The Colliers International Student Housing group recently closed the sale of West Run apartments, a 322-unit/994-bed student housing facility near West Virginia University, for $32 million.
West Run is a luxury apartment community located 2 miles from WVU’s campus and is the
largest off-campus student housing facility in Morgantown.
Peak Property Group, a Columbus, Ohio based real estate owner and operator with expertise
in the financing, development, and property management of multi-family and student housing
properties, purchased West Run.
The seller, Bridge Partners, is a real estate private equity investment firm headquartered near
San Francisco, Calif., specializing in the acquisition, rehabilitation, and management of multifamily
and hospitality properties across the country.
“Bridge Partners acquired the note secured by West Run Apartments in December 2010,
closing the transaction in two weeks with all-cash,” said Luca Mangini, Vice President of
Acquisitions at Bridge Partners. “Bridge Partners was able to take control of the real estate in
early 2011 and invested over $4,000 per unit to reposition the property. With the help of Asset
Campus Housing, Bridge Partners stabilized the property and improved net operating income by
25 percent from 2011 to 2013.”
Colliers International’s Travis Prince and Dorothy Jackman, Managing Directors of the Student
Housing Group, handled the transaction between the buyer and the seller.
“Peak Property recently entered the student housing arena and this transaction provided
immediate scale in a top-tier student market with great cash yields out of the gate,” said Prince.
“There continues to be a high level of interest in the student sector, specifically from buyers
looking for cash yield.”
The apartment complex is located at 500 Koehler Drive in Morgantown.
ABOUT COLLIERS INTERNATIONAL
Colliers International is a global leader in commercial real estate services, with over 15,800 professionals
operating out of more than 485 offices in 63 countries. A subsidiary of FirstService Corporation, Colliers
International delivers a full range of services to real estate users, owners and investors worldwide, including
global corporate solutions, brokerage, property and asset management, hotel investment sales and
consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest
annual survey by the Lipsey Company ranked Colliers International as the second-most recognized
commercial real estate firm in the world. For the latest international news from Colliers International, visit
colliers.com/us/news, or follow us on Twitter: @ColliersIntl