Newmark closed the sale of a portfolio of student housing assets totaling 303 units and 496 beds serving Michigan State University in East Lansing, Michigan.
The properties include The Gates, The Manor and The Tower, all located within a half-mile of Michigan State University.
Newmark Vice Chairman and head of the company’s Student Housing group Ryan Lang, Director Jack Brett and Transaction Manager Ben Harkrider, in cooperation with Vice Chairman Debbie Corson, represented the seller, MJW Investments, in the transaction to buyer, Blue Vista Capital Management.
The Gates is located at 500 Michigan Ave. and comprises 139 beds across 55 units. Built in 2014, the property is walkable to campus and offers spacious built-in closets and full-size appliances.
The Manor is located at 128 Collingwood Drive and includes 56 beds across 14 units. It was built in 2015 and includes bi-level and tri-level floor plans.
The Tower is located at 2900 Northwind Drive and comprises 301 beds in 234 units. Amenities include controlled access, resident events and activities, on-site parking, laundry facilities and a pedestrian bridge to campus.
The three properties are similar in providing affordable rates, accretive locations, and value-add upside. The combination of university and market quality, location, and synergetic management provides significant scale and efficiencies for their boutique nature while capturing upside through strategic and proven value-add initiatives.
All assets in the portfolio are within walking or biking distance to Michigan State University, downtown Lansing, and the East Lansing entertainment district between Albert and Grand River Street – providing convenient access to university classrooms, athletic facilities, shopping and business districts.
