Marcus & Millichap Arranges Sale of 194-Bed Student Housing Community Near Colorado State University
- Apr 22, 2016
Denver—Marcus & Millichap recently arranged the sale of a 194-bed student housing property located near the Colorado State University campus in Fort Collins. Lokal CSU sold for $24.55 million, which equates to more than $310,000 per unit.
Located at 1201 West Plum St., Lokal CSU is a 79-unit student housing community with one-, two- and three-bedroom floorplans. Apartment sizes range between 563 and 1156 square feet, whereas rents per person start at $750 in a three-bedroom unit, at $775 in a two-bedroom unit and at $1350 for a one-bedroom unit. Community amenities at Lokal CSU include outdoor hot tubs, indoor/outdoor bar and grill lounge, Zipcars, bike parking, reserved and covered car parking, well-lit entries and security cameras, restricted building access, and 24/7 emergency maintenance service. All residences are hardwired with gigabit Ethernet transmission technology.
Robert Kaplan, senior associate at Marcus & Millichap’s Denver office, represented the seller, Scott’s Plaza LLC, and procured the buyer.
“Completed in August 2015 and fully leased for the current school year, the property provides the amenities, floor plans and style that students seek and that drive pricing and occupancy,” said Kaplan in a prepared statement. “Demand for student housing in Fort Collins is fueled by the needs of approximately 27,000 students, fewer than 6,000 CSU residence hall beds and a university that continues to grow.”
Rendering via Lokal CSU