By Adelina Osan, Associate Editor
South Bend, Ind.—Berkadia recently closed the sales of two student housing communities located near the University of Notre Dame campus. Managing Director of Student Housing Kevin Larimer, Managing Director Rick Vidrio, Senior Director Jason Krug, Associate Director of Student Housing Greg Gonzalez and Senior Director David Gaines completed the transactions. Glenmont Capital Management acquired both properties from Northbrook-based Prime Property Investors Ltd.
The first acquisition was of Clover Village, a 328-bed property sitting on 11 acres. The student housing facility features studio, one- and two-bedroom apartments. Common amenities include a clubhouse, fitness center, swimming pool and business center.
The second purchase, Clover Ridge, is a 221-bed property across eight acres with one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center and swimming pool.
“Both properties have tremendous potential for value-add investment, and the buyer has plans to make extensive renovations to unit interiors, exteriors and common areas,” Larimer said in a prepared release. “Additionally, the proximity was very appealing, as each of the properties afford Notre Dame students a short walk to the school’s campus.”