SLIPPERY ROCK, PA-A joint venture between Oculus Capital Group and RiverOak Investment Corp. spent just under $23.6 million on The Ivy, a 200-unit student-housing complex by Slippery Rock University, acquiring it from Huntington Bank. The facility was constructed in 2007 at a cost of $31 million.
Washington DC-based Oculus paid for the bulk of the acquisition, spending about $18.4 million. The firm also has control of an 18-acre parcel on which it can build another building with 44 units and 152 beds.
For its part, Stamford-based RiverOak made its portion of the acquisition through its $26-million RiverOak Fund IV, which has now executed six transactions. The firm invests "gap" equity into projects around the Northeast where the developer or buyer might need extra funding to complete an acquisition.
The Preiss Company is managing the day-to-day operations of The Ivy, which is currently 98% preleased, according to RiverOak.
Oculus Capital launched in March. At the time, the firm said it would have about $100 million in purchasing power and said it was targeting multifamily and retail assets.
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