East Lansing, Mich. — A joint venture between Monument Square Investment Group and affiliates of Harbor Town Capital has acquired 25 East, a 654-bed student housing community located near the Michigan State University campus in East Lansing. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Jack Johns, Hank Carpenter and Maria Pas with CBRE brokered the transaction on behalf of the undisclosed seller. Developed in 1999, the garden-style property offers units in a mix of one-, two- and four-bedroom configurations. Shared amenities include a recently renovated clubhouse with study rooms, entertainment space, fitness center, resort-style …
Michigan
District Capital Secures $25.1 Million Acquisition Loan for Michigan Student Housing Property
Dearborn, Mich. — District Capital has secured a $25.1 million first mortgage loan for a 622-bed student housing community at the University of Michigan – Dearborn. Mike Lemon of District Capital arranged the nonrecourse loan through an undisclosed bank. The loan features a five-year term, fixed interest rate, one year of interest-only payments and a 30-year amortization.
Lawrence, Kan. and East Lansing, Mich. — PeakMade Real Estate has been awarded management of two student housing communities located in Kansas and Michigan. Assignments include Hannah Lofts, a 702-bed development located near the Michigan State University campus in East Lansing; and Proxi Lawrence, a 312-bed property serving students attending the University of Kansas in Lawrence. Located at 2929 Hannah Blvd., Hannah Lofts offers 282 fully furnished units in studio through four-bedroom configurations with bed-to-bath parity, including townhomes. Shared amenities include a 24-hour clubhouse, pool, fitness center, individual and group study …
Landmark Properties to Break Ground on 950-Bed Student Housing Development in Ann Arbor, Michigan
Ann Arbor, Mich. — Landmark Properties has acquired a 0.58-acre site at 1208 South University Ave. near the University of Michigan campus in Ann Arbor for the development of a 950-bed student housing project. The site is currently home to the Galleria Mall retail center, which was developed in 1997. The project, dubbed The Metropolitan on South U, will offer 241 fully furnished units. Shared amenities will include 5,200 square feet of ground floor retail space, a clubhouse, fitness center, resort-style pool and rooftop lounge. A timeline for the project, which …
LV Collective, Harrison Street to Build 1,009-Bed Luxury Student Housing Project in Ann Arbor, Michigan
Ann Arbor, Mich. — LV Collective has partnered with Harrison Street to build Rambler, a 1,009-bed luxury student housing development across the street from the University of Michigan campus in Ann Arbor. The 484,587-square-foot project will feature 273 units across a variety of floor plans ranging from studios to six-bedroom residences. The ground floor of Rambler Ann Arbor will include a lobby with an integrated café named Daydreamer. The study mezzanine will offer spaces for coworking and private study rooms. Residents will also enjoy outdoor terraces, a clubroom and gameday lounge, …
Detroit — Corvias Property Management has completed an energy efficiency project at Towers Residential, a 1,000-bed residence hall on the Wayne State University campus in Detroit. The project included the addition of 1,600 LED light fixtures and motion sensors and was primarily funded through a $100,000 rebate from public utility provider DTE Energy. Two other residence halls are also being considered for energy efficiency upgrades on the university’s campus. “Because of this work, we are able to reduce energy consumption, reduce the demand on the grid and provide a better living …
Ann Arbor, Mich. — Colliers has arranged the sale of 426 S. Fourth Ave., a six-unit student housing community located near the University of Michigan campus in Ann Arbor. Ryan Ferris of Colliers represented the undisclosed seller in the disposition of the property to an undisclosed private investor. Terms of the transaction were not released.
IPA Capital Markets Secures $17 Million Acquisition Financing for 123-Bed Community Near University of Michigan
Ann Arbor, Mich. — IPA Capital Markets, a division of Marcus & Millichap, has secured $17 million in financing for the acquisition of a 123-bed student housing property located at 1700 Geddes Ave. near the University of Michigan campus in Ann Arbor. Max Hulsh, Max Herzog, Marko Kazanjian and Andrew Cohen of IPA secured the financing with A10 Capital on behalf of New York City-based investment firm Havenly Ventures. The seller in the transaction was not disclosed. The new ownership plans to add beds to the 62-unit complex, according to Hulsh. …
Construction Underway on 640-Bed Student Housing Development Near University of Michigan
Ann Arbor, Mich. — Construction is underway on a 640-bed student housing development by a partnership between Core Spaces and TPG Angelo Gordon in Ann Arbor. Located along E. William Street, the development site is located two blocks from the University of Michigan campus and the city’s main downtown retail corridor. The community will offer studio through six-bedroom units, with townhome units on the ground floor and VIP units on the top floor. Shared amenities will include a resort-style rooftop swimming pool, courtyard with grilling stations, spa, fitness center and social …
Ann Arbor, Mich. — LV Collective has received approval to begin construction on a student housing development at 711 Church St. near the University of Michigan campus in Ann Arbor. The 484,587-square-foot community will offer 273 units in a mix of studio, one-, two-, three-, four-, five- and six-bedrooom configurations. Shared amenties will include an on-site coffee shop; study mezzanine with private study rooms and an outdoor terrace; game day lounge; swimming pool and hot tub; fitness center with flex and yoga studios; and a rooftop terrace. A timeline for the …