Berkadia Arranges Sale of 376-Bed Student Housing Community Near Michigan State University

by Katie Sloan

East Lansing, Mich. — Berkadia has arranged the sale of The Rocks, a 376-bed student housing community located near the Michigan State University Campus in East Lansing. The garden-style property was built in 2015 at 16970 Chandler Road. The community offers a mix of one-, two-, three- and four-bedroom units. Kevin Larimer and Brandon Buell of Berkadia represented the seller, Nuveen Real Estate, in the transaction. Centurion Property Group and IDE ideas en desarollo acquired the property for an undisclosed price. Aaron Moll of Berkadia’s commercial mortgage team arranged a fixed-rate, full-term, interest-only Freddie Mac senior loan for the acquisition. “The Rocks was an attractive investment opportunity that fit into our acquisition criteria of acquiring well located properties at Tier 1, Power 5 universities,” says Aldo Facchi Jr., managing partner with Centurion Property Group. “Despite the volatile environment we’re currently navigating, we maintain committed to growing our student housing platform by capitalizing on pricing dislocations in the market and acquiring valuable assets.”

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