Tailwind Buys West Virgina Student Community
The property came online in 2011.
Tailwind Group has acquired The Lofts Morgantown, a 218-unit, 648-bed student housing community in Morgantown, W.Va. This marks the firm’s fifth student housing acquisition of the year.
CBRE Senior Vice President William Vonderfecht and his team brokered the deal. Arizona State Retirement System previously owned the asset, according to Yardi Matrix information. The firm acquired it in January 2021 in a portfolio transaction from Pierce Education Properties.
Tailwind plans to commence its management and renovation value-add strategy starting this fall. The firm will focus on updating the leasing office, clubhouse and other amenities.
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Located at 5000 Station St., the property is close to Morgantown Municipal Airport and some 3 miles from the West Viriginia University at Morgantown campus and Mountaineer Field at Milan Puskar Stadium. The city center is 4 miles away.
Completed in 2011, the community encompasses 14 two- to five-story buildings across almost 16 acres. The unit mix consists of one-, two-, three- and four-bedroom floorplans ranging from 600 to 1,840 square feet. Select layouts also have private balconies or patios.
Common-area amenities include a fitness center, clubhouse, business center and swimming pool, as well as a spa and lounge area with fireplace and game room. The property also has study rooms and booths.
Tailwind’s student housing expanding footprint
Tailwind Group’s current student housing portfolio comprises more than 40 communities totaling about 19,500 bedrooms. The company has assets across 17 states, serving 25 universities.
In April, Tailwind acquired The Beacon, a 180-unit, 576-bed student community in Auburn, Ala. The asset previously traded in 2015 for $21.7 million.
Other notable deals include the firm’s purchase of Commons on Kinnear, a 532-student property in Columbus, Ohio. The firm paid $21.8 million for the community and plans to renovate it.
