Bloomington, Ind. — A joint venture between Alex Brown Realty Inc. and Asset Campus Housing has acquired The Fields, a 537-bed student housing community located near the main campus of Indiana University in Bloomington.
Community amenities at the property include a resort-style swimming pool; a lap pool; two 24-hour fitness centers; a business and media center; a 10-acre park overlooking scenic ponds; and a clubhouse.
The property is 98 percent leased for the current school year. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $11.7 million in the joint venture. The acquisition was financed with a first mortgage loan from Texas Capital Bank N.A.