WASHINGTON, DC - Oculus Capital Group ("OCG"), an emerging multifamily and student housing owner and manager, has announced the acquisition of University Village at Slippery Rock (formerly known as "The Ivy" student apartments). University Village at Slippery Rock is a 632-bed, 200-unit property located less than a quarter of a mile from Slippery Rock University in Slippery Rock, PA. The property offers two-bedroom, two-bathroom and four-bedroom, four-bathroom units. All units are equipped with stainless steel appliances, leather furniture, full-size washer and dryer, and hardwood cabinetry. In addition, OCG is investing more than $800,000 in additional property improvements including additional exterior lighting, parking, landscaping improvements, and clubhouse and fitness center improvements. The property was 98% leased for the 2010-2011 academic year at closing.
OCG purchased the property for approximately $23.5 million after it went into bankruptcy in 2009. This student housing property was originally constructed in 2007 at a cost of $33 million. OCG secured $5.2 million in joint venture equity from a private real estate investment fund and $18.8 million in senior debt from Freddie Mac to capitalize this acquisition.
According to Chris Feeley, President and Managing Principal, this is the first of several student-housing acquisitions by OCG. "University Village at Slippery Rock was a tremendous acquisition, and it will yield a terrific return for OCG and its investors." Mr. Feeley added, "OCG is seeking to acquire several more student housing properties that fit within the core-plus to opportunistic return spectrum."
Through the planned improvements for the property, OCG is positioning University Village at Slippery Rock to be the premier student housing property in the market. According to University Village Property Manager, Anthony Magnelli, "The improvements planned or underway by OCG at University Village will set us apart even further from our competitors and reinforce our commitment to providing the best student living experience in Slippery Rock."
Founded in early 2010, OCG is an investment banking, merchant banking, and advisory firm headquartered in Washington, DC. OCG was formed by the nationally recognized commercial real estate investment and capital markets team of Christopher Feeley and Andrea Akel. The firm focuses on markets along the East Coast, with an emphasis on the Mid-Atlantic and Southeast. OCG's business lines include equity investment in multifamily (apartments and student housing) properties on behalf of high net worth and institutional investors; execution of investment banking and capital market solutions for properties controlled by a select clientele; and advisory and consulting services to assist clients with workouts, recapitalizations, asset evaluation, and receivership. OCG has acquired University Village and completed five equity and debt placements for clients (totaling $75 million) in 2010.
Source: Oculus Capital Group