In a new deal involving a state college-based student rental company, Copper Beech Townhome Communities is being acquired by Campus Crest Communities.
The first phase of a 36-month process has already been completed. Campus Crest has paid $261 million for a 48 percent share of Copper Beech. Campus Crest will buy the remaining 52-precent of Copper Beech over the next three years.
Campus Crest is the nation’s fourth biggest student rental company. It’s buying the fifth largest in Copper Beech, which owns 37 properties spread across the country. Copper Beech Founder and CEO Jack McWhirter describes the deal as, “the biggest acquisition that has ever occurred—by far—in the student rental business.”
Campus Crest (which operates as The Grove) will eventually control nearly 40,000 beds in student housing. That will easily make Campus Crest the second largest company in the business.
Although Copper Beech will maintain its own management of day-to-day operations during the 36-month acquisition period, the CEO of Campus Crest, Ted Rollins, has placed himself on the two-seat Copper Beech board of directors, and major decisions require unanimous consent of the board.