Homestead U Acquires University Village

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– 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.

 

The technology has also received an upgrade with a full-service website www.universityvillage.com where residents can submit service requests and pay rent online.

 

Monthly social programming will also be enhanced.  Regularly scheduled events add value to the resident experience with large annual parties like Oktoberfest, and the regularly scheduled OSU tailgates, happy hours, Easton shopping trips, and more.  The social calendar is published on the new community website and promoted via social media. Additionally, the enhanced transportation schedule will include a monthly Fun Bus, taking residents to area hot spots.

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