Western Washington University Student Housing Portfolio
Bellingham, Washington

During August 2016,  on behalf of a Gulf-based private client, Property Income Advisors, Inc. acquired the Western Washington University Student Housing portfolio located in Bellingham, Washington, which is about 90 miles north of Seattle.  Acquired at a price of $19.75 million through a joint venture with an experienced local operator, a value-add strategy will be undertaken that will provide strong current income and the potential for a significant capital gain.

The three property portfolio contains 311 student beds within 78 housing units.  The properties are extremely well-located directly across the street from the main entrance to the University.  This opportunity will take advantage of a market displaying very strong fundamentals with a student housing vacancy rate of only 1.0% and with no developable land close to the campus.

A $1.4 million capital improvement program will be undertaken consisting of roof and siding repairs, exterior and interior painting, landscape and signage upgrades, deck and parking lot repairs and the installation of washers/dryers in all units.  In addition, the Bellingham sub-market lacks institutional, professional property management, which will allow for rent increases and other operational upside with the local operator taking over the day-to-day management of the property.

Responsibilities:   Acquisition, Joint Venture Negotiation and Asset Management