Ames, Iowa — Pierce Education Properties has acquired The Madison, a 540-bed property serving students attending Iowa State University in Ames.
The community was built in 2001 and offers 144 units in a mix of three- and four-bedroom configurations. Shared amenities include a 24-hour fitness center, clubhouse, resort-style swimming pool and hot tub, a sand volleyball court, dog park, lighted basketball courts, a computer lab, coffee bar, tanning bed and a picnic and grilling area.
The seller and terms of the transaction were undisclosed. Financing for the aquisition was provided by Regions Bank. “Pierce Education Properties is very pleased to acquire such an outstanding property as The Madison,” says Frederick Pierce, president and CEO of Pierce Education Properties. “The Madison represents an outstanding example of student housing design and amenities and marks our return to ownership in the Ames market.”