6/16/2008

Michigan student housing portfolio on the block for $7.5M

by Michael Wayne
Kalamazoo Properties is selling a portfolio of three student housing communities near Western Michigan University with an asking price of $7.5 million, or $31,780 per unit.

Jonathan Dwoskin and Edward P.M. Lippincott of Marcus & Millichap's Detroit office are representing the seller in the offering.

The portfolio is located at 2712 Westbrook St. It is comprised of three communities with 236 units: the 138-unit West Campus Apartments, the 46-unit Redwood Apartments and the 52-unit Oak Forest Apartments. Built between 1965 and 1977, the complexes are situated on 189,036 square feet and are being offered with a 7.6 percent capitalization rate.

Address: 2712 Westbrook St., Kalamazoo, Mich.

Size: 236 units

Built: 1965-1977

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Filed Under: Multi-Family

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