Sterling McMillan Student Housing Community Sold; Towne Properties Plans Oakley Apartment Complex
- May 13, 2012
M&A Real Estate Partners, a Los Angeles-based real estate company, has purchased the Sterling McMillan student housing community near the University of Cincinnati. The deal was closed on May 1 at an acquisition price of $19.8 million, according to the Cincinnati Business Courier. Sterling University Housing, the student housing division of The Dinerstein Cos., was the seller.
Located at 195 E. McMillan St., Sterling McMillan features 122 units housing 442 beds. Sterling University Housing acquired it for more than $13.9 million in 2009. It was then named the McMillan Manor. The property includes such amenities as a resort-style pool, cyber cafe, fitness center, tanning salon and study lounge. At closing, the property was 95 percent occupied. CB Richard Ellis’ National Student Housing Group represented the parties in the transaction.
The Dinerstein Cos. was established in 1955. The Houston-based company has built and operated apartment communities in 27 different states. It currently has more than 400 employees.
In other real estate-related news, Towne Properties has proposed a $6 million apartment complex for Oakley, in an attempt to capitalize on the lack of new apartments in the area. The developers presented plans for the project during the May Oakley Community Council meeting.
The project is called Oakley Lofts. It will consist of 60 one- and two-bedroom apartments at the corner of Madison Road and Appleton Street. The five-story building will feature retail space on the first floor, residential units on the other four, as well as on-site parking for tenants. Rents for the apartments are expected to range between $900 and $1,000 a month.
The developer is working with Heflin Realty Ltd., the owner of the three-quarter-acre property considered for the apartment complex. Though plans have not yet been finalized, Towne Properties officials hope to start construction by late summer or early fall, with a goal of completing the project by that time next year.
Image courtesy of http://www.sterlinghousing.com.