Michigan

Six11

Ann Arbor, Mich. — CBRE has brokered the sale of two student housing communities located adjacent to the University of Michigan campus in Ann Arbor. Kayne Anderson Real Estate purchased both properties from Campus Apartments for an undisclosed price. Acquisitions include Six11, a 350-bed high-rise community; and The Yard, a 594-bed community. Jaclyn Fitts, Williams Vonderfecht, Casey Schaefer, Jack Johns and Hank Carpenter of CBRE arranged the transaction. Built in 2018, Six11 offers shared amenities including a fitness center, study lounge, penthouse lounge, rooftop terrace and fire pits. The Yard …

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Ann Arbor, Mich. — Archway Capital has provided a $4 million loan for the refinancing of a three-property student housing portfolio serving the University of Michigan in Ann Arbor. The portfolio totals 60 units. The borrower has owned the portfolio for more than 40 years. The two-year loan features a 50 percent loan-to-value ratio.

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Legacy-Ann-Arbor

Ann Arbor, Mich. — Landmark Properties, in a joint venture with Cerca Trova, has broken ground on The Legacy at Ann Arbor, a two-building residential community located adjacent to the Michigan Theater in Ann Arbor. The property will feature a 19-story high-rise building — soon to be the second tallest building in Ann Arbor, according to Landmark — and a mid-rise building located within walking distance of the University of Michigan campus. The community will offer 521 beds across 253 apartments — including 19 affordable housing units — in studio through …

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Gilbane-EMU

Ypsilanti, Mich. — A public-private partnership between Gilbane Development Co. and Eastern Michigan University is set to begin work on its $200 million ‘Welcome Home 2025’ development plan on the university’s campus in Ypsilanti. Plans for the project were finalized last week, according to reports by Michigan Live.  As of January, the multi-phase housing transformation was set to include the renovation of 2,025 beds and the addition of 700 new beds across two new student housing facilities: Lakeview Apartments and Westview Apartments. Lakeview Apartments will offer 400 beds adjacent to …

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MJW-Michigan

East Lansing, Mich. — MJW Investments has sold a three-property, 496-bed student housing portfolio located near Michigan State University in East Lansing. The portfolio includes Tower Apartments (301 beds), Gates (139 beds) and Manor (56 beds). Ryan Lang and Ben Harkrider of Newmark arranged the disposition of the properties in three 1031 exchange transactions. The exchange properties include a newly-built, state-of-the-art student housing community near the University of Nevada, Reno; and two properties in Vancouver, Washington. 

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northmarq-1

Allendale, Mich. — Northmarq has arranged a $4.2 million loan for the refinancing of Conifer Creek and Conifer Creek West Townhomes, two student housing properties serving Grand Valley State University in Allendale near Grand Rapids. The communities, constructed in 2006 and 2016, total 186 beds. Both properties were fully leased at the time of loan closing. Robert Hernandez of Northmarq arranged the 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan. The borrower was undisclosed.

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East Lansing, Mich. — Champion Real Estate Co. has acquired a portfolio of six student housing properties near Michigan State University for $42 million. The communities offer a total 524 beds and are located at 635 Abbot Road, 129 Burcham Drive and 731-787 Burcham Drive in East Lansing. Champion MSU, a subsidiary of Champion, is set to begin a complete rebrand and gut renovation of the communities. Stewart Hayes of JLL represented Champion and the undisclosed sellers in the transaction.

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Lansing, Mich. — The Michigan Department of Health and Human Services issued an emergency order on Sunday, Nov. 15, that enacted a three-week pause on indoor social gathering in an effort to curb rapidly rising COVID-19 infection rates. Universities, colleges and high schools have been ordered to end in-person classes, shifting exclusively to remote learning. Bars and restaurants will be open for outdoor dining, carryout and delivery only; gyms will remain open for individual exercise with strict safety measures in place; casinos, movie theaters and group exercise classes will be …

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East Lansing, Mich. — Pierce Education Properties (PEP) has acquired Chandler Crossings, a three-property, 2,772-bed student housing portfolio near Michigan State University in East Lansing. The acquisition includes The Club (768 beds), The Village (1,068 beds) and The Landings (936 beds). A sales price was not disclosed but the buyer says the portfolio is worth more than $100 million. Each property offers one- to four-bedroom floor plans, with unit interiors featuring stainless-steel appliances, a flat-screen TV and wood plank flooring. Internet, cable and furniture are included. Communal amenities include indoor …

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Ypsilanti, Mich. — In response to the coronavirus pandemic, Eastern Michigan University has announced that the university will be offering students enrolling and living in an on-campus residence hall a ‘single room’ guarantee for the fall semester. Under this plan, a single room without a roommate will be available to every student who wants one. Students who wish to live with a roommate will continue to have that option. “We have heard from many students and parents about this issue,” says James Smith, president of the university. “They question how …

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