Roch Capital, Peak acquire apartment complex near West Virginia University

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Apartments
West Run Apartments.

Glen Mills, PA – Roch Capital and Peak Property Group, of Columbus, Ohio, announced the acquisition of West Run Apartments, a 992 bed, 332 unit, student housing community at West Virginia University in Morgantown. Terms were not disclosed.

 West Run Apartments is comprised of 23, three-story buildings featuring two, three, and four-bedroom floor plans located in close proximity to the campus. Each unit comes furnished with all utilities included and free access to the community’s private shuttle to and from campus.

The property’s amenities, include a resort-style swimming pool, full-size volleyball court, outdoor kitchen with grilling station, hot tub, full-size basketball court, and outdoor fire pit. West Run also has a 10,000 square foot clubhouse with game room, fitness center, theater room, business center, and tanning booths. West Run’s units feature private bathrooms off of each bedroom, balconies, walk-in closets, Wi-Fi internet, cable television, washers and dryers, and nine-foot ceilings. They also are being updated to include hardwood floors.

“This acquisition is consistent with our strategy of well located, high quality assets that can be held for the long-term,” said Roch Executive Vice President Vincent Abessinio. “We are excited about our partnership with Peak and their focus on continued value enhancement at West Run.

Andy Lallathin, Managing Partner of Peak said, “We’re very pleased with the closing of this acquisition and the opportunity to further improve West Run Apartments with continued renovations and enhancements for tenants. Our three year reinvestment plan will result in substantial upgrades to the properties amenities, safety features, and unit finishes.”

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Roch and Peak financed the acquisition with senior and mezzanine debt financing provided by Redwood Trust. The property will be managed by Peak Property Group.

Roch, based in Glen Mills, Pa. invests in diversified real estate opportunities including hospitality, office, retail, industrial, multifamily, manufactured home and recreational vehicle communities, student housing, mixed-use, single tenant net lease properties and corporate sale leasebacks. Roch’s private equity arm recently closed the acquisition of Carbon’s Golden Malted to add to its portfolio which includes Applied Bank and Applied Card Systems among other investments.

Its holdings included the Applied Bank Center, the former Rollins Building, on Concord Pike in north Wilmington. For more information on Roch Capital, visit www.rochcap.com

 Peak Property Group is a full-service student housing investor and operator. Its portfolio iincludes more than 4,500 beds across the country near The Ohio State University, Ball State University, University of California, Santa Barbara, and West Virginia University. Peak has acquired $50 million of student housing properties in the last six months and seeks to continue its national student housing acquisition strategy. For more information on Peak Property Group, please visit www.peakpropertygroup.com

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