Marcus & Millichap Arranges Sale of Michigan Student Housing for $12.5 Million

The $12.5 million purchase price of the Lofts @ 5 Lyon in Grand Rapids, Mich., equates to $192,000 per unit. The $12.5 million purchase price of the Lofts @ 5 Lyon in Grand Rapids, Mich., equates to $192,000 per unit.

Grand Rapids, Mich. — Marcus & Millichap has arranged the sale of the Lofts @ 5 Lyon, a 65-unit, 175-bed student housing building in downtown Grand Rapids, for $12.5 million.

The $12.5 million purchase price equates to $192,000 per unit.

Marcus & Millichap’s Michael Cagen, a senior associate, represented the seller and procured the buyer.

“Lofts @ 5 Lyon is a former office building that was converted to student housing with a limited first floor office and retail component in 2008,” says Cagen. “The location is ideal for students as the Kendall College of Art and Design, Michigan State University Medical School, Ferris State University, Cooley Law School, Western Michigan University and Grand Rapids Community College are all within walking distance.”

Lofts @ 5 Lyon is adjacent to a bus stop, and near museums, nightclubs and restaurants. The property features furnished studio, one-, two-, three- and four-bedroom apartments with secure keycard access, private single bedrooms and high-speed wireless Internet.

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