Asset Works with Bridge Partners to Grow Student Housing Platform
Written by: Audrey Nardecchia on Aug 02, 2012
Bridge Partners, a real estate investment and development company based out of California, recently acquired Indigo Place, a 588 bed student housing community located near the University of Illinois. Upon acquisition of Indigo Place, Bridge Partners placed Asset Campus Housing as the onsite management and operational team. ACH quickly began implementing a comprehensive renovation, marketing and rebranding campaign to reposition this asset as a leader in the local Champaign/Urbana student housing market.
Indigo Place offers a variety of 2-, 3- and 4- bedroom floor plans with individual leases and brand new furniture in the living room, dining room and bedroom. The community will include a luxury of amenities such as; a state of the art fitness center, computer center, game room with billiards and Ping-Pong tables, a competitive sized basketball and sand volleyball court, and an oversized hot tub set beside the resort style swimming pool.
This particular acquisition is in line with Bridge Partners’ strategy to build out their student housing portfolio and pursue value add and distressed deals throughout the country. They plan to invest approximately $900,000 in capital to reposition the property by rebranding the name to “One 17 Place”, enhancing the exterior appearance, and updating the clubhouse, swimming pool, fitness center and game room.
Asset Campus Housing is actively working with Bridge Partners to grow their student platform over the next 12-24 months.