Media > Press Release
Campus Apartments New With University of Pennsylvania
Adds Impressive Expansion to Company's Portfolio
April 21, 2003 Philadelphia, PA
Campus Apartments, Inc. and the University of Pennsylvania recently announced an agreement for the third party management of more than 900 apartments for the University of Pennsylvania.
Campus Apartments, led by CEO David J. Adelman, is already the largest housing provider in the City of Philadelphia. The 78 additional Penn buildings are an ideal fit with Campus Apartments' current portfolio of over 150 properties - mid-rise buildings, brownstones, townhouses, and garden-style apartments, as well as commercial space for local businesses. Prior to the Penn deal, Campus Apartments has more than 2,000 tenants consisting of undergraduates, graduates, and university faculty and administrative staff as well as professionals.
Campus Apartments was selected from a pool of national and regional competitors based on its proven track record for developing and managing student housing. "We are uniquely qualified to handle the management of Penn's portfolio based on our experience in the student housing market as well as our intimate understanding of managing scattered site urban properties," says Daniel Bernstein, who recently returned to Campus Apartments as Chief Operating Officer. "Everything we do as owners and managers is reflective of a long term commitment to our residents and to the neighborhoods we are a part of."
The company consistently demonstrates an ability to rehabilitate older real estate and have successfully transformed these properties into upscale, state of the art apartments. Campus Apartments recently spent over 30 million dollars renovating new acquisitions as well as their existing buildings.
Staff is already in place to manage the additions to the company's portfolio, with 25 personnel hired from Penn's prior service provider. The University owned apartments house mix of students and professionals, all of whom will now enjoy the desirable and first rate Campus Amenities - door-to-door shuttle service with transportation around campus and University City, an emergency maintenance team available 24 hours via phone or e-mail and on-site laundry facilities. Tenants will also enjoy the features of Campus Apartments' subsidiary Campus Technologies, which offers high speed Internet access, satellite and cable television and intercom and video monitoring systems.
As the leading provider of off-campus housing at Penn since the 1960s, Campus Apartments plans to pursue property management and development arrangements with other colleges and universities. "I believe colleges and universities have a need for efficient real estate management and development," explains Adelman. "Campus Apartments present a solution for universities to leverage their resources by partnering with a private developer for the creation of quality student housing."
Campus Apartments knows how to appeal to university residents with a rare combination of luxury, affordability, convenience, and personal touch. Adelman goes on to explain, "Its our unwavering commitment to excellence which sets us apart."
About Campus Apartments, Inc.
Based in Philadelphia, PA, Campus Apartments develops, manages, designs and privately finances upscale housing for colleges and universities. The company has been successful in growing its private holdings, which now total more than 220 properties. These properties include mid-rise buildings, brownstones, townhouses and garden-style apartments. For 40 years, Campus Apartments has been a pioneer in redeveloping communities and providing turnkey solutions for college and university housing needs. This is evidenced by successful joint ventures with the University of Pennsylvania to redevelop distressed parcels of real estate around campus, transforming them into upscale, revenue generating rental properties, while increasing real estate values throughout University City. In 2002, Campus Apartments was also awarded the prestigious management contract for 78 scattered site properties owned by the university.