JV Buys 152-Unit IN Student Housing Community
The Park on Morton campus offers 6,000 square feet of additional retail space and serves students attending Indiana University.
A joint venture between The Preiss Co. and TH Real Estate has acquired The Park on Morton, a 472-bed student housing community in Bloomington, Ind., from Coastal Ridge Real Estate. TSB Realty LLC arranged the sale of the property.
The 152-unit community serves students at Indiana University and offers one-, two-, three- and four-bedroom units all with private bedrooms and bathrooms. Located at 710 N. Morton St., on approximately 7.2 acres, The Park on Morton includes common area amenities such as:
- swimming pool
- outdoor lounge area
- fire pit
- picnic area
- clubhouse with lounge
- game room with billiards
- private study rooms
- fitness center
- free tanning
- 240 parking spaces
The pet-friendly campus offers convenient access to a mix of dining, shopping and entertainment including Bob’s Burgers & Ice Cream, Upland Brewing, Scotty’s Brewhouse, Uptown Café and Smokin’ Jack’s Rib Shack. According to data provider Yardi Matrix, the community also offers 6,000 square feet of retail space. The Park on Morton had a $2,548 average rental rate as of May 2018.
Earlier this year, The Preiss Co. acquired two student housing communities totaling 2,232 beds in Texas.
Image courtesy of Yardi Matrix