Boulevard Apartments Rowan University

Glassboro, NJ

In June 2012 Municipal Acquisitions closed a $182.1 million transaction with Rowan University, an instrumentality of the State of New Jersey. The portfolio was comprised of three properties which were previously owned by a third party developer and individually leased to the University with escalating annual purchase options. Municipal Acquisitions structured a new lease with the University with the same rents as the previous leases but offered compelling benefits that the University did not have under the previous leases: an option to purchase all the properties at declining annual prices (compared with escalating annual prices); fixed rent escalation (compared with greater of CPI or a fixed percentage); the ability to self-manage the properties and implement operating expense savings measures; and lien-free ownership of the properties at the end of the term.

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