Kalamazoo, Mich. — Hendricks & Partners has sold The Arboretum, a 660-bed, 240-unit off-campus student housing complex near Western Michigan University on behalf of the special servicer. Zeus Associates paid $13 million for the property, which was being managed in receivership by American Campus Communities. Midland Loan Services, the special servicer for the complex, retained Hendricks & Partners to sell the property. The sale was negotiated by Kevin Larimer of Hendricks & Partners National Student Housing Advisory Group.
— Randy Shearin