SmartStop Asset Management has selected Asset Campus Housing to oversee operations at the firm’s 411 Lofts, a 345-bed student housing community in Ann Arbor, Mich. SmartStop acquired the building in February for $43.8 million from The Dinerstein Cos., according to public records.
Last year, SmartStop completed $43 million in renovations at a student housing property in Reno, Nev.
Located at 411 E. Washington St., the 10-story community sits three blocks from the University of Michigan’s campus. Interstate 94 runs two miles west, providing direct access to Detroit, 40 miles away. The asset is well-connected to the city by a number of bus routes operating in the immediate area.
The community, which opened in 2011, contains a mix of one- to four-bedroom apartments, ranging in size from 400 to 1,187 square feet. For the 2017-2018 academic year, the asset was 98 percent leased, according to the owner. Amenities include complimentary laundry services, tanning beds, a 10th-story sky lounge with a fitness center and climate-controlled subterranean parking. Two restaurants operate inside the building at street level.
Image courtesy of Asset Campus Housing