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DevelopmentMichiganNewsOn-campus

Plans Finalized for $200 Million On-Campus Student Housing Project by Gilbane, Eastern Michigan University

by Katie Sloan

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
Investment SalesMichiganNews

MJW Investments Sells 496-Bed Portfolio Near Michigan State University

by Katie Sloan

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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FinanceMichiganNews

Northmarq Arranges $4.2 Million Loan for Refinancing of Two Student Housing Properties in Michigan

by Katie Sloan

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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Investment SalesMichiganNews

Champion Real Estate Acquires 524-Bed Portfolio Near Michigan State for $42 Million

by Katie Sloan

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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MichiganNews

Michigan Colleges Shift to Remote Learning for Three Weeks Due to Rising COVID-19 Cases

by Katie Sloan

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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Investment SalesMichiganNewsOff-campus

Pierce Education Properties Acquires 2,772-Bed Portfolio Near Michigan State University

by Katie Sloan

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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MichiganNewsOn-campus

Eastern Michigan University to Offer Single Room Guarantee for Students Living On-Campus

by Katie Sloan

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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DevelopmentMichiganNews

Plans Approved for $256 Million Mixed-Use Development Near Michigan State University

by Katie Sloan

Lansing, Mich. — The Michigan Strategic Fund (MSF) has voted to approve the brownfield and tax-increment financing (TIF) plan for the Red Cedar project, a $256 million mixed-use development along Michigan Avenue in Lansing. The approval gives the developer, Continental/Ferguson Lansing LLC, the green light to move forward with construction. The developer expects to break ground on 181 market-rate apartments as well as an assisted living and memory care facility late this summer. A 792-bed student housing component is scheduled for completion in fall 2021. Construction of two dual-brand hotels, Hyatt …

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DevelopmentMichiganNews

Trinitas to Break Ground on 682-Bed Community Near the University of Michigan

by Katie Sloan

Ann Arbor, Mich. — Trinitas Ventures is set to break ground on The One, a 682-bed community located near the University of Michigan campus in Ann Arbor. The development will offer one-, two-, three-, four- and five-bedroom, cottage-style units. Shared amenities will include an indoor/outdoor fitness center, a business center, game room, resort-style swimming pool, fire pit, private study lounges, basketball and volleyball courts and a shuttle service to campus. A Trinitas-managed investment entity has provided equity financing for the project, and PNC Bank is providing construction financing. A timeline …

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DevelopmentMichiganNewsOn-campus

Western Michigan University Selects Gilbane as Developer of On-Campus Mixed-Use District

by Katie Sloan

Kalamazoo, Mich. — Western Michigan University has selected Gilbane Development Co. as the developer of its planned on-campus mixed-use district in Kalamazoo. The project — titled The Hilltop Village — will reimagine the southern portion of the university’s campus and include student housing, academic support spaces, office and research space, retail, entertainment, a hotel and conference space and multifamily housing. Further details on the project and a timeline for development have yet to be announced. “Gilbane looks forward to its partnership with Western Michigan University in delivering The Hilltop Village,” …

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