Orono apartment complex gets new owner
An Orono apartment complex is now under new ownership, as the Chicago, Ill.-based investment firm Harrison Street Real Estate Capital LLC has acquired the complex’s previous owner, Campus Crest Communities Inc., for $1.9 billion.
The complex, which the Bangor Daily News reported is known for rowdy parties attended by hundreds of University of Maine students, is getting a new name with the new ownership.
The 12 apartment buildings and eight townhouses in the complex, formerly known as “The Grove,” will be named The Reserve at Orono, the newspaper reported..
“We are pleased to have completed this complex transaction, which will add over 38,000 beds to our student housing portfolio,” Christopher Merrill, co-founder, president and CEO of Harrison Street, said in a release about the acquisition. “Given our focus on long-term, need-based real estate, we believe this investment fits well within our current student housing portfolio.”
The 200-unit complex cost $25.3 million to build, and was opened to the public in 2012, according to the BDN.
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