Havenly Ventures Acquires 175-Bed Portfolio
The two student communities serve the University of Michigan and Virginia Tech.
Havenly Ventures has acquired a two-building student housing portfolio totaling 175 beds. The collection includes the 123-bed Geddes Hill Apartments in Ann Arbor, Mich., and the 52-bed The Row in Blacksburg, Va.
The firm took out a $17 million loan from A10 Capital for the acquisition of Geddes Hill and paid $8.4 million for The Row asset.
The new ownership plans to implement capital improvements in both properties.
Wickfield Properties sold Geddes Hill Apartments, according to Washtenaw County records. The asset previously traded this year in July in a double escrow for approximately $16.1 million, when it was acquired from Regents of the University of Michigan, Yardi Matrix data shows.
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Dogwood Properties sold the 19-unit The Row, according to Montgomery County records. Located at Lunch Pail Lane, the property is within walking distance of the Virginia Tech campus and the city’s downtown area.
A closer look at the Michigan location
Geddes Hill Apartments came online in 1967 and features 62 units with one- and two-bedroom floorplans, ranging from 800 to 1,100 square feet. All apartments are furnished and have private balconies or patios. Common-area amenities at the three-story building include a fitness center, a community room, laundry facilities and a business center.
The property, which also includes 100 parking spaces, is at 1700 Geddes Ave. The community is within walking distance of the University of Michigan, and less than 3 miles from downtown Ann Arbor.
