Sale of student housing portfolio near Michigan State University closes for $42.26M
JLL Capital Markets arranged the sale of the six-property portfolio in East Lansing, Michigan
CHICAGO, Dec. 14, 2021 – JLL Capital Markets announced today that it has closed the $42.26 million sale of the Michigan State Portfolio, a 292-unit, 524-bed portfolio of student housing communities located just a few blocks from the campus of Michigan State University in East Lansing, Michigan.
JLL represented the seller, DTN Management Company. Champion Real Estate Company acquired the asset.
The six fully furnished properties deliver amenities that include newly remodeled apartments, resident lounges with billiards and coffee bars, swimming pools, sand volleyball courts and exercise facilities.
The properties within the portfolio are located just north of Michigan State University’s campus at 635 Abbot Rd., 129 Burcham Dr. and 731-787 Burcham Dr. Residents of the properties are proximate to the campus population of approximately 50,000 students, over 200 academic programs and the vibrant nightlife along East Grand River Rd.
The JLL Capital Markets team was led by Senior Directors Stewart Hayes and Scott Clifton along with Managing Director Dave MacDonald.
“In the last 12 months, we have seen a tremendous amount of interest in student-housing opportunities proximate to Tier I universities as the asset class continues to be extremely resilient,” said Hayes. “Champion’s entrance into the East Lansing market expands the reach of its national student housing strategy and establishes a presence at Michigan State, a flagship Big Ten university with both world-class athletics and academics that also welcomed its largest freshman class ever this past fall.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About DTN Management Company
DTN Management Company is a recognized leader in apartment operations with a portfolio of over 106 communities across Michigan’s best markets. For more than 38 years, DTN’s focus has been providing high-quality apartment homes and excellent service and value to its residents, commercial tenants and investors.
About Champion Real Estate Company
Los Angeles-based Champion Real Estate Company was founded in 1987 and specializes in value-add investment and development in “A” locations in urban infill areas. To date, Champion has completed projects in excess of $2 billion consisting of over 3 million square feet.