Santa Monica, Calif. — New projects add 1,649 beds to student housing portfolio.
Santa Monica, Calif. — Columbus Pacific Properties (CPP), a retail and multifamily developer and lender, has acquired two student housing projects: NorthPointe Student Apartments in Tucson, Ariz., and The Reserve on Frankford in Lubbock, Texas.
CPP is expanding into the student housing market via Class B properties within driving or walking distance of large state universities. CPP makes capital improvements in new acquisitions, often accompanied by rebranding.
NorthPointe Apartments, a 300-unit, 912-bed student property is 3.8 miles from the University of Arizona and was 95 percent occupied at closing. The Reserve on Frankford, a 243-unit, 737-bed property is four miles from Texas Tech University and was 94 percent occupied at closing. Both properties will receive upgrades to the units, amenities, common areas, technology and social programs. The Reserve on Frankford will be rebranded as The Ranch. Both properties will receive new buses for improved onsite transportation and marketing, as well as upgraded technology with new websites. Rental increases will be implemented in the next school year.
Both Properties will be managed by Homestead U.