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Michigan State Student Housing Portfolio Sells for $101.7M

Woodlark/Westpac JV Picks Up 2,772 Beds in East Lansing
February 11, 2013
A joint venture led by Woodlark Cos. and Westpac Campus Communities purchased the Chandler's Crossing student housing portfolio in East Lansing, MI, from the Pierce Co. for $101.7 million. The buyers secured an $85 million long-term, fixed-rate loan through a national CMBS lender.

The three-community, 1.43 million-square-foot, 2,772-bed portfolio serves Michigan State University. The assets consist of 336 units/1,068 beds at The Village, 210 units/768 beds at The Club and 306 units//936 beds at The Landing. They averaged 96.1 percent leased as of this semester.

The buildings are scheduled to be renovated and updated with more modern amenities in order to appeal to Michigan State University’s student population growth.

Matthew Lawton, Brian Kelly and Troy Manson of HFF represented the seller. Tim Wright and Zack Holderman of HFF’s debt placement team represented the buyer.

Please see CoStar COMPS #2668650 for more information on this transaction.

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