Lauderhill Partners Forms Campus Evolution and Campus Evolution Villages, Acquires United Campus Housing Management Group

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Campus Evolution Villages purchases Campus Core student housing portfolio with properties in Kentucky, South Carolina, Louisiana and Missouri, increases assets under management to more than 7,500 beds. Reichmann family makes significant equity investment with Campus Evolution Villages

“These purpose-built student housing communities feature the layouts and first-rate amenities that students and their parents look for in student housing today,” said Mr. Stark.

Lauderhill Partners, LLC (Lauderhill), a private merchant banking investment firm founded by seasoned executives Evan Denner and Andrew Stark, announced its formation of Campus Evolution, LLC, and Campus Evolution Villages, LLC, as well as its acquisition of United Campus Housing Management Group (UCHMG), a leader and innovator in the management of student housing assets across the country. The Campus Evolution companies are a joint venture between Lauderhill and Waterbridge Capital, LLC.

Mark Harries, formerly the CEO of UCHMG, now serves as chairman of the student housing company, which now operates as Campus Evolution Villages, LLC. Mr. Stark serves as Chief Executive Officer of the firm and Mr. Denner assumes the position of Chief Investment Officer.

“I see tremendous opportunities to re-envision the student housing business,” Mr. Harries said. “Being able to marry my great team with innovative and creative colleagues like Andrew and Evan who are savvy in the capital markets will enable us to build upon our vision for the sector.”

Mr. Stark observed: “I have known Mark since the modern student housing sector first took shape, and I am thrilled to be able to once again work closely with someone who has the experience, vision and passion to deliver the highest level of product. Mark Harries has lived and breathed student housing since the 1980s and is one of the most talented executives in the industry.”

The acquisition of UCHMG is a pivotal event for Lauderhill and Campus Evolution, said Mr. Denner, who is also CEO of Campus Evolution.

“The ability to purchase UCHMG and work with a visionary like Mark and his team is a truly unique opportunity, and allows us to introduce innovative ideas to our business,” Mr. Denner said. “Like Mark, Andrew was an early pioneer in the student housing business. Their combined knowledge and insight into the sector is profound. It is a very exciting proposition and we are very excited to have launched these new endeavors.”

Mr. Harries has managed and repositioned dozens of properties, both on and off campus, over his career, which included service as principal and co-founder of Asset Campus Housing, as senior vice president of student housing for Apartment Investment and Management Co., vice president of business development and marketing for American Campus Lifestyles Communities (now American Campus Communities), and as marketing director and senior regional manager of Century Property Management Co. (now Campus Living Villages).

Mr. Denner left his previous position as Chief Investment Officer of merchant banking at Cantor Fitzgerald to form Lauderhill in partnership with Mr. Stark. Prior to Cantor, Mr. Denner served as the Deputy CEO of Hypo Real Estate Capital Corporation, the subsidiary of one of the largest German financial institutions and as CEO of Quadra Realty Trust, a publicly traded commercial mortgage REIT.

Mr. Stark’s experience crosses from legal, finance, architecture, land development and construction to strategic planning and capital markets. He served as President of WCI Communities, Inc. for the Northeast and Mid-Atlantic U.S. regions after selling a company to WCI. Mr. Stark acquired and obtained approvals for approximately 3,000 residential units, having secured financing of more than $1.0 billion from both domestic and international lending institutions, leading the firm to a dramatic increase in annual revenue. Andrew was instrumental in the early years’ growth of American Campus Communities, where he met Mr. Harries, which went on to be the first company in the sector to go public on a U.S. stock exchange. Mr. Stark previously served as an Executive Managing Director at Cantor Real Estate before stepping down to pursue the new venture.

Campus Evolution Villages Purchases the Campus Core portfolio

Campus Evolution Villages also announces its purchase of the Campus Core portfolio, a four-asset, 1,762-bed student housing portfolio in four states. To be rebranded as Campus Evolution Villages, the properties expand the portfolio of student housing under management to more than 7,500 beds and marks the group’s entry into student housing ownership.

“These purpose-built student housing communities feature the layouts and first-rate amenities that students and their parents look for in student housing today,” said Mr. Stark. “Coupled with Campus Evolution Villages’ student-centric, hands-on management philosophy, these assets will stand-out as the premier places to live at their respective universities.”

Campus Evolution Villages purchased the four former Campus Core assets from Gulfstream Capital Partners, LLC for an undisclosed sum. Gulfstream was represented in the transaction by Peter Katz of Institutional Property Advisors. All constructed in 2008, the properties are each within walking distance of their respective campuses. The communities provide furnished, two-bedroom, three-bedroom and four-bedroom units with all utilities, cable television and internet connectivity included in the rent. Resort-style amenities include pools with sundecks and spas, BBQ areas, 24-hour computer labs, 24-hour state-of-the-art fitness centers, volleyball courts, game rooms and media rooms.

The properties include:

Campus Evolution Villages, Warrensburg, Mo., a 120-unit, 360-bed community that serves students of the adjacent University of Central Missouri. It includes 60 two-bedroom units and 60 four-bedroom units.

Campus Evolution Villages, Ruston, La., a 120-unit, 432-bed community that serves the housing needs of students at Louisiana Tech University and Grambling State University. The property has 24 two-bedroom units and 96 four-bedroom units.

Campus Evolution Villages, Spartanburg, S.C., a 156-unit, 480-bed community that serves the housing needs of students at the University of South Carolina Upstate. The property consists of 36 two-bedroom units, 72 three-bedroom units and 48 four-bedroom units.

Campus Evolution Villages, Murray, Ky., a 140-unit, 490-bed community that serves the housing needs of students at nearby Murray State University. It includes 70 three-bedroom units and 70 four-bedroom units.

Simultaneous with the closing, Barry Reichmann and associates of Reichmann International Development Corporation, a Toronto, Canada-based firm, made a significant equity investment with Campus Evolution Villages. The Reichmann’s, a Toronto-based family with significant investments in various real estate companies and assets, is well known for controlling the Olympia & York real estate organization and the development of Canary Wharf during the 1980s and 1990s. Barry Reichmann’s Senior Care Holdings Inc., through Elmcroft Senior Living, owns, leases and manages over 100 senior housing facilities throughout the United States.

“We couldn’t be happier to have Barry Reichmann, Manfred Walt and their team as our investment partners,” stated Mr. Stark. “With the long and well respected family history in real estate and their relationships across the globe, we are well positioned for tremendous growth.”

About Lauderhill Partners, LLC
Lauderhill Partners, LLC is a diversified merchant banking firm with a focus on sourcing and managing investments in best in class management teams and operating companies in fragmented, out of favor and distressed sectors. Lauderhill principals have significant experience in the acquisition of operating companies and assets, management and the monetization of investments through both public offerings and private sale transactions. The firm’s headquarters are located in New York City. Lauderhill, through its subsidiaries Campus Evolution, LLC and Campus Evolution Villages, LLC, currently has investments in the student housing sector.

About Campus Evolution, LLC
Campus Evolution, LLC, with headquarters in New York City, is a campus-centric company with a singular focus on delivering an array of needed, useful, sophisticated products, services and platforms to our highly sought after student demographic.

About Campus Evolution Villages, LLC
Campus Evolution Villages, LLC is a thought leader and change agent setting a new standard in student living. Campus Evolution Villages owns and manages a diverse portfolio of student housing assets across the U.S. It’s a lifestyle built to support the student experience both in and out of the classroom. It is where students study hard and Live Big!
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