Prospect Capital invests $46M in student housing portfolios
Prospect Capital announced that a Prospect portfolio company, together with a co-investor, invested a combined total of approximately $72M on September 28, 2016 in the acquisition of eight student housing properties located at Division I universities in five U.S. states. The portfolio includes eight purpose built student housing properties that serve students attending Texas A&M University, Texas A&M University Corpus Christi, Kennesaw State University, Georgia Southern University, the University of Alabama, the University of Iowa, and Kansas State University. The properties, which have a total of 4,925 bedrooms, have been designed for and are focused on the particular requirements of the student housing market. These properties generally feature two to four bedroom suites; property-wide WiFi; top of the line exercise, pool, outdoor kitchen, and cabana facilities; and large clubhouses with computer-equipped study rooms, lounge areas, meeting spaces, high-tech entertainment areas, and catered coffee and refreshment bar areas. Prospect and Vesper are implementing an $11M value-added investment program, including upgrades to both unit interiors and community amenities, which is scheduled to be completed over the next two years.