Triad Real Estate Partners sold two student-housing properties at the East Lansing, Michigan, campus of Michigan State University.
This now makes three properties that Triad has sold in East Lansing in 2015. The company is also marketing a fourth student property, Coolidge Place, in the same market.
Triad recently sold the Campus View Collection, consisting of three buildings within one block of the Michigan State University campus. The collection includes 195 total beds that were 100 percent pre-leased for the 2015-2016 school year.
The sellers were Detroit-area developers who converted one of the properties from a fraternity house and built the other two buildings as ground-up new construction. MJW Investments, a Santa Monica, California-based group purchased the Campus View Collection. The portfolio traded for $15.2 million.
Triad also sold Block 36, three miles north of campus in the Bath Township submarket of East Lansing. The 433-bed property was originally built in 2001 and underwent a complete renovation in 2013. The sellers are a private ownership group in San Francisco. The buyers are a family investment trust based in San Diego.
Block 36 traded for $13.3 million.
