East Lansing, Mich. — The property traded for $20.9 million.
East Lansing, Mich. — EdR has purchased Campus Village, a collegiate housing community serving Michigan State University in East Lansing, Mich., for $20.9 million.
Campus Village is a 355-bed, 106-unit community adjacent to the university. It was developed in two phases in 2002 and 2004 and is 97 percent leased for the 2012-2013 academic year with an average monthly lease rate of $639 per bed. The purchase price represents an approximate 6.7 percent economic cap rate on expected next 12 months' net operating income. The furnished community features one-, two-, three- and four-bedroom apartments with a private bathroom for each bedroom. Amenities include a clubhouse with fitness center, tanning bed, computer lab/business center, game room, volleyball court, and grill/picnic area.