OC Ventures Acquires $62M Student Housing Portfolio
- Feb 20, 2020
OC Ventures has acquired two student housing communities—one in Rochester, N.Y., and the other in Wilmington, N.C.—for $62.3 million. The properties encompass 710 beds in 242 units. Christa Construction sold the Rochester asset for $35.3 million, while Coastal Ridge Real Estate Partners traded the Wilmington property for $27 million, according to public records. The buyer financed the acquisition with two Fannie Mae loans totaling $44 million.
Built in 1968, The Hill at RIT is a 362-bed community located at 20 Fairwood Drive in Rochester, 1 mile south of the Rochester Institute of Technology. In 2018, the seller renovated the property, previously known as Racquet Club Apartments, completing a second phase adding 81 units the following year. The project had a combined cost of $18.9 million.
Located at 4955 Pepys Lane, The Lighthouse at UNCW is within walking distance of the University of North Carolina Wilmington’s main campus. The 348-bed property opened its doors in 2013. Multiple retail and entertainment options are available within a 2-mile radius.
Community amenities for both assets include swimming pools, gyms, study and break rooms, pet parks and hammock gardens. OC Ventures chose Varsity Campus to take over property management responsibilities.
In November, OC Ventures acquired a 482-bed student housing property in Chicago. The six-story building formerly was a telephone factory until it was converted in 2006.