AUSTIN — Austin-based Campus Advantage has met its target of purchasing $100 million in Class A student housing. The student housing company announced Thursday that its recent acquisition of two properties has closed its $100 million joint venture with one of the nation’s largest pension funds.

The first acquisition, Hawks Ridge, formerly the Lodge, in Iowa City, serves the students of the University of Iowa. The 201-unit property is fully occupied.

The venture also acquired Crimson Student Living in Tuscaloosa, which serves the University of Alabama and Stillman College. The property opened in August of 2011 and is located in close proximity to the campus. The 316-unit property is 95 percent occupied.

The joint venture was formed in 2007 to source and acquire Class A student housing assets in close proximity to leading universities across the U.S. Although the press release announcing the two acquisitions didn't disclose the name of the pension fund, it has been widely reported that Campus Advantage entered into a joint venture with the California State Teachers Retirement System (CalSTRS) in 2007 to acquire and manage student housing properties.

Campus Advantage has acquired seven properties, totaling 1,540 units in Texas, Florida, Missouri, Kansas, Iowa and Alabama. The portfolio has an average occupancy of more than 99 percent.

Berkadia Commercial Mortgage sourced the debt financing for the joint venture's acquisitions, utilizing both agency and life insurance company lenders.

“Targeting high-quality, well-located, Class A student housing assets has been our play with the joint venture and we're looking forward to continuing our relationship with the pension fund,” says Michael Orsak, vice president of acquisitions for privately held Campus Advantage. “We have a request in right now for another $100 million."

Campus Advantage currently manages nearly 30,000 beds at 50 communities in 20 states.

— Liz Burlingame