(February 1, 2017) – Columbus Pacific (CP) has acquired The Pavilion at North Grounds, a 300 unit, 528 bed luxury student housing community adjacent to the Darden School of Business and the University of Virginia School of Law in Charlottesville, Virginia. The acquisition was financed with a $58.1M 10-year-fixed-rate loan at an all-in rate of 4.08% arranged by Brian Eisendrath and Cameron Chalfant at CBRE.
CP will strategically invest $1M to upgrade the amenities with new pool furniture, refreshed pool area, an outdoor dog park and enhance the front lobby to include a more functional and modern gourmet cyber café. Additionally, the Homestead U management team will execute a plan to elevate the internet and customer service experience and improve the property’s competitive appeal in the market.
“The Pavilion at North Grounds is a unique asset where its pedestrian location and captive audience will allow us to achieve elevated annual rental growth due to the lack of competitive properties,” says Brian Shirken, co-founder and principal of Columbus Pacific.
“It was a seamless transition and the on-site team has been great to work with.” Said Guy Purington, Yardi Specialist.