February 23, 2022
Real Estate Investment and Property Management Firm XFD Plans for $3.5 Million Improvement Project
STILLWATER, Okla., Feb. 23, 2022 /PRNewswire-PRWeb/ — XFD Real Estate Partners, a student housing real estate investment and property management firm, announced today the firm’s acquisition of Stillwater Student Living, a 792-bed community near Oklahoma State University.
The spacious, gated community is spread over 38 acres and offers students luxurious stand-alone cottages with amenities including a resort-style swimming pool, 24-hour 2-level fitness center, volleyball and basketball courts, group study rooms, computer lab, dog parks and more.
Planned improvements to the community will include a complete remodel of the community clubhouse, adding a new state-of-the-art fitness facility with all new equipment, study lounges, and conference rooms. Amenities such as outdoor fitness courses, a frisbee golf course, leash-free dog runs, and more will be added to the property’s expansive footprint as well. The firm also plans to perform unit-interior upgrades to every cottage on the property.
“Our goal is to acquire roughly one asset of this size per quarter over the next year or so,” said Doug Larson, Co-founder and President of XFD Real Estate Partners. “We believe that Covid-19 proved the resiliency of Student Housing and the demand for higher education in the US.” he continued. “Our team has shown the capability to improve the resident experience with thoughtful remodels, diligent customer service and a lot of hard work.”
The firm, which has acquired over $120 million of value-add real estate over the last 18 months, plans to increase its acquisition activity over the next three quarters.
“This is the second cottage-style property we have acquired and we plan to expand our cottage brand by renaming this asset to Cottage Row Stillwater” said Samuel Mtunga, the firm’s co-founder and chief operating officer. “We have $3.5 million of improvements slated for the property which we believe will enhance our value proposition significantly and further differentiate our offering in this market.”.
At 98% occupied, Cottage Row Stillwater is already one of the most popular assets in the market. It is the only cottage-style property in the market.
“Cottage Row Stillwater continues our value-add strategy of identifying strong cash flowing assets with an opportunity to create value via operations and capital infusion at a school with strong enrollment,” adds Daniel Lin, the firm’s CFO and head of Capital Markets.
Cottage Row Stillwater will be managed in-house by XFD’s property management platform.
About XFD Real Estate Partners
XFD Real Estate Partners is an Illinois-based real estate investment and property-management firm specializing in the development, acquisition and operation of off-campus student housing properties. XFD was founded in 2016 and operates a portfolio of 13 properties (more than $275 Million in Assets Under Management) across eight states in the U.S.