OAK BROOK, Ill.--(BUSINESS WIRE)--
Inland American Communities (IAC), a wholly owned subsidiary of Inland American Real Estate Trust, Inc. (Inland American), today announced the company’s acquisition of The VUE, a fully-developed student housing property located on the Texas Christian University (TCU) campus in Fort Worth, Texas. Due to its innovative design and premium amenities, the property opened in August 2012 at 100 percent occupancy. The VUE will now be rebranded as a University House community.
"The VUE is a great addition to our portfolio and meets our core investment objectives with best-in-market amenities, serves a well-known university with growing enrollment, and is in the right location," said Travis Roberts, president of Inland American Communities. “We believe students will enjoy the VUE’s unique designs and luxury amenities packaged in a boutique college student housing environment.”
Located one block south of TCU, The VUE is in close proximity to the vibrant mix of commerce, culture and entertainment in downtown Fort Worth. The four-story, mid-rise property contains 118 beds with high-quality finishes and cutting-edge amenities. The property also includes 6,000 square feet of retail space that is currently under construction and is projected to open in spring 2013.
“CBRE was pleased to assist in this transaction, which represented an incredible opportunity for an investor seeking a property with high-end amenities and top of the market finishes, as well as a walk to campus location,” added Jaclyn Fitts of CBRE’s National Student Housing Group.
About Inland American Communities
Inland American Communities Group, Inc. (IAC) is a development, acquisition and management firm dedicated to the creation of authentic communities in university markets across the United States. IAC was formed in 2007 as a wholly-owned subsidiary of Inland American Real Estate Trust, Inc. The company is headquartered in Dallas. For more information on Inland American Communities, visit www.inlandac.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of December 31, 2012 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 794 properties, representing approximately 46 million square feet of retail, industrial and office properties, 10,523 multi-family units and 16,345 lodging rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.
Dan Lombardo, 630-586-6314