The facilities are: University Ridge, a 168-unit, 644-bed property at West Virginia University in Morgantown, WV; University Enclave, a 120-unit, 480-bed facility at Bowling Green State in Bowling Green, OH; and University Stadium View, a 156-unit, 588-bed property at the University of Nebraska in Lincoln, NE. All of the properties are less than three years old, and each is in close proximity to the university campus it serves. "These are high quality assets, consistent with the characteristics of our portfolio," says Joseph M. Coyle, president of the locally based REIT's student housing division.
He says the acquisition was negotiated with Jack Dinnerstein of Sterling. Closing is subject to customary conditions, including completion of the lender's agreement to the assumption of the existing debt and the successful completion of the new debt. It is expected to take place by the end of this month.
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