Located in Provo, Utah, just blocks from Brigham Young University, MHE, along with its partner, MJW Investments, purchased a portfolio of properties in October 2017 consisting of 126 apartment units and 486 beds from a long term owner. The properties had extensive deferred maintenance and underwent a dramatic capital improvement program along with a re-branding. The two most prominent of the properties are now called Campus Way and Campus Edge.
Campus Provo
In order to improve the properties, MHE and MJW converted two storage areas to a gyms and installed new state of the art equipment, updated student lounges, added study areas, painted the property exteriors, remodeled the offices, dramatically enhanced curb appeal, added BBQ areas, and updated each unit with new flooring, paint, fixtures, furniture and flat screen TVs. Additionally, MHE and MJW enhanced student programming and activities and increased the internet speeds in order to enhance the student experience. All of this, combined with new signs and logos has made the property a hit. The property reached 100% occupancy each school year since the deal closed.
PROPERTY DETAILS
- Asset Type:
Student Housing
- Location
Provo UT (BYU)
- Average Unit Size:
800 square feet
- Purchase Date
October 2017