a proactive year round property-marketing program, and pays close attention to training and detail in all aspects of property management. At present, SuiteUSA manages properties in Gainesville, FL (Univ. of Florida), Tampa, FL (University of Tampa), Norman, OK (University of Oklahoma), Columbia, MO (Univ. of Missouri), and Bryan, TX (Texas A&M University), and Athens, GA (University of Georgia).
About D2 Advisors, Inc.
D2 Advisors is a real estate investment banking and consulting firm that specialized in accessing capital from a variety sources. Our specialty is complex transactions that require patience and creativity to accommodate both our clients’ needs and those of prospective institutional, high net worth, or retail investors. The company represents a number of large institutional real estate entities with national portfolios and multiple funding needs, focusing on finding alternative sources of funding. D2 also represents niche developers who have an ongoing need for equity capital and merit institutional investment consideration For some clients, D2 is involved in establishing an overall business framework enabling them to attract reliable capital sources through retail syndications and direct institutional investments. Based in Palm Beach County, Florida and Avon, Connecticut, its principals – David Hayes and David Wrubel – cumulatively have over 50 years of real estate, capital raising, and financial services experience.
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