Denver — A joint venture between Hybridge Capital Management and Productive Capital Associates has purchased The Villas, a student housing property in Denver, from Central Street Capital for $40 million in an off-market transaction.
The 360-bed community is located near the Auraria Campus, an educational facility that serves the University of Colorado – Denver, Metropolitan State University and the Community College of Denver. The new ownership plans to completely renovate the property and add amenities including a clubhouse, gym, swimming pool and dog park. The property currently offers three-bedroom units with bed-to-bath parity.
“This was great opportunity to acquire a newer vintage asset at a low-cost basis within a submarket with a lot of potential for growth,” says Max Mellman, managing partner with Hybridge Capital Management. “The immediate upside is to increase the net operating income (NOI) by rebranding the property and managing it more effectively.”