Alabama Community Folded into Peak Campus Portfolio
- Apr 25, 2016
Tuscaloosa, Ala.—National student housing operator Peak Campus has been awarded and assumed management of The Avenue at Tuscaloosa, a garden-style student housing community in Tuscaloosa, Ala. Located just a few minutes from the University of Alabama, the 868-bed property features studio, one-, two-, three-, four- and five-bedroom apartment homes and townhomes.
“Peak was brought on due to our reputation and our track record of performance at other student housing assets at major, tier-one universities across the country,” Casey Petersen, Peak Campus senior vice president of business development, told MHN.
Optional luxury furniture packages are offered in each home. Apartment features include hardwood-style flooring, stainless steel appliances, full-sized washer-dryers, walk-in closets and large balconies.
Tuscaloosa’s largest fitness center and largest pool, a yoga studio with P90X and Insanity, stand-up tanning beds, spin room, basketball courts and sand volleyball court are among the leading-edge amenities offered at The Avenue. Additional amenities include a movie theater, golf simulator, shuffleboard, pool tables, ping-pong table, custom poker table, computer lab with Macs and PCs, conference room and study center, cyber café, private shuttle to campus and nightlife, and bike racks.
“Peak Campus is excited to add this differentiated product to our growing portfolio in the Tuscaloosa market,” Peak Campus Chief Executive Officer Bob Clark said. “We believe that pairing Peak’s people, platform and process with our client’s ownership business plan is a recipe that will generate significant real estate value and successfully reposition the asset.”
Atlanta-based Peak Campus is a property management and development company focused exclusively on the student housing industry. The company manages more than 51,000 beds with combined valuation of more than $2.8 billion for investors nationwide.
“Our biggest challenge in the spring is always the calendar,” Petersen said. “Students only have a few weeks left in their class schedules, and then many leave for the summer. Luckily for us, we have built a robust platform in terms of our long distance leasing and marketing, and we’re optimistic in our ability to penetrate that market.”