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East Lansing, Mich. — Triad Real Estate Partners has arranged the sale of Block 36, a student housing property three miles north of Michigan State University campus in East Lansing, for $13.3 million.
The 433-bed property was originally built in 2001 and underwent a renovation in 2013 that included the addition of an extensive amenity package.
The seller is a private ownership group based in San Francisco who planned to sell the asset following the renovations and full stabilization. The buyers are a family investment trust based in San Diego who already own several apartment properties in Michigan.
The sales price of Block 36 equates to $30,716 per bed and a 6.3 percent capitalization rate.