Located in Provo, Utah, just blocks from Brigham Young University, MHE, along with its partner, MJW Investments, purchased this 810 bed property in November 2013. The property had almost no deferred maintenance since it was very well cared for, however, it was in dire need of upgrades that catered to the students. Additionally, the property needed to drastically improve its reputation to get back to its roots as the place to live near BYU.
Liberty Square
In order to improve the property, MHE and MJW added a beautiful new sport court, completely remodeled the gym and installed new state of the art equipment, updated the indoor basketball court and student lounge, painted the property exterior, installed all new black appliances and new flat screen TVs in each unit. Additionally, MHE and MJW enhanced student programming and activities and increased the internet speeds by 10X in order to enhance the student experience. All of this, combined with new signs and logos has made the property a hit. As a result, the property sold out for Fall 2016 in a matter of days and is now 100% occupied over each summer, which was a huge improvement on historical occupancy of 30-40% in the summers past under previous ownership. The campus is abuzz about the new Liberty Square. This property is way ahead of its competition in the market and is on its way to becoming a home run.
PROPERTY DETAILS
- Asset Type:
Student Housing
- Location
Provo. UT (BYU)
- Average Unit Size:
850 Sq. Ft.
- Purchase Date
November 2013