Oculus Capital Group Acquires University Suites - Raleigh

    WASHINGTON, DC, September 09, 2011 /24-7PressRelease/ -- Oculus Capital Group ("OCG"), a multifamily and student housing owner, has announced the acquisition of University Suites - Raleigh. OCG closed on this acquisition in late August 2011.

University Suites is a 518-bed, 136-unit property located 1.5 miles from North Carolina State University ("NCSU"). The property offers three-bedroom, three-bathroom and four-bedroom, four-bathroom units. All units have bed-bath parity, full kitchens with hardwood cabinetry, living/dining rooms, and a full-size washer and dryer. In addition, OCG plans to invest more than $1 million in property improvements that will include a new shuttle bus, landscaping improvements, and upgrades to the clubhouse and pool area. The property is currently 98% leased for the 2011-2012 lease term.

OCG purchased the property for approximately $19.6 million. This student housing property was constructed in phases from 2001 to 2004. OCG secured $6.8 million in joint venture equity from a private investor and $14 million in senior debt from Fannie Mae to acquire the property. OCG has hired The Preiss Company ("TPCO") of Raleigh, NC to provide property management services for this acquisition.

According to Chris Feeley, President and Managing Principal, this is OCG's third student housing acquisition or investment in the last 18 months. "University Suites was a tremendous acquisition for OCG, and it will yield a terrific return for our investors." In addition, Mr. Feeley stated, "OCG is seeking to acquire several more student housing properties that fit within the core-plus to opportunistic return spectrum."

Through the planned improvements, OCG is positioning University Suites to be one of the premier student housing properties in the market. According to Mr. Feeley "the improvements planned by OCG for University Suites will position the property to take advantage of the growing demand within the NCSU student market." Mr. Feeley also stated, "we really like the NCSU student housing market and would like to acquire additional properties within this market."

Founded in early 2010, OCG is a multifamily owner and investor (market rate apartments and student housing) headquartered in Washington, DC. OCG was formed by the nationally recognized commercial real estate investment and capital markets team of Christopher Feeley and Andrea Akel.

Website: http://www.oculuscapitalgroup.com

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