CCG Announces Disposition of Undeveloped Real Estate Pipeline Assets as part of Strategic Repositioning

CHARLOTTE, N.C., Nov. 20, 2014 /PRNewswire/ -- Campus Crest Communities, Inc. (NYSE: CCG) (the "Company"), an owner and manager of high-quality student housing properties, announced its intent to dispose of certain, undeveloped real estate pipeline assets as part of its strategic repositioning.

Highlights

Disposition of Available Land Parcels

As a result of the Company's decision to discontinue its construction and development business, the Company is disposing of undeveloped land parcels held in the following student housing markets:

• Allendale, Michigan (Grand Valley State University)
• Bellingham, Washington (Western Washington University)
• Boca Raton, Florida (Florida Atlantic University)
• Charlotte, North Carolina (UNC-Charlotte)
• Mt. Pleasant, Michigan (Central Michigan University)
• Sacramento, California (Cal-State Sacramento)
• San Angelo, Texas (Angelo State University)
• Tempe, Arizona (Arizona State University)
• Tuscaloosa, Alabama (University of Alabama)

Disposition Details

Effective immediately, the Company will accept written offers for purchase on the following specific sites:

Allendale, Michigan

• 19+/- acre site located at 4967 Pierce Street, Allendale, Michigan
• Fully-entitled and fully-permitted for a 224-unit / 600-bed garden-style project
• Adjacent to other purpose-built student housing communities and on existing campus shuttle route
• 0.7 miles from Grand Valley State University

Bellingham, Washington

• 15.25+/- acre site located at 800 Viking Circle, Bellingham, Washington
  • 9.27-acre site is fully-entitled and fully-permitted for a 216-unit / 584-bed garden-style project
  • 5.98-acre site is entitled for multifamily and/or student housing development
• Near major retail centers and on existing municipal shuttle route
• 1.3 miles from Western Washington University

Boca Raton, Florida

• 8.01+/- acre site located at 2600 NW 5^th Avenue, Boca Raton, Florida
• Undeveloped and ideally situated for student housing development
• Directly across from Florida Atlantic University

Charlotte, North Carolina

• 27+/- acre site located at Kempford Drive, Charlotte, North Carolina
• Zoned MX-2 mixed-use residential
• Adjacent to other purpose-built student housing serving the University of North Carolina at Charlotte

Mt. Pleasant, Michigan

• 35+/- acre site located at Commons Drive and Isabella Road, Union Township, Michigan
• Adjacent to Copper Beech at Mt. Pleasant and other purpose-built student housing
• Zoned R3A to permit multifamily development
• 1.2 miles from Central Michigan University

Sacramento, California

• 13.6+/- acre site located at 3075 Redding Avenue, Sacramento, California
• Fully-entitled and fully-permitted for a 213-unit / 616-bed garden-style and townhouse project
• Near major retail centers and other purpose-built student housing
• 0.8 miles from the California State University-Sacramento

San Angelo, Texas

• 42.9+/- acre site located between South Jackson Street and Cox Lane in San Angelo, Texas 
• Adjacent to the Grove at San Angelo, a purpose-built student housing development opened in the Fall of 2009 
• 0.5 miles from Angelo State University

Tempe, Arizona

• 1.8+/- acre site located at 1000 East Apache Boulevard, Tempe, Arizona
• Previously received municipal approval for a mixed-use development including 326-units, +/-3,538 sf. leasing/reception offices, +/-6,250 sf retail and +/- 290,197 sf parking garage all within a fourteen (14) story building
• 0.1 miles from Arizona State University

Tuscaloosa, Alabama

• 12.8+/- acre property located at Jack Warner Parkway and McFarland Boulevard
• Fully-permitted and fully-entitled for a 228-unit/ 628-bed development
• 0.1 miles from University of Alabama, along the Black Warrior River, and adjacent to other purpose-built student-housing

Disposition Process and Timing

The Company will accept written offers on the above-referenced properties until 5:00 PM ET on Wednesday, December 3, 2014. All written offers should be forwarded to Campus Crest Development, LLC, attention Alex Eyssen, Vice President, 2100 Rexford Road, Charlotte, North Carolina, 28211 via overnight delivery or via email at [email protected]. Upon execution of a confidentiality agreement, interested parties will be provided access to existing due diligence and entitlement information. 

Priority will be given to offers based upon several criteria to include: the ability to close on or before February 13, 2015; portfolio offers; ability to close without funding contingencies; and/or ability to close without entitlement contingencies. Offers previously received will be given full consideration as presented unless revised or withdrawn prior to December 3, 2014.

About Campus Crest Communities, Inc.

Campus Crest Communities, Inc. is a leading owner and manager of high-quality student housing properties located close to college campuses in targeted markets. It has ownership interests in 86 student housing properties with over 46,000 beds across North America. Additional information can be found on the Company's website at http://www.campuscrest.com.

Forward-Looking Statements

This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts" or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, except as otherwise required by federal securities laws, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the risk factors discussed in the Company's most recent Annual Report on Form 10-K, as updated in the Company's Quarterly Reports on Form 10-Q.

SOURCE Campus Crest Communities, Inc.