The real estate company, Oculus Capital Group acquires a University Village in Slippery Rock, a borough in Butler County, Pennsylvania. The real estate company’s newly acquires University Village in Slippery Rock is a 200-unit property, with 632-bed, and is situated not too far from Slippery Rock University.
The University Village offers a two bedroom with two bathrooms units and four bedrooms with four bathrooms units. All the units in the property are equipped with hardwood cabinetry, full-size washing machine and dryer, leather furniture, and stainless steel appliances.
The real estate company is also investing an additional $800,000 for other property improvements like fitness center and clubhouse improvements, landscaping improvements, parking spaces, and additional exterior lighting.
The property is 98 percent leased for the current 2010-2011 school year. OCG, the real estate company acquires the University Village for about $23.5 million after the prperty was foreclosed last year. The real estate company secured joint venture equity worth $5.2 million from a private REIT fund a senior loan from Freddie Mac worth $18.8 million to capitalize for the acquisition.
The property was constructed in 2007 with an original cost of $33 million.
According to OCG’s Managing Principal and President Chris Feeley, this is the real estate company’s first university-housing acquisition.
Feeley also said the University Village in Slipper Rock is a great acquisition, and it can create a good amount of return investment for the company’s investors.
The real estate company is still seeking to acquire for other university villages and college-housings to add into their portfolio and add further opportunities for return investments and profits to the company.