Monarch Investment and Management Group has acquired The Depot, a 624-bed student housing community in Akron, Ohio, serving the University of Akron. Rialto Capital Advisors sold the property for $20.4 million, and Colliers brokered the transaction. The property was sold at auction as a lender-owned asset.
Completed in 2014, the community spans 3.5 acres and comprises a four-story building with 192 units in a mix of one-, two-, three- and four-bedroom apartments, averaging 1,178 square feet. Common-area amenities include a swimming pool, a fitness center, a clubhouse, a business center, a computer lounge, private study rooms and heated courtyard.
Located at 80 E. Exchange St., the property is in downtown Akron, two blocks from the University Campus and approximately 39 miles from Cleveland. The students have access to numerous cultural and entertainment opportunities, such as museums, concert venues and art galleries. Dining and retail options are available in the immediate area, along East Exchange Street and South Main Street. Akron Fulton Airport is only 6.5 miles away.
Managing Directors of Student Housing Sean Baird and Jonathan Holt of Colliers facilitated the transaction.
The student housing sector is recovering in a post-pandemic market. In March, 63.7 percent of beds at Yardi 200 universities were preleased. As for development, 28,000 bedrooms are expected to deliver in 2022. On the investment front, $920 million in student housing assets were transacted in the first quarter of the year, at an average price per bed of roughly $84,000.