– 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.
NorthPointe Apartments, a 300 unit (912 bed) student apartment property is located 3.8 miles from the University of Arizona (UA) and was 95% occupied at closing. The Reserve on Frankford, a 243 unit (737 bed) student apartment property is located 4 miles from Texas Tech University, and was 94% occupied at closing. Both properties will undergo major improvements with upgrades slated for the units, amenities, common areas, technology and social programs. The Reserve on Frankford will be rebranded as The Ranch. Both properties will receive new buses for improved onsite transportation and marketing, as well as upgraded technology with new websites www.northpointeua.com and www.theranchlubbock.com. Rental increases will be implemented in the new school year to reflect the improvements made at both properties.
With 4,525 beds in their growing portfolio, HU continues their strategy to expand into the student housing market. The company is looking at Class B properties, within driving or walking distance of major state universities. HU will continue to make capital improvements in new acquisitions, raising demand and value, and rebranding as appropriate. The goal is to offer clean, affordable student apartments with elite social programming and resident life opportunities.Share