Student housing core investment opportunity
With 800 beds in 17 garden-style buildings, Coast Village offered students a convenient, supportive all-student environment, but prior ownership had not upgraded the property since construction. The resulting wear-and-tear, combined with a lack of updated amenities, was driving students to seek out apartments five or ten miles further from the university.
Brighstone invested in an extensive capital improvement and marketing program, modernizing the apartments and public spaces, upgrading amenities, and increasing its visibility in the market. Within 24 months, Brighstone increased the property’s NOI by $600,000.