Peak Property Group, an expanding student housing investor and operator, and Roch Capital, a real estate and private equity investment firm out of Glen Mills, PA, announce the acquisition of West Run Apartments, a 992 bed, 332 unit, student housing community located at West Virginia University.
West Run Apartments is made up of 23, three-story buildings featuring two-, three-, and four-bedroom floor plans conveniently located in close proximity to the West Virginia University campus. Each unit comes furnished with all utilities included and free access to the community’s private shuttle to and from campus.
The property’s amenities, considered among the best in the market, include a resort-style swimming pool, full-size volleyball court, outdoor kitchen with grilling station, hot tub, full-size basketball court, and outdoor fire pit. West Run also has a 10,000 square foot clubhouse with game room, fitness center, theatre room, business center, and tanning booths. West Run’s units feature private bathrooms off of each bedroom, balconies, walk-in closets, Wi-Fi internet, cable television, washers and dryers, and nine-foot ceilings. They also are being updated to include hardwood floors.
“This acquisition is consistent with our strategy of well located, high quality assets that can be held for the longterm,” said Roch Executive Vice President Vincent Abessinio. “We are excited about our partnership with Peak and their focus on continued value enhancement at West Run.
Andy Lallathin, Managing Partner of Peak said, “We’re very pleased with the closing of this acquisition and the opportunity to further improve West Run Apartments with continued renovations and enhancements for tenants. Our three year reinvestment plan will result in substantial upgrades to the properties amenities, safety features, and unit finishes.”
Peak and Roch financed the acquisition with senior and mezzanine debt financing provided by Redwood Trust. The property will be managed by Peak Property Group.
