East Lansing, Mich. — Westpac Campus Communities and Torchlight Investors are parties to the joint venture.
East Lansing, Mich. — The Woodlark Companies has partnered with Westpac Campus Communities and Torchlight Investors to acquire a portfolio in East Lansing, Mich., totaling 2,772 beds. Chandlers Crossing is comprised of The Village with 1,068 beds, The Club with 768 beds and The Landing with 936 beds, all serving students attending Michigan State University.
The Woodlark Companies executed an $85 million debt placement with JP Morgan Chase. The total purchase price for the transaction was approximately $102 million. Torchlight invested $18 million on behalf of its Debt Opportunity Fund IV. The acquisition brings Woodlark’s total management portfolio to 16,740 beds and ownership portfolio to 13,807 beds.
Woodlark will manage the three properties and will invest $9 million to make improvements, including unit upgrades, to all of the apartments. The rehab will include new flooring, cabinets and appliances. Woodlark will also redesign the existing leasing center. A model showroom is located across the street from the campus and will provide private bus services to the properties.