Slippery Rock, Pa. — Last month, StudentHousingBusiness.com reported on an $18.84 million loan that was arranged by NorthMarq for the acquisition of The Ivy, a student housing community located in Slippery Rock, adjacent to Slippery Rock University. New details have been released regarding the acquisition itself.
Oculus Capital Group acquired the 632-bed community for $23.55 million from Huntington Bank, which had foreclosed on the property. Stamford, Conn.-based RiverOak Investment Corp. contributed approximately $5.2 million toward the purchase, primarily in the form of gap equity. The Preiss Company has been brought on to handle day-to-day management of the community.
The Ivy was constructed in 2007 at a cost of $31 million. Its residences average 1,780 square feet, are fully furnished and have private bathrooms. Community amenities include a volleyball court and a clubhouse with a fitness center, tanning beds, a social room, a pool table, a theater and a study room. Pre-leasing was 98 percent at the time of closing.
The purchase also included an 18-acre parcel located adjacent to the existing community. The site has been prepared and infrastructure is in place for vertical construction to begin. The parcel could accommodate an additional 44 units and 152 beds.