FM Capital Expands Midwest Student Housing Portfolio
The firm acquired five properties near Indiana University in an off-market transaction.
By Laura Calugar
The Manors at 10 North in Bloomington, Ind.
Bloomington, Ind.—FM Capital recently purchased five new student housing communities that encompass 408 beds. The portfolio is adjacent to Indiana University’s main campus and downtown Bloomington. The acquired properties include Northern Manors (42 beds), Willis Drive Manors (24 beds), Manors at 10 North (73 beds) The Crest (37 beds) and Brownstone Terrace (232 beds), according to The Student Housing Business. With this transaction, FM Capital’s student housing portfolio in the Midwest extends to more than 2,000 beds.
“The high-barrier to entry and less crowded buyer pool for student housing continues to fuel our strategy. We are excited to expand our portfolio in the Bloomington market with these three residential walk-up properties located near the university’s football stadium and two luxury high-end mid-rise developments downtown,” said Eli Bobker, FM Capital’s director of business development, in a prepared statement.
FM Capital intends to improve property amenities with advanced roommate matching, high-speed internet, spacious lounge and study areas, business-class printing options, events, job fairs and full concierge services accessed through a mobile app.
Indiana University is currently experiencing record-high enrollment with strong growth over the past five years.
Image via Google Street View
