Oculus Capital Group Plans Phase II Development at University Village @ Slippery Rock ("UV@SR")

WASHINGTON, Feb. 6, 2012 /PRNewswire/ -- Oculus Capital Group ("OCG"), a multifamily and student housing owner and developer, has announced plans to develop Phase II of University Village @ Slippery Rock ("UV@SR"), located one-eighth of a mile from Slippery Rock University in Slippery Rock, PA. Phase II will consist of 5 buildings totaling 44 units and 152 beds. The units will consist of three-bedroom, three-bathroom and four-bedroom, four-bathroom units. All units will be equipped with stainless steel appliances, brushed nickel fixtures, leather furniture, full-size washer and dryer, vinyl plank wood flooring, and hardwood cabinetry. OCG also plans to add some additional amenities for use by the entire property. OCG expects to break ground by June 2012.

Phase I of UV@SR is a Class A+ student housing property consists of 200 units and 632 beds. OCG recently spent $1.1 million on capital improvements on the property, including an enclosed outdoor kitchen with hot tub, new basketball and volleyball courts, and a complete renovation of the clubhouse. Phase I offers two-bedroom, two-bathroom and four-bedroom, four-bathroom units. All units are equipped with stainless steel appliances, brushed nickel fixtures, leather furniture, full-size washer and dryer, and hardwood cabinetry. The property is currently 100% leased for the 2011-2012 academic year.

According to Chris Feeley, OCG's President and Managing Principal, "the Phase II land was part of our original acquisition, and we are excited about starting construction by mid-year 2012. This will be a great addition to our existing property and the SRU community."

According to Anthony Magnelli, UV@SR Property Manager, "UV@SR is already the premier student housing property in the SRU market; but the development of Phase II will set us even further apart from our competitors and reinforce our commitment to providing the best student living experience in Slippery Rock."

Founded in early 2010, OCG is a multifamily owner and investor (market rate apartments and student housing) headquartered in Washington, DC. The firm focuses on acquiring apartment properties along the East Coast, and student housing properties at universities with a student population in excess of 10,000 students. OCG acquires or invests in multifamily properties (apartments and student housing) on behalf of high net worth and institutional investors.

For further information, please contact Christopher Feeley, President and Managing Principal of OCG at (202) 776-7759.

Website: http://www.oculuscapitalgroup.com

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SOURCE Oculus Capital Group