Student Housing Repositioning Project
In 2016, Nimes acquired this 2003-vintage, 216-unit, 648-bed, Class B, garden-style student housing asset in an off-market transaction from a distressed seller, making it the last of the 5 contiguous assets in the burgeoning East Riverside corridor acquired by Nimes. Like the other assets in this portfolio, the business plan was to maximize the asset’s short-term performance via investment of long-deferred capital, replacement of the property management team and aggressive asset management while realizing long-term appreciation via redevelopment opportunities. Since the acquisition of the asset in 2016, Nimes has implemented an amenity and interior upgrade program that have resulted in a dramatic increase in operating performance. Nimes continues to operate the asset and is currently in the process of re-zoning the site for potential re-development, thereby creating further value.