Akron, Ohio — Monarch Investment and Management Group has acquired The Depot, a 624-bed student housing community located near the University of Akron, for $20.4 million.
The property offers a mix of two-, three-, and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, 24-hour fitness center, private study rooms, a computer lounge and courtyard space.
Sean Baird and Jonathan Holt of Colliers facilitated the disposition of the property, which was sold at auction as a lender-owned asset. The seller in the transaction was Rialto Capital Advisors. “Over the last two years, three of the five dedicated student housing communities in Akron have been sold and converted to market-rate apartments,” says Baird.
“Multifamily investors have recognized the strong post-COVID resurgence in downtown Akron and are looking to take advantage of these assets. As the student housing supply has diminished, occupancy rates are improving at The Depot creating a favourable tailwind for the buyers.”