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Shortly after purchasing the Oaks at Carpenter Apartments in Tifton, Premium and its strategic JV Partner purchased an additional gated 60-unit (=240 beds) student living community with extremely close proximity to the nearby Abraham Baldwin Agricultural College. Due to the Sellers lack of experience with Student Housing communities, this property was only 50% occupied at the time Premium and its partners went into contract for a Purchase Price that was reflected by that occupancy.
By the time of closing, the property was already 80% occupied by Premium and its Partners direct hands-on involvement since signing the contract. This resulted in adding significant value to the asset before closing of the deal and leaves further value add opportunity by continuing to lease up the remaining available spaces.
