A student-housing real estate firm in Texas has purchased Campus Pointe apartments in Kent.
The student apartment complex, located off S. R. 59 about a half-mile northeast of Kent State University, is the first property in the state owned by Campus Advantage.
The firm, based out of Austin, Texas announced the acquisition from Campus Pointe Associates Monday.
"Kent State University is one of the largest universities in Ohio, and it has added more students than any other school in the Great Lakes Region in the last five years," said Michael Orsak, senior vice president of investments for Campus Advantage. "That makes it a solid investment opportunity for us and the clients we serve."
Campus Advantage Investment Associate Josh Greenleaf said the company has declined to disclose details of the acquisition.
Campus Advantage is a real estate firm founded in 2003 that offers student housing management, development, acquisition, and consulting services.
The company operates 52 student housing communities across 19 states with a total bed count of more than 27,000.
Greenleaf said there will be no immediate changes at Campus Pointe, which will retain its name. The complex features 198 units and is currently at 99 percent capacity, according to the company.
Greenleaf said the firm prides itself on "residence-life programming" modeled after those associated with typical on-campus housing, including support services and social programming.
"We like Kent and the Kent State University market with the growing university there," Greenleaf said. "We feel the property will serve a good niche part of that market."
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