Marcus & Millichap has arranged the sale of the Lofts @ 5 Lyon, a 65-unit, 175-bed student housing building in downtown Grand Rapids, Michigan. The $12.5 million sales price comes out to $192,000 a unit.
Marcus & Millichap’s Michael Cagen, a senior associate in Grand Rapids, represented the seller and found the buyer.
Lofts @ 5 Lyon is a former office building that was converted to student housing with a limited first floor office and retail component in 2008.
Located at 5 Lyon Street Northwest, the property is adjacent to a bus stop and near museums, nightclubs and restaurants.
The Lofts @ 5 Lyon features furnished studio, one-, two-, three- and four-bedroom apartments with secure keycard access, private single bedrooms and high-speed wireless Internet.
