Blue Vista Capital Management has acquired a portfolio of three student housing properties serving students at Michigan State University in East Lansing, Mich. MJW Investments sold The Gates, The Manor and The Tower, totaling 303 units and 496 beds, with the assistance of Newmark.
The Tower is the biggest property in the portfolio and encompasses 301 beds in a mix of 234 studio, one-, two-, and three-bedroom apartments averaging 675 square feet. Amenities include on-site parking, laundry facilities and a pedestrian bridge to campus. Built in 2014, The Gates comprises 139 beds across 55 units featuring built-in closets and full-size appliances. The Manor, completed in 2015, includes 56 beds across 14 units with bi- and tri-level floorplans.
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Located at 2900 Northwind Drive, 500 Michigan Ave. and 128 Collingwood Drive, respectively, the communities are within walking distance of Michigan State University and only 3.5 miles from downtown East Lansing. Retail and dining options are available in the immediate area, along Grand River Avenue.
Ryan Lang, vice chairman & head of Newmark’s student housing group, together with Director Jack Brett, Transaction Manager Ben Harkrider and Vice Chairman Debbie Corson, represented the seller.
According to a Yardi Matrix report, the U.S. student housing market did not encounter major setbacks due to the pandemic and still has a solid performance in 2022. Transactions totaled $920 million in the first quarter of the year across the top 200 investment grade universities.