Local housing mogul Haverkamp Properties has downsized as a result of its selling more than half of its property to a Connecticut-based investment company.

“Haverkamp Property did sell about two-thirds of [its] portfolio to another investment group,” said Todd Wuestenberg, manager of Haverkamp Properties.

Corridor Ventures, the company that bought Haverkamp’s University West property, is a nationwide company that also has student housing property at Purdue and Ball State, and are in the process of closing a deal in Champaign, Ill.

“The exchange took place June 4,” Wuestenberg said. “Haverkamp Properties no longer owns or manages University West properties.”

Apartment complexes that comprise the University West area and are affected by the purchase include: Bird & Celtic Place Apartments, Fieldstone Grand Townhomes and Apartments, Fieldstone Townhomes and Apartments, Mortensen Place, and part of Steinbeck Street Apartments.

Haverkamp had approximately 750 apartments in Ames before the sale took place, which knocked them down to a little more than 250 apartments in the Ames and Des Moines area.

“We now have fewer properties in Ames – that is probably the biggest effect,” Wuestenberg said.

When asked why Haverkamp decided to sell majority of its property, Wuestenberg said, “The reality is, there are more buyers looking for investment properties, such as student housing, then there are sellers. Student housing is becoming more attractive to outside investors.”

Wuestenberg said student housing has had a stigma attached to it, labeling it as not a good investment, but in the recent years the stigma has slowly diminished and is no longer viewed as a poor investment by lenders.

Under the new ownership, University West will be owned by Corridor Ventures but managed by a third-party management firm.

“Corridor Ventures, the owners, sought a management company to manage their properties,” Wuestenberg said.

The third-party management company, Greystar Property Management, which is also out-of-state, is the seventh largest management company in the nation and has already began taking initiative in the management process.

“The idea of having an out-of-state management team bothered me at first, because if there are immediate problems, it could potentially be harder to address them. Also, they might not be able to fully comprehend the situation in Ames,” said Chelsey Walden, senior in journalism and mass communication and tenant in Fieldstone Grand.

As of right now, Greystar has had someone on-site at the properties once a week, but plans to change that with time.

“In the beginning, it’s going to be once a week. Then once the on-site staff is comfortable in their roles, it will go back to once a month,” said Terri Rands, regional property manager for Greystar.

Rands emphasized everything will stay the same and that the transition has been smooth.

“[We’re] going to be running along the same process and procedures as they have been,” Rands said. “[We] shouldn’t be seeing any changing on the criteria – that should all be about the same as they’ve been doing over there.”

Wuestenberg also emphasized the transition would be smooth, keeping the tenants in mind at all times.

“Both as a seller and a buyer, we made a great effort to make things as seamless as possible so that the tenants would not be affected,” Wuestenberg said.

Rands does anticipate making some building and unit improvements on the properties, but couldn’t be specific with any changes that might take place.

“There’s not going to be any drastic, unwanted changes,” Rands said.

Walden said she has not noticed any drastic changes yet at her apartment complex.

“I have heard that the maintenance requests are processed quicker,” she said.

Employees and staff members were also able to keep their jobs through the transition.

“We offered positions to anyone who was available to stay,” Rands said. “We would have loved to keep the entire staff on the property, however Haverkamp took some of the people with them.”