South Bend, Ind. — Darby Row and The Belfry were built in 2012 and 2013 by local real estate company Holladay Properties.
South Bend, Ind. — Triad Real Estate Partners has brokered the sale of Darby Row and The Belfry, a two-property, 71-bed student housing portfolio serving the University of Notre Dame. Triad represented the seller, Holladay Properties, which developed the communities in 2012 and 2013. They were sold to a student housing company Triad says is a relative newcomer to student housing investment based in southern California who is looking to expand a Midwest footprint. The portfolio traded for approximately $5.3 million and represented a 7.74 percent CAP rate based on a 2014-15 pro forma. Both properties are within walking distance to campus and were 100 percent leased for the 2013-14 school year.
According to Triad, Notre Dame has an enrollment of 11,992 but has traditionally housed a majority of students on campus in one of its 29 residence halls. The construction of several new purpose-built student housing projects in recent years is starting to change that trend, Triad says.