Description

The Court has approved bidding procedures, an auction and sale hearing schedule, notice procedures, and assumption/assignment procedures for the sale of substantially all assets of the Debtors under section 363 of the Bankruptcy Code. The Property consists of a single asset: the multifamily property located at 1000 Mountain Valley Dr., Morgantown, West Virginia 26508, together with improvements, personal property, intangible property, and assumed leases/contracts. The sale is being marketed by Trustee Michael A. Shiner (Tucker Arensberg, P.C.) with JLL serving as real estate broker.

Dan Adamski License #: WV - WV0028471

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Attributes

Number of units

344

Beds

658

Year built

2008

Media

Investment Highlights

16 buildings across 25 acres of land
344 units / 658 beds with 100% bed-bath parity across one-, two-, and three-bedroom layouts
Built in 2008 and 2010
Currently 618 beds available with 40 beds temporarily offline; property is 100% preleased for the 2026/2027 Academic Year
Returning offline units to service provides $300k of immediate revenue upside
Below-market rents present $100 per bed rent growth opportunity
Serves Tier-1, Power Four West Virginia University
WVU's recently hired President and VP of Enrollment both have proven track records of enrollment growth at their previous institutions