December 2, 2020, 12:00 PM
星空体育app下载 announces the sales of The Avenue and The Lex, two mid-rise student housing assets consisting of 1,007 beds located in Indianapolis, Indiana and Lexington, Kentucky, respectively. The two transactions closed within a week of each other for a combined value of approximately $90 million.
星空体育app下载 Vice Chairman and head of the Group and Associate Director , in cooperation with 星空体育app下载 Vice Chairman in Indiana, represented the seller, Preiss Companies in partnership with Investcorp, in the trade of The Avenue to buyer, Student Quarters, an Atlanta-based student housing asset management company. Lang and Brett, also in cooperation with Corson in Kentucky, represented the seller, CF Real Estate Services in partnership with SFO, in the sale of The Lex to buyer, Boston-based real estate investment company William Fideli Investments (WEI). Transaction Manager 鈥檚 support was also instrumental throughout the process.
鈥淭he flight to quality assets and submarkets has become more pronounced through the pandemic, as evidenced by these transactions that garnered highly qualified buyers within the sector. Our team was pleased to again ensure seamless execution on behalf of Investcorp, Preiss, SFO and CFRES,鈥� said Lang.
The Avenue comprises 143 units and 358 beds steps from Indiana University 鈥� Purdue University Indianapolis (IUPUI). The asset is located in downtown Indianapolis, and offers unrivaled property amenities, retail options and is the only asset in the IUPUI submarket that provides formidable one-, two-, and four-bedroom options with a variety of floorplan styles for each unit mix. The offering sits on 3.44 acres directly adjacent to the northern edge of campus.
The Lex features 266 units and 649 beds and is walking distance to the University of Kentucky (UK). The asset is located on the north side of campus and is the closest purpose-built student community to Rupp Arena, home to UK鈥檚 powerhouse men鈥檚 basketball program. The partially completed renovation offers the buyer a value-add asset with proven upside.
鈥淭he Lex is a wonderful addition to our growing student portfolio. The property offers the UK population product and price diversification within the community and amongst our competitive set,鈥� said Fideli.
According to 星空体育app下载 Research, the $90 million transaction was one of the largest student housing trades in the U.S. to occur during the COVID-19 pandemic. The deal represented 26 percent of the student housing market in the Midwest region in terms of sales volume since April.
About 星空体育app下载 (Nasdaq: NMRK)
星空体育app下载 Group, Inc., together with its subsidiaries (鈥溞强仗逵齛pp下载鈥�), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, 星空体育app下载 generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow .
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