Campus Crest Communities Provides Corporate Update

Campus Crest Communities, Inc.

(the "Company" or "Campus Crest"), an owner and manager of high-quality student housing properties, today announced the recent signing of several transaction agreements to further reduce the Company's joint venture exposure and updates pertaining to the selection of a new auditor. Campus Crest Communities Logo Joint Venture Reduction Campus Crest has entered into a series of agreements as part of the Company's previously stated commitment to reduce its exposure to joint ventures. Should all of these transactions close as planned during the third quarter, the Company's joint venture exposure will be reduced to just six assets, compared to 50 assets last year in November when the Company announced its strategic repositioning goal. The agreements currently include: The sale of the Company's entire ownership interest in the two evo Montreal properties to its existing joint venture partner in the Canadian venture. As part of the transaction, the existing project loan will be refinanced, releasing Campus Crest from all guaranty and indemnity obligations associated with the joint venture. The material reduction in the number of assets held in joint venture ownership with Harrison Street Real Estate Capital through the acquisition and disposition of a select number of assets by each party. Upon closing, the Company will increase its number of wholly owned properties. The acquisition of the remaining minority interest in the Copper Beech assets Klondike-Purdue and Northbrook Greens-State College. Auditor Selection After a comprehensive review, the audit committee (the "Audit Committee") of the Board has concluded the selection process to identify a new accounting firm to serve as the Company's independent registered public accounting firm beginning with our 2Q15 financial reporting cycle. Upon finalization of the engagement letter, the Company will publicly announce the new accounting firm, a leading audit and tax firm with a top ten national practice. As previously noted in the Form 8-K filed on April 28, 2015, KPMG LLP will remain in service until it completes the review of the Company's condensed consolidated financial statements for the quarterly reporting period ended March 31, 2015 and the filing of the related Quarterly Report on Form 10-Q, which is currently anticipated for mid-July. "We are pleased to announce that our Audit Committee has completed its thorough selection process for a new auditor," stated David Coles, Interim Chief Executive Officer. "We have been working diligently on the Copper Beech financial consolidation for our 1Q15 10-Q report and fully expect to release financial results for the quarter ended March 31 by mid-July. Accompanying our release of financial results we also anticipate providing a substantive update on our nearly concluded strategic review process." "Due diligence has been robust and we are pleased by the notable interest shown by a number of qualified interested parties," added Aaron Halfacre, President and Chief Investment Officer who has worked closely with Moelis & Company since the strategic review process began. "Further, the reduction in our joint venture exposure materially simplifies our balance sheet and is a critical element of our commitment to maximize shareholder value." The Company noted that there can be no assurance that the strategic process will result in the Company pursuing a particular transaction or completing any such transaction. The Company also noted that the joint venture transactions are subject to customary closing conditions and approvals, including in the case of the Montreal disposition the obtaining of financing by the purchaser, and there is no assurance that the joint venture transactions will be successfully concluded.