Campus Court at Knollwood in Kalamazoo, Michigan. Photo courtesy of HH Red Stone via GlobeNewswire; cropped.
HPP Equity has acquired Campus Court at Knollwood, an 834-bed student housing community near Western Michigan University, and hired HH Red Stone to manage the property as it prepares parking, internet and apartment improvements.
The acquisition closed October 8 and was announced November 10 by HH Red Stone. The announcement did not disclose the purchase price, seller, financing terms or the amount HPP plans to invest in upgrades.
The transaction brings an existing Kalamazoo, Michigan, student housing property under new ownership. The proposed work is an investment in that community, rather than an announcement of 834 newly built beds.
Parking and internet improvements planned
HPP’s plan includes paving parking lots, adding more than 200 parking spaces, creating a dog park, improving internet service and making changes to the fitness center and apartments. The parking expansion and dog park are targeted for 2027, according to the announcement.
The companies said the scope and order of other work will depend on property conditions, resident needs and the ownership group’s investment plan. The release did not give a completion date for every improvement or say the additional parking spaces have already been approved or built.
HH Red Stone will oversee leasing, maintenance, resident services, financial reporting and daily operations. It will also work with HPP to coordinate construction and communicate how projects may affect parking, amenities and activity around the property.
“We underwrote Campus Court around improvements residents will actually feel, starting with parking, connectivity and outdoor space,” Alex Linden, HPP’s vice president of acquisitions, said in the announcement.
Existing community, new management
Campus Court serves the Western Michigan University student housing market with studio through four-bedroom apartments. Existing amenities include a two-story fitness center, pool, clubhouse, study and resident lounges, a volleyball court and outdoor courtyards, according to HH Red Stone.
The property’s apartments include individually keyed bedrooms, in-unit washers and dryers and equipped kitchens, with features varying by floor plan.
The operating plan calls for regular reviews of leasing, resident retention, maintenance, expenses and capital improvements. The companies describe clearer communication and maintenance follow-through as priorities, but the announcement does not provide measures showing those outcomes have already improved under the new arrangement.
HPP Equity, founded in 2019, focuses on student housing and residential communities in the Midwest and South. HH Red Stone is the property management arm of HH Group, a Silver Spring, Maryland-based real estate platform.
The acquisition expands HPP’s ownership of student housing while adding a Michigan assignment for HH Red Stone. The near-term test is whether the announced improvements and management changes are delivered on the timetable residents are given.
Source: HH Red Stone’s November 10 announcement.
JBizNews Desk | New York
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
