Copper Beech Townhome Communities is being acquired by Campus Crest Communities

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In a new deal involving a state college-based student rental company, Copper Beech Townhome Communities is being acquired by Campus Crest Communities.

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Copper Beech Townhome Communities is being acquired by Campus Crest Communities

  1. 1. Copper Beech Townhome Communities is being acquired by Campus Crest CommunitiesIn a new deal involving a state college-based student rental company, Copper Beech Townhome Communitiesis 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 a48 percent share of Copper Beech. Campus Crest will buy the remaining 52-precent of Copper Beech over thenext three years.Campus Crest is the nations fourth biggest student rental company. Its buyingthe fifth largest in Copper Beech, which owns 37 properties spread across thecountry. Copper Beech Founder and CEO Jack McWhirter describes the deal as,“the biggest acquisition that has ever occurred—by far—in the student rentalbusiness.”Campus Crest (which operates as The Grove) will eventually control nearly40,000 beds in student housing. That will easily make Campus Crest the secondlargest company in the business.Although Copper Beech will maintain its own management of day-to-day operations during the 36-monthacquisition period, the CEO of Campus Crest, Ted Rollins, has placed himself on the two-seat Copper Beechboard of directors, and major decisions require unanimous consent of the board.

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