Tag Archives: international development

Campus Crest Communities enters Montreal Student Housing Market

campus crest - hotelCampus Crest Communities, Inc., a leading developer, builder, owner and manager of high-quality student housing properties, and Beaumont Partners SA (“Beaumont”) have entered a joint venture partnership that acquired the 711 room, 33-story Delta Centre-Ville Hotel in downtown Montreal, Quebec with plans to convert it into an upscale student housing tower.

Situated above the Square-Victoria Metro Station stop, the Montreal acquisition offers easy access to McGill University, Concordia University and L’Ecole de Technologie Superieure (ETS), a part of the Universite du Quebec network, which collectively serve more than 81,500 full-time students. The property is located in the heart of downtown Montreal, within walking distance of Old Montreal, the Bell Centre sports and entertainment complex, the Central Train Station and numerous dining and cultural attractions.

Once complete, the property will feature high-end appointments and expects to attract undergraduate and graduate students offering an upscale housing alternative with modern, attractively furnished rooms and a range of amenities including a media lounge, fitness center, library and a technology center.

Ample common areas including numerous study lounges will be designed to accommodate social and academic interaction. To foster a sense of community and promote resident engagement, the property will regularly host a variety of activities. Residents will be served by a highly trained, professional staff that includes a general manager, leasing manager, community assistants and a courtesy officer for security purposes. As part of the joint venture agreement, Campus Crest will serve as property manager.

In addition to marking Campus Crest’s entry into Canada, the project is the Company’s second urban, high-rise development. In February, Campus Crest announced a joint venture partnership to develop a 33-story, 850-bed student housing tower in University City, Philadelphia, targeted for completion in the fall of 2014.

The joint venture, which is owned 20% by Campus Crest and 80% by Beaumont, paid approximately $60 million for the property, including closing costs, fees and reserves. The partnership expects to obtain redevelopment financing later this year to fund the conversion of the hotel into an upscale student housing tower featuring a mix of single and double units. The redevelopment of the tower is slated to be completed for the fall of 2014, with leasing to begin in the fall of 2013.

“We are excited to align ourselves with Beaumont to acquire an asset in an irreplaceable location in the heart of downtown Montreal at discount to replacement cost,” said Ted W. Rollins, Co-Chairman of the Board and Chief Executive Officer of Campus Crest. “We have been evaluating the Canadian market for years and believe this is the right opportunity with the right partner to bring our unique brand of student housing to our North American neighbors.”

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Ted Rollins Discusses Perspectives on Campus Crest Development

According to Ted Rollins, CEO of Campus Crest, his development team executes locally, while being supported by corporate staff. Their main responsibilities are site selection, investment underwriting and entitlements.

“Site selection is very important and not something that’s taken lightly,” said Rollins. “Our team, including our founders, works with regional development partners strategically located across the United States.”

They provide them with a list of potential markets based on research. Each location must comply with a site criteria checklist and pass certain filters before it is chosen.

In terms of underwriting, Rollins and his team focus on the details of each potential project.Ted-Rollins-CampusCrest-planning

“Every project is reviewed and approved by all key members of our executive team,” said Rollins. “By the time we are prepared for final approval, each member of our senior team has been to the site, reviewed all of the information at our underwriting committee meeting and signed off on the project.”

The team collects and summarizes a variety of information and uses it to create development, construction and operating plans for each new property.

The Campus Crest Development team spends many hours creating the best possible site plan for each project and takes into consideration all the possible points. Each project is considered in the overall context of each unique municipality and goes through iterations to create the most effective and cost-efficient plan.

“Once this is in place with each community, we then work with the various professionals in each market to deliver the fully designed package and work with them and the local municipality to gain all entitlements and permits necessary to construct the project,” said Rollins.

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