Campus Crest Communities, Inc. (CCG: Quote) said Friday that it has closed on the purchase of the remaining 50.1% interest in The Grove at Moscow, Idaho, and the remaining 80.0% interest in The Grove at Valdosta, Georgia, owned by its joint venture partner, Harrison Street Real Estate.
Campus Crest said it utilized about $43.5 million of proceeds from its recent common equity offering to fund the $16.2 million purchase price and retire $27.3 million of mortgage indebtedness secured by the properties
With the completion of the acquisition, Campus Crest has purchased wholly-owned interests in seven properties from Harrison Street Real Estate and increased its wholly-owned operating assets from 27 to 29 properties.
The company continues to own interests in four additional operating assets held in joint ventures with Harrison Street Real Estate.
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by RTT Staff Writer
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