Improvements scheduled at Athens apartment buildings
By STEVE ROBB Messenger staff journalist
Tenants of two student apartment complexes will be able to swim up to the bar for a drink once upgrades planned by the new owner are complete.
As The Messenger reported Thursday, Columbus Pacific Properties of Santa Monica, Calif., has purchased the Riverpark Towers, River’s Edge and Athens Apartments for nearly $40 million. The primarily student housing properties will be managed by Homestead America of Columbus.
“It’s really going to be treated as one community,” she said.
Upgrades also will be made to the fitness center, corridors, leasing office, laundry facilities and computer center, giving the center a “coffee house feel,” said Formica, who is an Ohio University graduate.
“We recognize there is great potential for the property,” she said, adding that the goal is to create something “real cool and modern.”
No physical changes are planned for Athens Apartments.
Asked if rental rates will be increased, Formica said no immediate increase is planned. However, she said rates will be consistent with the market, which is seeing slight increases.
Homestead America also manages University Village — also owned by Columbus Pacific Properties — near the Ohio State University campus.
The Athens properties were sold by companies affiliated with Klingbeil Capital Management. Klingbeil built River’s Edge, but had purchased Riverpark Towers and Athens Apartments.
Klingbeil President James Callard said an investment fund was created for the Athens assets, with the money invested for a specific number of years. The life of the fund had come to an end, and a distribution was owed the investors, he said.
“It was just time,” Callard said when asked the reason for the sale.
A Columbus-based owner and manager of off-campus student housing has acquired its second apartment complex in Tucson, Ariz.
Homestead U purchased the 336-apartment Reserve at Star Pass for its investment and management portfolio. The property is less than 6 miles from the University of Arizona, with an enrollment of about 40,000.
Homestead U and equity partner Columbus Pacific Properties of California paid seller Education Realty Trust Inc. (NYSE:EDR) $25.5 million for the student housing complex. The 12-year-old property includes 1,020 beds for students but has a “distressed” occupancy level at 65 percent.
Homestead America would like congratulate and welcome Todd Jessup to the Homestead U division! In addition to his current role as District Manager for HA, Todd has been named the new Community Manager at University Village! Todd congratulations, and thank you for your continued dedication, hard work, and can-do attitude.
Homestead U is bidding farewell to Dan Jones, who is retiring from Community Manager at University Village. Dan has served this property for 26 years and leaves behind a legacy of tenacity, positivity, and success! Although the UV team will miss Dan greatly, we are fortunate to continue our business partnership as Dan will remain a consultant and close friend of HU. Best of luck to you Dan!
– Second student housing property managed in the Tucson market –
Tucson, AZ (December 28, 2012) – Continuing their expansion into off-campus student housing, Homestead U (HU) and has added The Reserve at Star Pass to its owned/managed portfolio; a 336 unit (1,020 bed) resort style student apartment property in Tucson, Arizona, 5.6 miles west of the University of Arizona (UA) for $26 million.
– New Projects add 1,649 Beds to Growing Student Housing Portfolio –
Columbus, OH (October 5, 2012) – Continuing their expansion into off-campus student housing, Homestead U (HU) and equity partners Columbus Pacific Properties (CPP) has finalized the acquisition of two additional student housing projects; NorthPointe Student Apartments in Tucson, Arizona and The Reserve on Frankford in Lubbock, Texas for $45.25 million.
– New amenities and updates will add a modern touch to OU’s landmark apartment complex –
ATHENS (July 20, 2012) – Continuing their expansion into off-campus student housing, Homestead U (HU) and equity partners Columbus Pacific Properties (CPP) has finalized the acquisition of Riverpark Towers and River’s Edge, 528 units and 1,020 beds located on the South Green of Ohio University in Athens, Ohio for $38.5 million.
The purchase of Riverpark Towers and River’s Edge is the company’s first venture at Ohio University, and will emulate its sister property University Village, 1008 units located 2 miles from The Ohio State University campus. HU’s strategy is to offer students affordable apartment homes while providing a fun, upbeat, social experience in a clean, convenient environment.
– Company’s first venture into off-campus student housing –
Columbus, OH (August 10, 2011) – Homestead U (HU) and equity partners Columbus Pacific Properties (CPP) purchased University Village Student Apartments, a 1,008 unit, 1,856 bed, class “B” property for $54.5 million. University Village is located in Columbus, Ohio and within walking distance of The Ohio State University.
The property, built from 1959-1965 is 99.9% occupied and was purchased well below replacement cost. HU’s intention is to steadily increase rents to reflect the demand in OSU’s student housing market. In addition to the necessary capital improvements, University Village will undergo a renovation of the leasing office, models, and fitness center.