Morgantown, W.Va. — Pierce Education Properties LP (PEP) has purchased The Lofts Morgantown, an off-campus student housing community serving West Virginia University students, for $28.75 million.
The Lofts Morgantown is a 648-bed, 218-unit community located just north of the WVU campus. The loft-style, fully furnished community features extra-large one-, two-, three- and four-bedroom units, each with bed-to-bath parity, stainless steel appliances, black granite countertops and washbasins, balconies, designer light fixtures and full-sized washers and dryers in every unit.
Beginning this fall, PEP will add large, flat screen TVs in every unit. Community amenities include a resort-style pool and hot tub, 24-hour fitness center, free tanning salon, high speed fiber optic Wi-Fi and free shuttle service to campus.
Debt financing of $21.2 million was assumed through Arbor Commercial Mortgage as servicer for Fannie Mae.