Marcus & Millichap Sells $6.5M Student Housing Complex in Resburg, ID for $6.5M

REXBURG, ID – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Nauvoo House Apartments, (top right photo) a 382-bed, 64-unit student housing community in Rexburg.

The sales price of $6.5 million represents $101,563 per unit and $85 per square foot.

Student housing investment specialists Danny Shin, Michael Beckstead and Mathew Bird in the firm’s Salt Lake City office represented the seller, Nauvoo LLC. Local representation was provided by the Boise office of Marcus & Millichap.

“Student housing approved by Brigham Young University (BYU) is especially attractive to investors,” says Shin. “Student residents are required to live by the BYU Honor Code, which prohibits students from smoking or drinking alcohol in the apartment units. Students must also obey a curfew which is enforced by an onsite manager.”

Located at 175 West Fifth South St., the 76,800-square foot property is minutes away from the BYU-Idaho campus.

Nauvoo House Apartments is a Class A student housing community comprised of 64 three-bedroom/two-bathroom units with a total 382 rentable beds plus two onsite manager’s units and land for 33 additional units.

BYU-Idaho has a year-round enrollment of 13,000 full-time students.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716.