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Oceancrest has provided due diligence services to a publicly traded student housing company that is one of the largest developers, owners and managers of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT), with expertise in the design, finance, development, construction management, leasing and management of student housing properties.
The client was under contract to purchase thirteen assets, consisting of 5,700 beds, and needed Oceancrest to assemble a team of professionals to conduct on-site analysis. Teams of six professionals from Oceancrest provided property level due diligence and lease audits for the acquisition of a portfolio throughout five states. The transaction, valued at $244.3 million, closed in the first quarter of 2006.
Oceancrest's ability to provide the aforementioned services in a propmpt and flexible manner enabled the client to meet deadlines pursant to the purchase agreement.