MORGANTOWN, WV—Morgantown is home to West Virginia University, which makes this small city a university town-and, lately, an attractive destination for student housing developers and owners. The newest companies to enter this market is Columbus, OH-based Peak Property Group and Glen Mills, PA-based Roch Capital, which have partnered to buy the 992-bed West Run Apartments here. The price is undisclosed and not recorded yet.
The complex is the largest off-campus student housing facility, according to the buyers, which plan to upgrade the property over the next several years. The 332-unit complex consists of 23 three-story buildings.
Peak Property and Roch join a small, but growing number of acquisitions and/or plans for development in this asset class here.
In February University Park at Evansdale LLC, a public private partnership, secured $112.5 million from AIG Commercial Asset Finance, to build a 425,000-square foot, 1,300-bed on-campus student housing complex at West Virginia University.
In December of 2013, 191 Park Ave. in Frostburg, MD traded for approximately $5.3 million or $61,199 per unit. There have also been a number of refinancings and other trades that, like 191 Park Ave., are in nearby submarkets.
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