Roch Capital & Peak Property Group Acquire Largest Off-Campus Student Housing Community at West Virginia University
COLUMBUS, OH, April 8, 2014 -
Roch Capital, a real estate and private equity investment firm out of Glen Mills, PA, and Peak Property Group, an expanding student housing investor and operator, 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 long-term," said Roch Co-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."
Roch and Peak financed the acquisition with senior and mezzanine debt financing provided by Redwood Trust. The property will be managed by Peak Property Group.
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About Roch Capital
Roch Capital Inc. is one of the region's fastest growing Real Estate and Private Equity investment companies. Roch invests in diversified real estate opportunities including hospitality, office, retail, industrial, multifamily, manufactured home and recreational vehicle communities, student housing, mixed-use, single tenant net lease properties and corporate sale leasebacks. Roch's private equity arm recently closed the acquisition of Carbon's Golden Malted to add to its portfolio which includes Applied Bank and Applied Card Systems among other investments.
For more information on Roch Capital, please visit www.rochcap.com
About Peak Property Group
Peak Property Group is a full-service student housing investor and operator. We are a fully integrated, self-managed, real estate firm with expertise in the acquisition, design, financing, development, construction management, and property management of student housing and multi-family properties. As of the date of this announcement, our owned, joint-venture, and third-party managed portfolio included over 4,500 beds across the country in the public universities of The Ohio State University, Ball State University, University of California, Santa Barbara, and West Virginia University. Peak has acquired $50 million of student housing properties in the last six months and seeks to continue its national student housing acquisition strategy.
For more information on Peak Property Group, please visit www.peakpropertygroup.com
CONTACT: Carl Kruelle // Roch Capital // Carl_Kruelle@rochcap.com
Andy Lallathin // Peak Property Group // firstname.lastname@example.org