Homestead U Acquires Riverpark Towers and River's Edge in Athens, Ohio

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– 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.

 

The newly rebranded River Park and River’s Edge on South Green will be undergoing a makeover with over $1,000,000 slated in capital improvements.  Exciting new amenities include a resort-style swimming pool with tiki bar, fire pit, renovations to the leasing office, computer lab, fitness center, laundry rooms, elevators, and building corridors.

 

“The improvements slated for the property will make River Park and River’s Edge THE place to live at OU,” says Laura Formica, National Director of Marketing for Homestead U and an Ohio University graduate.  “I remember the property being hugely desirable for post-dorm housing based on its location, and soon it will boast some great new amenities and jam-packed social calendar.  The students are going to love it.”

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