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Crew Campus, Formerly Versity Student Housing REIT, Acquires First Asset Near Baylor

Crew Campus, Formerly Versity Student Housing REIT, Acquires First Asset Near Baylor. Alternative investments, Crew Enterprises, Versity Invest, Crew Campus, Versity Student Housing REIT, REIT, real estate investment trust, student housing, Texas

Versity Invest LLC, a privately held California-based real estate company, announced that its private Versity Student Housing REIT Inc. has rebranded as Crew Campus Inc. Versity has also begun rebranding as Crew Enterprises LLC.

Crew Campus also shared the acquisition of the REIT’s first asset, Oso Verde Apartments, located near Baylor University in Waco, Texas. “This property aligns seamlessly with our long-term growth strategy: leveraging newer-vintage, purpose-built student housing assets adjacent to top universities. Oso Verde Apartments not only marks the launch of our pure-play student housing private REIT but also reinforces our position as key players in the student housing market,” said Jeff Daly, chief executive officer of Crew Campus.

Oso Verde was constructed in 2015 and consists of 103 units and 297 beds. The community offers multiple floor plans featuring great amenities such as 10-foot ceilings, vinyl wood flooring, granite countertops, walk-in closets, and private balconies.

“The acquisition of Oso Verde Apartments accomplishes two goals,” said Blake Wettengel, chief executive officer of Versity.

“First, it’s great real estate – well-located near a top-tier university, purchased at a great price – and it should yield compelling returns. Second, it kicks off our REIT, providing investors with diversification in an ascendant asset class. With our newly developed institutional line of credit, we plan to aggressively pursue acquisition opportunities for the REIT this year, so we take this as the sound of a starter’s pistol,” added Wettengel.

Crew Campus is a pure-play student housing REIT dedicated to acquiring and managing a diversified portfolio of stabilized, income-oriented U.S. student housing properties located near Top 200 Colleges with enrollments of more than 15,000 students.

Versity Invest, a real estate investment company located in Orange County, Calif., specializes in student housing, multifamily, and opportunistic investments across the United States. The company’s predecessor was originally founded in 2007 and has matured into an institutional quality investment manager. With a portfolio valued at nearly $2 billion across 22 states, Versity has over 3,000 investors. The firm’s product lineup includes Delaware statutory trusts, real estate investment trusts, and limited liability companies. It employs nearly 300 professionals, including approximately 65 home office professionals in Southern California.

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