Newmark arranged the sales of The Avenue and The Lex, two mid-rise student housing assets totaling 1,007 beds in Indianapolis and in Lexington, KY, respectively. The two transactions closed within a week of each other for a combined value of approximately $90 million.
Ryan Lang, who heads Newmark’s student housing group, associate director Jack Brett and vice chairman Debbie Corson represented Preiss Companies and Investcorp in the sale of The Avenue to Student Quarters, an Atlanta-based student housing asset management company.
Lang, Brett and Corson represented a partnership of CF Real Estate Services and SFO, in the sale of The Lex to Boston-based real estate investment company William Fideli Investments. Transaction manager Ben Harkrider’s support was also instrumental throughout the process.
“The flight to quality assets and submarkets has become more pronounced through the pandemic, as evidenced by these transactions that garnered highly qualified buyers within the sector,” said Lang.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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