Walnut Creek, CA (October 18, 2022) — Last week, PTLA Real Estate Group completed the equity recapitalization and debt financing of three student housing properties—now called The Summit portfolio. The portfolio, totaling 182 units, borders Central Washington University’s campus and is 97% occupied for the fall semester.
PTLA recapitalized the portfolio with 1031 exchange funds. The company will rebrand each property and perform capital improvements that are expected to boost revenue. “We wanted to reinvigorate a quality portfolio that performed consistently well over the last nine years,” said David Faucher, Director of Investments at PTLA. “We have been working on this recapitalization for a long time and secured favorable debt financing several months ago, so we expect positive results.”
The team will continue to operate the properties from PTLA’s Ellensburg property management office, which oversees their 735-unit student housing portfolio near campus.
“Despite uncertainty, we continue to invest in markets where we have an experienced team and where we can benefit from economies of scale,” Peter Wilson, President of PTLA, commented. “We continue to look for opportunities that align with our investment strategy, even in changing markets, and are excited to finish the year strong.”
ABOUT PTLA REAL ESTATE GROUP
PTLA Real Estate Group is an independent company that acquires and manages real estate with a specific focus in the West Coast market. In our 50-year history, we have built a team and company centered around the goal of achieving a higher standard of excellence. For more information, please visit our website at www.ptlareg.com.