Calmwater Capital Provides Financing for MI Student Housing
- Oct 26, 2017
Calmwater Capital provided $12.7 million in financing to a joint venture of Andover Real Estate Partners and M Group. The senior loan will be used to acquire and upgrade the former Knollwood Place, a 144-unit property located near Oakland University in Auburn Hills, Mich.
The owners plan to transform the community into a 252-bed student housing property called The Edge, under the management of Campus Village. The Edge will provide the first off-campus accommodation option for Oakland University’s growing pool of students.
Located at 2770 Pine Knoll Drive, the 1990-built community comprises six three-level buildings. The 14.5-acre parcel also includes a parking lot with space for 533 vehicles. Planned upgrades include high-speed internet access, shared master antenna television, new appliances, flooring updates, new light fixtures and bedroom locks.
“The former Knollwood Place property has proved stable, maintaining occupancy greater than 97 percent over the past five years,” said Robert Stone, founder & CEO of Andover Real Estate Partners, in prepared remarks. “In this strong multifamily submarket, and with Oakland University’s continued enrollment increase, we knew this was a prime time to invest in local student housing.”
Calmwater Capital Vice President Ryan Malatesta was the loan originator. The lender has recently financed other student housing acquisitions such as College Crest Apartments in Pullman, Wash. The community provides off-campus accommodation for Washington State University students.
Image courtesy of Calmwater Capital