Nelson Brothers believes that the Mountain Valley apartments is well located (next to transit and entertainment) and has one of the best reputations and amenities package for off-campus student housing.
Mountain Valley Apartments is a 344 unit/ 658-bedroom multi-family student housing property that consists of 14 predominantly four-story apartment buildings. The property is in proximity to West Virginia University in Morgantown, West Virginia. It is a 6-minute bus ride to campus similar in distance to other comparable purposely built off campus student housing properties surrounding the University. The property was built in 2008 and offers a superior amenity package and has a history of high occupancy. There will also be a light value add opportunity with upgrades to communal areas including the clubhouse/game room, pool, hammock park and outdoor kitchen.
In addition to the property, this offering includes the surrounding 53 acres that has the potential to be developed into additional units and beds. The site is currently zoned medium density residential, which allows for a maximum of 16 units and 32 bedrooms per acre. It would be our goal to have this potential new development pay a rent to the DST to use the amenities and leasing office of the existing property.
Term 30: years. Interest Only: 5 years. Type: Fixed. Interest Rate: 4.30%. Amortization: 30 years.