Inland American Communities Enters Into Student Housing Development Partnership
Inland American Communities (IAC), a wholly owned subsidiary of Inland American Real Estate Trust, Inc. (“Inland American”), announced today that it has entered into a partnership with an Oregon-based development company and investors on a student housing development, University House Arena District, at the University of Oregon in Eugene, Ore.
The planned University House Arena District, at the University of Oregon in Eugene, Ore. (Photo: Business Wire)
Located within one quarter mile from the University of Oregon's campus, the property is projected to open in fall 2013 and will add 244 beds to IAC's existing student housing portfolio, which currently includes over 5,000 beds. The new partnership structure also provides IAC with a significant equity stake, a preferred equity return and an exclusive purchase option upon stabilization.
“The University House Arena District asset aligns with our strategy to double the size of our student housing portfolio through the development and acquisition of best-in-class properties in diversified markets,” said Travis Roberts, president of Inland American Communities. “The partnership with leading Oregon based developer provided an attractive option for entering this high barrier-to-entry market, and we look forward to the successful completion of this project.”
About Inland American Communities
Inland American Communities Group, Inc. (IAC) is a development, acquisition and management firm dedicated to the creation of authentic communities in urban-infill and university markets across the United States. IAC was formed in 2007 as a wholly-owned subsidiary of Inland American Real Estate Trust, Inc. The company is headquartered in Dallas. For more information on Inland American Communities, visit www.inlandac.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of September 30, 2012 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 887 properties, representing approximately 48 million square feet of retail, industrial and office properties, 8,564 multi-family units and 16,098 lodging rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.
About University House Communities
Managed under the brand name of University House, Inland American Communities' student housing communities serve residents in multiple markets across the country. University House Communities are dedicated exclusively to providing high quality, innovative living and learning solutions to college and university students. For more information, please visit www.universityhouse.com.
Inland American Real Estate Trust, Inc.
Dan Lombardo, 630-586-6314