PEAK CAMPUS ADDS OVER 1,000 BEDS TO MANAGEMENT PORTFOLIO
Apr 07, 2015
Atlanta, Georgia – Peak Campus, one of the nation’s leading student housing operators, announced today that it was selected as manager by Collegium Capital Partners for two properties totaling over 1,000 beds in Lawrence, Kansas and Conway, Arkansas. The properties, both formerly known as The Grove, are to be renamed Rockland West and The Wayland, as part of a comprehensive rebranding strategy. Collegium recently acquired these assets from Campus Crest Communities.
Rockland West, located near the University of Kansas in Lawrence, is a 500-bed property built in 2009 that offers both two- and three- bedroom floor plans with bed-to-bath parity. Units feature a well-appointed furniture package and top-of-the-line finishes. The Wayland, is a 504-bed asset built in 2010 that serves the students of the University of Central Arkansas in Conway. Its two- and three- bedroom units feature bed-to-bath parity, are fully-furnished, and include high-end finishes, as well as in-unit washers and dryers. Both properties offer a unique mix of amenities including a fitness center, study room, sports court, computer lab, resort-style pool, sand volleyball court, full basketball court, fire pit, tavern-style game room, clubhouse, indoor tanning, full coffee bar, and grilling area.
New ownership has a robust capital improvement plan, including clubhouse renovations and unit improvements at both assets. Amenity enhancements include an expanded, 24-hour fitness center with upgraded equipment and Fitness On-Demand, upgraded computer labs, and upgraded study rooms. Rockland West will now have access to the sports court at sister community, The Rockland, also in Lawrence, KS. Select units will receive enhancements including vinyl plank flooring, stainless steel appliances, and upgraded furniture packages. Both properties will offer a new student shuttle for transportation to and from campus.
“Peak Campus is pleased to expand our management presence in Lawrence, a market in which we now manage three assets, each with its own unique positioning. It’s exciting to enter the University of Central Arkansas market. We look forward to partnering with our client to reposition these assets within their respective local markets, and to set new standards in terms of product, customer service, and performance. Peak Campus believes in the vision and looks forward to partnering to unlock the potential in these assets,” Bob Clark, President at Peak Campus said.
Benjamin MacFarland, Partner at Collegium said, “We are thrilled at the opportunity to purchase these two assets, both of which are under performing in their respective markets. We are confident that by inserting new, institutional-grade property management, and also making strategic capital investments, we will be able to stabilize the assets and maximize their value.”
Peak Campus is currently well underway in leasing for the fall of 2015 at both properties. More information regarding Rockland West can be found at www.RocklandWestKU.com. Information regarding The Wayland can be found at www.TheWayland.com.
Peak Campus, operating through a group of affiliated companies, is an institutional-grade property management company, based in Atlanta, Georgia, focused exclusively on the student housing industry. The Companies’ experienced professionals offer an unmatched ability to execute on strategies consistent with the goals and long term investment strategies of their partners. The Companies currently manages 75 assets at over 40,000 beds, with a combined valuation of over $2 billion for investors nationwide, making them the second largest private operator in the United States. For more information about Peak Campus and its affiliates' full array of real estate solutions, please visit www.PeakCampus.com.