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Ames, Iowa — PEP Investment Opportunities, a division of Pierce Education Properties, has acquired The Madison Ames, a 540-bed community serving students attending Iowa State University in Ames.
Sean Baird and Jonathan Holt of Colliers arranged the acquisition from Rialto for an undisclosed price. Built in 2001, the community underwent $1 million in capital improvements in 2020, which included re-plastering the swimming pool, resurfacing the pool deck, replacing older A/C units and kitchen appliances, and sidewalk and parking lot upgrades.
The property offers shared amenities including a 24-hour fitness center, sand volleyball court, dog park, lighted basketball courts, a business center, picnic area and barbecue grills.