Oregon Student Housing Asset Sells for $59M

Ducks Village

Topanga Management Co. has sold Ducks Village, a 650-bed student housing community in Eugene, Ore., for $59.2 million. The buyer, Kingsbarn Realty Capital drew an undisclosed amount from a $53.5 million line of credit held by Cerberus Capital Management to finance the acquisition, according to Yardi Matrix data. Marcus & Millichap marketed the asset and procured the buyer.

Completed in 1996, the property comprises 22 buildings and 230 one-, two-, three- and four-bedroom floorplans ranging from 600 to 1,418 square feet. Interiors feature dish washers, private balconies or porches, high-speed internet and washers and dryers in select four-bed units. Common-area amenities encompass a TV lounge, basketball court, volleyball court, fitness center, swimming pool and spa, along with 391 parking spaces.

Located at 3225 Kinsrow Ave., the community is near Autzen Stadium and Alton Baker Park, across the Willamette river from the University of Oregon campus.

Marcus & Millichap Senior Managing Director Joel Dumes and Associate Patrick Mullowney facilitated the deal on behalf of Topanga Management. Dumes stated in prepared remarks that in 2021, the University of Oregon welcomed its largest freshman class while mentioning the city’s growing rental market. Mullowney added that 75 of the 230 units have been renovated so far, emphasizing the asset’s value-add potential. Recently, a 703-bed student housing project broke ground some 2 miles from Ducks Village.