– 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.