Capstone Real Estate Acquires Ohio Student Housing
Rialto Capital Management sold the 471-bed property located in Akron for $12.5 million.
Capstone Real Estate Investments has purchased 22 Exchange, a 471-bed student housing community in Akron, Ohio. Rialto Capital Management sold the property for $12.5 million. Colliers International represented both parties. According to Yardi Matrix, Capstone secured a $21.1 acquisition and development loan from Protective Life.
Built in 2009, the Class B community comprises two-, three- and four-bedroom apartments with private rooms and high-end finishes. Amenities at the asset include a fitness center, clubhouse, media room and business center. The property also features more than 22,000 square feet of ground-floor retail.
Located at 22 E. Exchange St. on a 2-acre site, the two-building asset is within walking distance of The University of Akron. The property is also close to Main Street Corridor, a downtown district that recently underwent a $31 million upgrade.
The Colliers team included Directors Sean Baird and Jonathan Holt. In August, the duo handled the sale of a 1,087-bed student housing community in Statesboro, Ga. The asset traded for $45.2 million.