Corridor Ventures, Inc. has extensive investment and management experience in multifamily and student housing in states across the Eastern and Midwestern United States. Corridor’s current real estate holdings, which also include office and parking assets, can be found in Connecticut, Pennsylvania, North Carolina, Georgia, Ohio, Indiana, Illinois, and Iowa. Corridor currently owns and/or manages properties totaling more than 13 million square feet with a value in excess of $150 million.

Using a time-tested toolbox of operational techniques, Corridor’s headquarters and site-based management teams strive to consistently improve our properties by creating operating efficiencies and driving market demand for our housing units. The result in each case is a Corridor community that is a vibrant and exciting place to live and work, and is also a valuable asset for Corridor and its investors.

Corridor’s average occupancy across its portfolio is over 95% as of March, 2009.

Please click on the pictures below to see a more detailed description of each property.

• Location: Greenville, NC
• Type: Active amenitized student community
• Circa: 2005
• Units: 288

Corridor Greenville, LLC
The Landing

In December, 2007, Corridor purchased The Landing, a class “A” 888 bed student housing project in Greenville, North Carolina, in close proximity to the rapidly expanding East Carolina University. The business plan for The Landing assumed increased competition in its second year, which resulted in occupancy of only 83%. Current efforts for 2009-2010 pre-leasing, however, have the property ahead of that pace by over 40%, and the asset is on track for over 95% occupancy by August, 2009. Corridor plays an asset management role in Greenville, focusing on ancillary revenue generation, marketing and expense management.

• Location: Shippensburg, PA
• Type: Garden walk-up student
• community and townhouses
• Circa: 1970
• Units: 173

Corridor Shippensburg I, LP
Bard Townhouses

In August, 2008, Corridor purchased Bard Townhouses, a 463 bed student housing property at Shippensburg University in Shippensburg, PA. The asset is comprised of multiple townhouse style apartments, directly across from the campus and on the student bus line. Corridor plays the role of property and asset manager in this deal and as such, has a fully staffed office on-site and is focused on the day-to-day operation of the property. Corridor leverages its property and asset management skills at Bard in order to maximize revenue growth and control expenses. Corridor is developing and implementing a marketing and capital plan to strategically position the property as a market leader. Currently, the property is 99% occupied.

• Location: Macomb, IL
• Type: Garden walk-up student community
• Circa: 1960
• Units: 357

Macomb Properties, LLC
Campus Pointe / Campus Manor

In December, 2007, Corridor purchased a 643 bed student housing portfolio at Western Illinois State University in Macomb, Illinois, along with a joint venture partner. The portfolio consists of two class “B” properties with amenities, conveniently located on the student bus line. Corridor plays an asset management role in the project with the day-to-day management overseen by a third party management company. Corridor focuses its efforts on revenue generation and expense reduction and works closely with the property managers to ensure implementation of the plan. Currently, the property is 99% occupied.

• Location: West Lafayette, IN
• Type: Garden walk-up student community
• Circa: 1960
• Units: 446

Purdue Properties, LLC
Sagamore Ridge / Village Manor / Whispering Winds

In March, 2007, Corridor purchased a 798 bed student housing property at Purdue University in West Lafayette, Indiana, along with a joint venture partner. The asset is a class “B,” full- amenity property located on the bus line, a mile and a half from Purdue. Corridor plays an asset management role in the project with the day-to-day management overseen by a third party management company. Corridor focuses its efforts on financial planning, revenue generation, and expense reduction, and works closely with the property managers to ensure implementation of its business plan. Currently, the property is 96% occupied.

• Location: Toledo, Ohio
• Type: Garden walk-up
• student community
• Circa: 1960
• Units: 156

Toledo Properties I, LLC
University Hills

In March, 2007, Corridor purchased a 246 bed student housing property at the University of Toledo in Toledo, Ohio, along with a joint venture partner. The asset is a class “B” property, located directly across the street from the university. Corridor plays an asset management role in the project with the day-to-day management overseen by a third party management company. Corridor focuses its efforts on financial planning, revenue generation, and expense reduction, and works closely with the property managers to ensure implementation of its business plan. Currently, the property is 99% occupied.

• Location: Athens, GA
• Type: Active amenitized
• student community
• Circa: 1990
• Units: 154

University Apartments on Riverbend, LLC

In August, 2006, Corridor purchased a 495 bed student housing property at the University of Georgia, along with a joint venture partner. The asset is a class “A” property with a full amenity package, located on the student bus line. Corridor plays an asset management role in the project with the day-to-day management overseen by a third party management company. Corridor focuses its efforts on revenue generation and expense reduction and works closely with the property managers to ensure implementation of its business plan. Currently, the property is 96% occupied.

• Location: Ames, IA
• Type: Active amenitized
• student community
• Circa: 1990
• Units: 484

University West Properties, LLC
Bird Place / Celtic Place / Fieldstone Grand / Fieldstone Town Home & Apartments / Mortensen Place / Steinbeck Apartments

In June, 2007, Corridor purchased University West, an 1198 bed student housing portfolio in Ames, Iowa. The asset is comprised of multiple locations within walking distance of one another and on the student bus line. Corridor plays the role of property and asset manager in this deal and as such, has a fully staffed office on-site that is focused on the day-to-day operations of the portfolio. Corridor leverages its property and asset management skills in Iowa in order to ensure maximum revenue growth and expense reduction. Corridor has spent a significant amount of time developing and implementing a marketing and capital plan to strategically position the property as a market leader. Currently, the property is 99% occupied.

• Location: Ashford, CT
• Type: Garden elevator
• Circa: 1970
• Units: 52

Ashford Hill Apartments, LLC

In August, 2005, Corridor purchased Ashford Hills Apartments, located 5 miles from the main campus of the University of Connecticut. Corridor’s business plan was to create a value opportunity for students who did not mind being somewhat distant from campus. By keeping rents lower than properties in close proximity to campus, Corridor was able to attract students looking for a quiet, well-located place to live. The purchase of this property also allowed Corridor to leverage its scale in the CT student marketplace and utilize its management and marketing strength to both improve occupancy and reduce expenses.

• Location: Ashford, CT
• Type: Garden walk-up
• Circa: 1970
• Units: 44

Birch Hill Apartments, LLC

In July, 2006, Corridor purchased Birch Hill Apartments, located 7 miles from the main campus of the University of CT. Corridor’s plan was to offer a value-priced apartment complex for students who did not object to being somewhat distant from campus. By keeping rents lower than properties in close proximity to campus, Corridor was able to attract students looking for a quiet, self-contained place to live. In the first year of ownership Corridor successfully marketed and leased to a large percentage of graduate students and young professors. The purchase of this property also allowed Corridor to leverage its scale in the CT student marketplace and utilize its management expertise to reduce expenses. At the time of sale, the realized IRR was 10%.

• Location: New Britain, CT
• Type: Garden walk-up
• Circa: 1960
• Units: 66

Kelly Gardens Apartments, LLC

In July, 2005, Corridor purchased Kelly Gardens Apartments in New Britain, CT. The acquisition consisted of 66 garden style apartments in three buildings. The business plan was to reposition with local management, update common areas and increase cash flow. Over the 15 months of ownership, Corridor leased the property to 100%, increased collections, and streamlined expenses.

• Location: Mansfield/Willamantic CT
• Type: Duplex, Single-story ranch
• and Garden walk-up
• Circa: 1960-1970
• Units: 208

UCONN Properties I, LLC
Oak Ridge / Orchard Acres / Renwood

In November, 2004, Corridor purchased three distinct properties, all located within 7 miles of the University of Connecticut’s main campus. Corridor believed that the growth of the University and its limited off-campus housing supply had created opportunities to increase rents and create value in surrounding markets. Corridor’s plan was to leverage its student experience, strong management team, and sound relationship with the university to reposition and financially improve these properties.

• Location: West Hartford, CT
• Type: Garden walk-up
• Circa: 1965
• Units: 37

West Hartford Enterprise I, LLC

In June, 2002, Corridor acquired two properties in West Hartford, CT. The walk-up, garden style multifamily apartments consisted of 37 outdated one and two bedroom units. The previous ownership was not managing the assets with an eye toward growth and did not understand the potential strength of the properties’ location in a supply-constrained market. Following the acquisition, Corridor improved the physical asset, deployed a marketing and cost-reduction plan, and increased rents. The result was increased NOI of 20% over the first twelve months. Throughout the course of ownership, the properties were leased to full occupancy and rents were consistently grown.

• Location: Mansfield, CT
• Type: Two story walk-up
• Circa: 1970
• Units: 40

West Hartford Enterprise II, LLC
Hunting Lodge

In September, 2002, Corridor acquired its first student housing project, Hunting Lodge Apartments, in Storrs, CT. The property consisted of 40 one and two bedroom apartments, ideally located ¼ mile from the University of Connecticut’s main campus. Upon acquisition, Corridor invested in and repositioned the property, which allowed it to raise rents. Corridor upgraded interiors and was first to market with a bundled technology package. Corridor increased NOI by 30% over the first twelve months. From June, 2002 through the sale of the property in June, 2006, Hunting Lodge was leased to full occupancy, rents were consistently grown, and expenses were vigilantly managed.

• Location: West Hartford, CT
• Type: Condominiums
• Circa: 1920
• Units: 6

West Hartford Enterprise III, LLC

In October, 2003, Corridor bought a distressed apartment building in West Hartford, CT. The business plan was to gut and renovate the building to take advantage of its location in a market with a limited supply of newly constructed condominiums. The renovations lasted 4 months and all units were sold prior to completion, based on a model unit built-out. The purchase price, including construction, was $130,000 per unit and the sale prices averaged at $185,000 per unit.

• Location: Willington/Ashford, CT
• Type: Garden walk-up,
• townhouses
• Circa: 1970
• Units: 96

West Hartford Enterprise IV, LLC
Ridgeview Heights / Perry Hill Estates

In July, 2004, Corridor purchased two market-rate properties in close proximity to the University of Connecticut’s main campus. The assets, a combination of duplex and garden style multifamily units, consisted of 48 one-bedroom and 48 two-bedroom apartments. Following takeover, Corridor transformed these traditional multifamily assets into student housing units, understanding the potential strength of the properties’ locations in a supply-constrained college market. Corridor upgraded the interiors and exteriors of the properties, and aggressively marketed the units to graduate students at UCONN. Over the first 24 months, Corridor changed the demographics of the properties and was able to leverage the expansion of the University into revenue growth. Corridor increased NOI 20% in the first twelve months, the units were fully leased throughout Corridor’s ownership, and rents were consistently increased.

• Location: Storrs, CT
• Type: Parking lot
• Circa: N/A

Corridor Propark, LLC

In March, 2008, Corridor identified and took the lead in a joint venture purchase of two parking lots in the center of the University of Connecticut’s main campus. The 27 acres of land comprises the last large parcel of private property within the confines of the University campus. Currently the joint venture manages the ongoing parking operations and is discussing the long term development opportunity with both the public and private sector.