Still Under Ownership by Our Affiliated Entity
Acquired in a joint venture, this property was purchased in a Section 363 Bankruptcy proceeding. The total cost for the initial developer was $35.5 million, however, we acquired this asset at a significant discount. University Village is the premier student housing project in the market and contains 200 units/632 beds. Despite having had significant vacancy at acquisition, the property, which has been improved, repositioned and rebranded, is now fully leased and has enjoyed numerous increases in rents.