Located in Pullman, Washington just blocks from Washington State University, MHE along with its partner, MJW Investments, purchased this 284 unit property in March 2014. The property had significant deferred maintenance, and the partners decided to infuse about $2M of additional capital to put on new roofs, tear out and replace dilapidated decks and concrete, and re-coat all outdoor surfaces. The property has also received a re-branding along with a new color scheme.
Cougar Ridge Apartments
The property also received several common area enhancements including a new sport court, dog wash, newly built office, state of the art gym with tanning beds, study rooms, and a new student lounge. MHE also upgraded the laundry facilities with smart phone enabled laundry payment that informs you when the cycle is complete. MHE and MJW also plan on converting some un-used space into new apartment units, and are looking to add retail to a re-zoned portion of the property. Almost no pre-leasing was done prior to acquisition, and the property has achieved 100% pre-leasing by July 2014 with large rental bumps.
PROPERTY DETAILS
- Asset Type:
Student Housing
- Location
Pullman. WA (WSU)
- Average Unit Size:
750 Sq. Ft.
- Purchase Date
March 2014