Campus Apts Forms Student Housing JV

Campus Apartments, a Philadelphia-based student housing investor, has entered into a joint venture to invest as much as $1 billion in student housing with the real estate investment arm of the Government of Singapore Investment Corp., according to the company.Campus Apartments, which finances and manages housing on college and university campuses nationwide, said it expects to continue to develop and acquire student and faculty housing, condominiums, and other "related mixed-use development properties," both on- and off-campus, through the venture. The equity stake to be invested by the partners was not disclosed, but the company reported that the venture is likely to be "leveraged to more than $1 billion" to expand its investment capabilities. "The venture will enable us to execute on a healthy pipeline of deals throughout the country, and it catapults us into a leading position in the national college housing market," said David Adelman, president and chief executive officer of Campus Apartments.