Chicago — Holliday Fenoglio Fowler is marketing a four-property student housing portfolio totaling 1,080 units and 3,516 bedrooms in East Lansing and Mount Pleasant, Michigan.
The portfolio is being offered free of existing debt with an asking price of $135 million. The properties can be purchased as one investment or individually.
Three of the properties — The Club at Chandler Crossings, The Village at Chandler Crossings and The Landings at Chandler Crossings — are near Michigan State University in East Lansing. The Village at Bluegrass is in Mount Pleasant in close proximity to Central Michigan University. All were completed between 2002 and 2004.
The properties offer amenities such as resort-style pools, hot tubs, 24-hour fitness centers, tanning beds, ice rink, tennis courts, indoor basketball courts, sand volleyball, racquetball, computer centers and meeting rooms. The portfolio has an average occupancy of 95 percent as of spring 2012.
The HFF investments sales team representing the seller is led by executive managing director Matthew Lawton and managing directors Brian Kelly and Troy Manson.