Pierce Education Properties today announces the purchase of College Suites - a premier off-campus student housing community serving Western Kentucky (WKU) students in Bowling Green, KY. Debt financing was provided by KeyBank Real Estate Capital. PEP completed the acquisition in just 22 days from execution of the Letter of Intent in order to meet a seller-mandated closing by year's end.
College Suites is a 756-bed, 216-unit community located just south of WKU. This state-of-the-art, garden-style, brick/Hardie Plank-accented community features stylish and spacious three and four bedroom units, each with bed-to-bath parity, full-size appliances including washers & dryers in every unit, large private balconies, resort-style pool with sundeck and hot tub. Beginning this spring, PEP will add large, flat screen TVs in each unit. Community amenities include 24-hour state-of-the-art fitness center, basketball and volleyball courts, stadium seating movie theatre, computer/media center, complimentary tanning beds, and high speed internet.
Western Kentucky University is part of the Conference USA. Ranked #24 in the final Associated Press Poll, the WKU Hilltopper football team recently beat University of Florida in the Miami Beach Bowl. With a 9% enrollment growth since 2004, WKU continues to expand the Colonnade Program, its signature outcomes-based general education curriculum, and has boosted the number of Honors College graduates by 50 percent. WKU enrolls over 21,000 students.
"PEP is excited to expand its growing footprint in the region with this representing our fourth purchase of a student apartment community in the Southeast in the last year," said PEP President and CEO Frederick W. Pierce. "This is our first purchase of a property at a university competing in Conference USA and we are interested in further investing at campuses in this up-and-coming football conference. College Suites is one of 11 student apartment communities representing more than $240 million acquired by PEP in the last two years, adding approximately 6,700 new beds to our portfolio. We are among the most active national buyers in the market, and are seeking to invest another $600+ million through acquisitions in the student housing sector over the next two to three years, including core, core-plus, and value-added opportunities."