There are many unique characteristics to the properties in Eugene, but like all of MHE’s student housing, the one characteristic that cannot be repaired, removed, or rebuilt is its location / proximity to campus. All of the 8 Campus Area properties are directly across the street from the University of Oregon. The scope of the complete rehab and remodel included new wood look flooring, new kitchens with granite counters and black appliances, rehabbed bathrooms, 2 tone paint throughout, new exterior paint colors, new furniture in the fully furnished units, new energy efficient lighting, and flat screen TVs.

Extensive structural and health/saftey repairs were made in addition to the normal rehab. The climate and lack of upkeep prior to purchase by MHE resulted in rotted support beams, unsafe stairs and faulty decking leading to wood rot. The repairs not only made the properties look excellent, but will help to ensure their viability for decades to come.

MHE also took the extra step to ensure that most buildings now have restricted access entry and call boxes, adding to the peace of mind for our tenants and their parents.

The most unique characteristic of the portfolio of 8 buildings is the central leasing office conversion. The portfolio included a single family home which was converted to a leasing office, computer lab, resident gym & game room. The building features a full gym with cardio & weight training machines along with a computer lab for residents to use and enjoy. The coolest part of the building is the 2 flat screen TVs and the Xbox 360 and Nintendo Wii where tenants can play a variety of games.  One of the 8 buildings is home to the area’s famous Pegasus Pizza, which delivers fantastic pies all year long.

The property leased up to 100% full in the first year it opened, and has continued to be 100% for each successive year. The property is an amazing success not only for MHE Real Estate, but also for the tenants and students at the U of O.

Project Cashflow & IRR numbers are available upon request. Net Income increased significantly.

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