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Student apartments near U of R sell for $10.2M
Student apartments near U of R sell for $10.2M
A Chicago-based real estate private equity firm that specializes in student housing has added a second Rochester property to its portfolio.
O-C Ventures last week completed the purchase of the Lofts at Gold Street, a 28-unit, 92-bed apartment building providing premium student housing at 1188 Mt. Hope Ave. in the city.
The Lofts at Gold Street LLC paid $10.2 million to the developer, KDM Development Corp., LLC of Perinton. The deed was filed Wednesday with the Monroe County Clerk’s office.
O-C Ventures owns eight other student housing communities, including The Hill at Rochester near the Rochester Institute of Technology campus. The Hill is a 182-unit, 358-bed community at 20 Fairwood Dr. in Henrietta that O-C Ventures acquired for $35.5 million from 4000 River Road LLC in January of 2020.
Before following through on the purchase of The Lofts at Gold Street, O-C Ventures asked for, and was granted, permission by the County of Monroe Industrial Development Agency (COMIDA) to assume the PILOT agreement on the property.
Assumption of the PILOT was a required condition in the financing process, Yuchen Yang, O-C Ventures senior vice president, told the COMIDA board at the March meeting. The approval vote was unanimous.
The Lofts at Gold Street are located about a half-mile from the University of Rochester campus. O-C Ventures targets stable assets with the potential for high net operating income growth in markets where there are few institutional operators of student housing and where there are university with enrollments of at least 15,000.
Rent growth is achieved by leveraging new amenities, making capital improvements and/or installing technology upgrades, the firm’s website says.
O-C Ventures also owns Block 20 near the University at Buffalo, Block 75 near the University at Albany, as well as two apartment communities in North Carolina, two near Auburn University and another in close proximity to three Chicago universities.
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