Marcus & Millichap Arranges Sale of Student Housing Facility
- Mar 28, 2016
DeKalb, Ill.—Marcus & Millichap recently arranged the sale of a three-building, 365-bedroom student housing complex located in DeKalb, Ill. Ridgebrook Court changed hands for $11.6 million, which translates into roughly $64,444 per unit.
Located at 832 Ridge Drive, 808 Ridge Drive and 835 Edgebrook Drive, Ridgebrook Court features 163 units with studio, one-, two- and three-bedroom floorplans. Community amenities include 225 parking spaces, three laundry facilities and high-speed internet access. Unit sizes range between 483 and 740 square feet and monthly rents start range between $500 for a studio apartment and $2,475 for a three-bedroom apartment, according to data collected by Yardi Matrix.
“Ridgebrook Court is a stabilized student housing asset that has received extensive rehab,” said in prepared remarks Eric Bell, senior vice president investments in Marcus & Millichap’s Chicago O’Hare office. “The new owner has the opportunity to achieve upside through the continuation of the renovation plan.” Bell represented the seller, a private developer, and procured the buyer, a private investor.
Image courtesy of Yardi Matrix