Real Estate Investor March 2022 | Page 27

Monday , 21 February 2022 - Modise acquired the building in late 2019 . Located less than 2 km from the UFS campus , it was ideal for student accommodation . The refurbishment had to be completed within three months to ensure it would be available for students to move in when campus opened in February 2020 . Transfer went through in mid-December 2019 and by mid-January Urban Lofts was ready to open its doors .

" The place was in really bad shape when I bought it ," Modise says . " We put in new windows and new geysers , repaired the badly damaged plumbing and electricals , retiled and painted the roof , put up new blinds and installed the necessary appliances in the kitchen ."
Urban Lofts now boasts 18 sharing units of 26 m2 each , all with ensuite bathrooms . The building includes a common area of 65 m2 that holds a kitchen for students to prepare meals , and offers space to eat together , watch TV , do laundry and get to know each other .
" It ' s also a comfortable space for entertaining family and friends , But doesn ' t include pool tables or anything that could turn it into a hang-out for students that aren ' t tenants . It ' s about offering a safe and comfortable environment to relax and build friendships , but also to learn and do well at university ." Modise says .
Modise takes real pride in Urban Lofts and the safe , well-equipped environment it creates for students to study and have a great student experience . Modise says " I want to be proud of what I do . If I offer a product , I want it to be of good quality . My clients are the most important , and I make sure to give them a good quality product at an affordable price ."
The building was fully tenanted for the 2020 academic year . Not long after , the first COVID-19 lockdown was announced in March . " Though some of our students did go back home when lockdown was announced , most opted to come back in June . Urban Lofts offers Wi-Fi , as well as safe , quiet space to study and attend virtual lectures . Many of our students couldn ' t access these things at home , so it made sense for them to return . Also , most of our students were first years , so they wanted to preserve some of the university experience if they could , and even with lockdown regulations and social distancing we were able to provide that through the pandemic ." says Modise .
Modise manages his site himself , and says he ' s been able to build relationships with the students . " I ' ve never had any trouble with my tenants . The university has a stringent accreditation process for private accommodation for their students , so having decent personal space , their
SA Real Estate Investor Magazine MARCH 2022 25