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Old-school standard dorm-style living no longer makes the cut for today’s university students. Millennials, by nature, are social and tech-savvy creatures, but when you add a strong focus on academics and a looming competitive job market into the mix, student housing becomes a unique and targeted sector of the multifamily industry, and one that's quickly gaining momentum. Emerging only two decades ago as a market that was lacking attention, today’s student housing has transformed into a core real estate asset that answers the very specific needs of a niche rentership through well-designed projects. “You’re seeing a sector that’s really starting to modernize and evolve,” says William Talbot, chief investment officer/EVP at Austin, Texas–based American Campus Communities (ACC). Residents of Fountain Residential's Metro Park East in Minneapolis are provided with a fully equipped kitchen. Tiny shared bedrooms and communal bathrooms in midcentury dorm buildings are no longer desirable for students who are seeking privacy in their apartments. Indeed, most students want private rooms with in-room bathrooms and prefer suite-style apartment layouts. “With the exception of urban markets, there are very few projects where we wouldn’t recommend individual bedrooms and bed-bath parity in the unit design,” says Bob Clark, president of Peak Campus, a student housing developer and operator based in Atlanta. Student apartments at 33 North in Denton, Texas, have private bedrooms with in-room bathrooms. With a new focus on high-end development, managers use amenities, such as rock-climbing walls, golf simulators, and lazy rivers, to attract potential renters. However, these attention-grabbing amenities aren’t what keep students around. “If you’re looking for high-end customers, you want high-end amenities to attract the customer,” says Miles Orth, COO at Philadelphia-based Campus Apartments. “Your imagination can run wild, but location and price are what students look for overall.” Students want a trendy, affordable living space where they can study, socialize, and relax. Study spaces, high-speed Internet, and close proximity to campus are the fundamental amenities that make for a successful student housing complex. “The one thing we always say [to other multifamily companies] is that we have your future renters,” says Talbot. “The students we’re housing now will be conventional multifamily renters in two to six years, so we always feel like we’re on the forefront of product evolution, because we’re seeing that consumer before everyone else [does].”

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PHILADELPHIA – September 23, 2015 – Campus Apartments has acquired three student housing communities, totaling 1,707 beds, for a reported $116 million. The properties serve as off-campus housing for students of Texas A&M University, Syracuse University, and Lehigh University. In April 2015, Campus Apartments and Clarion Partners closed the Campus-Clarion Student Housing Partners, LP Fund with $402.9 million in equity commitments. The Fund targets investments in university-related real estate through acquisition and development, both on- and off-campus, throughout the United States. “Each of these acquisitions provide value-add opportunity in a pedestrian-to-campus location,” said Daniel Bernstein, Executive Vice President and CIO of Campus Apartments. “So, you’re really getting the best of both worlds – value creation opportunity as well as downside protection. While each asset is unique, this is the common theme. In today’s market, these types of investments have become increasingly difficult to find.” The acquisitions include Meadows Point, a 628-bed, garden-style property located in College Station, TX; Campus Hill – Syracuse, a 695-bed scattered-site portfolio in Syracuse, NY; and Campus Hill – Lehigh, a 384-bed scattered-site portfolio in Lehigh, PA. Campus Apartments is planning to reposition these assets through apartment and common area upgrades, as well as a rebranding program that will complement the physical improvements. The most significant repositioning will occur at Meadows Point which will undergo a multi-million dollar renovation program that will include upgraded kitchens and bathrooms in each of the units as well as a new clubhouse, fitness center and dog park. About Campus Apartments Campus Apartments is one of the nation's largest developers, owners, and managers of student housing, with over 50 years of experience in university-related real estate. The Company owns and/or operates more than 26,000 beds in 18 states. For more information on Campus Apartments, please visit: www.campusapts.com.

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PHILADELPHIA, Pa. – July 13, 2015 – Campus Apartments, the oldest and one of the largest privately held student housing companies in the nation, announces today that Kate Grasso has joined the company as Vice President of Leasing and Marketing. In this position, Grasso will oversee the development and execution of comprehensive leasing and marketing plans for Campus Apartments’ new development, acquisitions and stabilized communities. “Kate’s industry experience and track-record of dedication to top-notch results will be a significant asset to the Campus Apartments leadership team and our properties across the country,” said Miles Orth, executive vice president and COO at Campus Apartments. “She will play a key role in leading our leasing and marketing efforts as we continue to strengthen and grow our portfolio of communities.” Grasso brings more than 18 years of leasing and marketing expertise in the multifamily and student housing industries to Campus Apartments. Prior to joining the company, Grasso served as Vice President of Sales and Leasing for Peak Campus where she was responsible for the development and execution of leasing strategies and marketing initiatives. She also previously served as Vice President of Sales and Marketing at Carmel Partners. Grasso earned a B.S. in Business Administration and Marketing from Metropolitan State University of Denver. About Campus Apartments Campus Apartments, LLC, the oldest and one of the largest privately held student housing companies in the nation, is a leader in the development and management of university-affiliated real estate. The company has more than $2 billion worth of assets under management with more than 28,000 beds in 25 states. For more information on Campus Apartments, please visit: www.campusapts.com.

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NEW YORK, NY – Campus Apartments, the oldest and one of the largest privately held student housing companies in the nation, and Clarion Partners, a leading real estate investment manager, announce the final closing of Campus-Clarion Student Housing Partners, LP, a close-end investment vehicle that invests in student housing in the U.S. The vehicle closed with $402.9 million in equity commitments from high-quality domestic and international investors, predominately institutional. The fund will afford approximately $1.2 billion in buying power, and is the largest student housing fund by a vertically integrated manager. Campus Apartments and Clarion Partners are co-General Partners for the fund. The fund will seek investments in student housing and university-related real estate throughout the U.S. and will look to execute its value-add strategy through the acquisition and development of on- and off-campus projects. “We’re excited to announce this closing and offer investors the opportunity to tap into the well- established platform we’ve created for the acquisition, development and management of student housing,” said David Adelman, President and CEO of Campus Apartments. “We believe that we’re uniquely positioned to capitalize on the current opportunities in the student housing sector, and the fund has been very active. The pipeline of investments is robust and we look forward to deploying capital in this dynamic market.” “We believe the fund benefits from a strong partnership between two platforms with a long and successful track record of investing in real estate,” added Rob Greer, Managing Director for Clarion Partners and Portfolio Manager for the fund. “The fund offers investors exclusive access to Campus Apartments’ pipeline of investments and o p e r a t i o n a l expertise as well as Clarion’s long history as a leading real estate investment manager.” About Campus Apartments Campus Apartments, LLC, the oldest and one of the largest privately held student housing companies in the nation, is a leader in the development and management of university-affiliated real estate. The company has more than $2 billion worth of assets under management with more than 28,000 beds in 25 states. For more information on Campus Apartments, please visit: www.campusapts.com. About Clarion Partners, LLC Clarion Partners has been a leading U.S. real estate investment manager for over 32 years. Headquartered in New York, the firm has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC, as well as a presence in Mexico. With $33 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 250 domestic and international institutional investors. More information about Clarion Partners is available at www.clarionpartners.com. Disclaimer Some information contained herein is derived from selected third party sources believed by Clarion Partners to be reliable, but no representation or warranty is made regarding its accuracy or completeness. Opinions and forecasts expressed reflect the current judgment of Clarion Partners’ Investment Research Group and may change without notice. Nothing herein constitutes an offer or solicitation of any product or service to any person or in any jurisdiction where such offer or solicitation is not authorized or is prohibited by law. Past performance is not necessarily indicative of future results and a risk of loss exists.

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Landmark Project Improves Quality of Housing and Reshapes Campus Environment SHIPPENSBURG, Pa. – September 23, 2014 – Shippensburg University Student Services, Inc. (SUSSI) and Campus Apartments today announce the completion of the second phase of a development project to upgrade all of the University’s on-campus residences. Since breaking ground in 2011, Campus Apartments has completed construction on six new residences to improve the quality of housing and reshape the campus environment as part of a multiphase housing renewal plan. The new buildings provide more than 1,800 students with modern sustainable living and learning facilities. The $65 million second phase includes three new residences on the south side of campus – Keefer Hall, Lackhove Hall and McCune Hall. These living-learning facilities accommodate 922 students with semi- suite and full-suite floor plans, as well as common areas and lounges for student interaction and studying. The new residences provide students with more than 292,000 square feet of living and learning space, as well as green space for outdoor recreation and leisure activities. Completed in Dec. 2012, the $70 million first phase included three new housing residences, involving two facilities on the north side of campus and one on the south side. The residences accommodate 924 students with semi-suite and full-suite floor plans, multipurpose programming areas and generous study and social lounges. One of the north-side buildings also includes a state-of-the-art 13,000 square foot wellness center, while the south-side building includes a new home for the University’s Honors Program. All three residences were recently awarded the Certified level of Leadership in Energy and Environmental Design (LEED®) certification from the U.S. Green Building Council. “Our campus has undergone a remarkable transformation since we embarked on this multiphase project to provide students with top-quality housing,” said Jody Harpster, Interim President at Shippensburg University. “All of the new residences provide students with a living-learning environment that fosters collaboration and improves the ways our students interact with one another.” According to Daniel Bernstein, Executive Vice President and Chief Investment Officer at Campus Apartments, this transformational project has redefined on-campus living at Shippensburg, which will have a lasting positive impact on the entire University. “We secured highly favorable financing arrangements for phase I and phase II to help the University achieve its goal of providing students with top-quality modern housing. These new facilities will help attract new students and further position Shippensburg as a top-tier University,” said Bernstein. The project is under the direction and ownership of SUSSI, an independent non-profit organization that serves as the voice for the student community. A third phase of the housing renewal project is still under consideration. Campus Apartments is collaborating with a trusted and experienced development team, including architect CUBE 3 Studio, general contractor Fortune-Johnson, Inc. and consulting engineer Greenman- Pedersen, Inc. About Campus Apartments Campus Apartments, LLC, the oldest and one of the largest privately held student housing companies in the nation, is a leader in the development and management of university-affiliated real estate. The company has more than $2 billion worth of assets under management with more than 34,500 beds in 25 states. For more information on Campus Apartments, please visit: www.campusapts.com. About Shippensburg University Shippensburg University of Pennsylvania, with approximately 7,000 undergraduate and graduate students, is a regional state-owned institution and a member of the Pennsylvania State System of Higher Education of Pennsylvania. Founded in 1871, Shippensburg University serves the educational, social, and cultural needs of students from Pennsylvania and the Mid-Atlantic region. The university has undergraduate and graduate programs in the colleges of Arts and Sciences, John L. Grove College of Business, and Education and Human Services, and the School of Graduate Studies. Shippensburg is accredited by a number of national organizations including the Middle States Association of Colleges and Schools, AACSB, International Association for Management Education, The American Chemical Society, the Council on Social Work Education, the Council for the Accreditation of Counseling and Related Educational Programs, the International Association of Counseling Services, the National Council for the Accreditation of Teacher Education and the Accreditation Board for Engineering & Technology (ABET).

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Shippensburg University Phase I Student Housing Project Receives ForeverGreen Award PHILADELPHIA – March 18, 2014 – Campus Apartments and Shippensburg University Student Services, Inc., (SUSSI) announce today that the Shippensburg University phase I student housing project has received a 2014 ForeverGreen Award for Excellence in Green Building Design and Construction from the U.S. Green Building Council – Central Pennsylvania Region. The project was recognized in the “Sustainability in Higher Education” category. The Shippensburg University phase I student housing project was selected for its sustainable design, planning, construction and operation. Local materials were used throughout construction, and nearly 98 percent of the demolished materials were salvaged to reduce waste. The student housing facilities include an energy-efficient heating and cooling system, water bottle filling stations and low-flow fixtures to reduce water use and large windows in each unit to achieve the maximum amount of daylight, in addition to numerous other green features. During the first year of occupancy, the University saw significant savings in water and energy usage. “We’re thrilled to receive the ForeverGreen Award. Our entire design and construction team, in collaboration with SUSSI, has been fully committed to developing facilities that not only meet the needs of the University, but are also efficient, sustainable and healthy for students,” said Warren H. Burke, Jr., vice president of development at Campus Apartments. “We’ve worked closely with students and staff to educate them about the benefits of green building, helping to build awareness around the positive impact of sustainability on campus and on the environment.” The multi-phase project is improving the quality of housing and reshaping the campus environment. SUSSI, an independent non-profit organization that serves as the voice for the student community, oversees the project. “This is a tremendous honor for the housing project, for Shippensburg University Student Services, Inc., and for the University in general, as well as for all of those who made it happen, including Campus Apartments, CUBE3, Fortune-Johnson and others. We at Ship are very pleased with this recognition,” according to Darrell Miller, SUSSI president. The $46 million first phase, completed in Dec. 2012, included three new housing residences involving two facilities on the north side of campus and one on the south side. The residences accommodate 924 students with semi-suite and full-suite floor plans, multipurpose programming areas and generous study and social lounges. Phase II is currently under construction and is scheduled to be completed in fall 2014. Campus Apartments is collaborating with a trusted and experienced development team for all three phases, including architect CUBE 3 Studio, general contractor Fortune Johnson, Inc., and consulting engineer Greenman- Pedersen, Inc. About Campus Apartments Campus Apartments, LLC, the oldest and one of the largest privately held student housing companies in the nation, is a leader in the development and management of university-affiliated real estate. The company has more than $2 billion worth of assets under management with more than 34,500 beds in 25 states. For more information on Campus Apartments, please visit: www.campusapts.com. About Shippensburg University Shippensburg University of Pennsylvania, with approximately 7,000 undergraduate and graduate students, is a regional state-owned institution and a member of the Pennsylvania State System of Higher Education of Pennsylvania. Founded in 1871, Shippensburg University serves the educational, social, and cultural needs of students from Pennsylvania and the Mid-Atlantic region. The university has undergraduate and graduate programs in the colleges of Arts and Sciences, John L. Grove College of Business, and Education and Human Services, and the School of Graduate Studies. Shippensburg is accredited by a number of national organizations including the Middle States Association of Colleges and Schools, AACSB, International Association for Management Education, The American Chemical Society, the Council on Social Work Education, the Council for the Accreditation of Counseling and Related Educational Programs, the International Association of Counseling Services, the National Council for the Accreditation of Teacher Education and the Accreditation Board for Engineering & Technology (ABET).

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