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411 Lofts Student Housing Complex Sells for $43.8M in Ann Arbor

SmartStop Asset Management Acquires 345-Bed Asset
January 30, 2018
SmartStop Asset Management, a real estate company focused on self-storage assets along with student and senior housing, acquired the 10-story student housing complex at 401-411 E. Washington St. in Ann Arbor, MI from The Dinerstein Cos. for $43.8 million, or approximately $452,000 per unit.

411 Lofts totals 176,000 square feet and houses students at the University of Michigan, less than one mile from Michigan Stadium. The Class A complex consists of one-, two-, three- and four-bedroom units, totaling 345 beds throughout 97 units ranging from 400 to 1,187 square feet. At the time of sale, 411 Lofts was 98 percent occupied for the 2017-2018 academic year.

Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the seller.

Please refer to CoStar COMPS #4114042 for more information on this transaction.
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