East Lansing, MI.  January, 2013 — The Woodlark Companies joint ventured with Westpac Campus Communities and an Institutional Investor to acquire a portfolio in East Lansing, MI totaling 2,772 beds.  Chandlers Crossing is comprised of The Village with 1068 beds, The Club with 768 beds and The Landing with 936 beds, all serving students attending Michigan State University.  The Woodlark Companies successfully executed an $85 MM debt placement with JP Morgan Chase.  The total purchase price for the transaction was $101,750,000.  This acquisition brings Woodlark’s total management portfolio to 16,740 beds and ownership portfolio to 13,807 beds; ranking 12th and 7th respectively amongst Student Housing Business’s top contenders.

Woodlark will manage the three properties and will position the assets to offer modern renovations and premium enhancements.  The Woodlark Companies will invest $9 million to make improvements, including unit upgrades, to all of the apartments.  The rehab will include new flooring, cabinets, and appliances and will cater to the growing student population at Michigan State University.  Woodlark will redesign the existing leasing center to showcase the upgrades and offer a retreat for current residents.  This model showroom is located across the street from the campus and will provide private bus services to the properties.  All three properties offer an extensive amenity packages which will aid in the repositioning of the assets to become the premier housing option for students in East Lansing.