Pierce Buys Student Housing Community Near Iowa State for $21 Million

Ames, Iowa — Pierce Education Properties (PEP) LP has purchased South Duff Community Park, an off-campus student housing community serving Iowa State University students in Ames, for $21.35 million.

The acquisition was completed in November. KeyBank Real Estate Capital provided debt financing of $11.4 million.

South Duff Community Park is a 490-bed, 192-unit mixed-use community located just south of the Iowa State campus with studio, one-, two-, three-, four- and five-bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers in every unit, balconies and open green space with an adjoining 10-acre pet park.

PEP will soon add large, flat-screen TVs and designer furniture packages in every unit. PEP will also introduce property-operated shuttle service to and from campus.

Community amenities include enclosed garage stalls, 24-hour fitness center, outdoor basketball courts, free tanning salon, and high-speed Internet.

Iowa State University enrolls more than 34,400 students, and, according to a news release, has experienced over the past five years a 23 percent enrollment growth.

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