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Berkadia Arranges Sale of Student Housing Near WMU
Berkadia has arranged the $19-million sale of 700 SoHo, a student housing complex near Western Michigan University in Kalamazoo, MI. The buyer was a Pittsburgh-based real estate company.
“700 SoHo is the closest property to Western Michigan University and its 23,000 students,” said Berkadia Student Housing’s Kevin Larimer, who arranged the sale with colleague Greg Gonzalez.
The buyer was drawn to the property’s location across the street from WMU’s business school “and the ability to materially increase rental revenue through strategic capital upgrades,” Larimer added.
Gonzalez noted that properties like 700 SoHo have sustained “solid prelease rates and rents per bed, making them an attractive investment opportunity for investors looking for value, particularly outside of the tier one markets.”
The 488-bed 700 SoHo features four-bedroom, open-concept apartments that include a washer/dryer, microwave, dishwasher and flat screen TVs. Luxury amenities include a resort-style pool and a renovated clubhouse.
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- ◦Sale/Acquisition
