Business

Campus Crest to close Charlotte headquarters, lay off 70

The Grove in Asheville is one of Campus Crest’s apartment communities near college campuses.
The Grove in Asheville is one of Campus Crest’s apartment communities near college campuses. Charlotte Observer

Campus Crest is closing its Charlotte headquarters and will lay off 70 employees, the student housing developer said in a notice sent to the N.C. Commerce Department this week.

The layoffs are expected to take place Feb. 5-18. A representative from Campus Crest could not immediately be reached for comment Wednesday.

In October, Campus Crest announced a plan to sell itself to Harrison Street Real Estate Capital LLC for $1.9 billion. The Campus Crest board has approved the sale, and shareholders are expected to vote on the deal at the company’s annual meeting in January.

Jobs affected are in a range of departments, including construction, accounts payable and marketing, according to the Worker Adjustment and Retraining Notification Act (WARN) notice. Under federal law, companies must file WARN notices when they make mass layoffs, close plants and change ownership.

Campus Crest is based on Rexford Road in the SouthPark area and builds off-campus student housing across the U.S. and Canada. The company was founded in 2004 and has ownership interest in 79 student housing apartments.

Katherine Peralta: 704-358-5079, @katieperalta

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