Tuesday, February 12, 2013

HFF closes sale of and arranges acquisition financing for three-property student housing portfolio serving Michigan State University


Michigan State University, East Lansing, MI
CHICAGO, IL – HFF announced today that it has closed the sale of and arranged acquisition financing for an off-campus, three-property student housing portfolio serving Michigan State University in East Lansing.

HFF marketed the property on behalf of the seller, Long Wharf Real Estate Partners LLC.  Westpac Investments, LLC purchased the offering for $101.75 million.  In addition, HFF also secured an $85 million long-term, fixed-rate loan through a national CMBS lender on behalf of the buyer.

The 852-unit, 2,772-bed portfolio has an average occupancy of 96.1 percent as of spring 2013.  Individual property details are listed below:

    Property Name                          Address                             Size
    The Club at Chandler              3850 Coleman Road         210 Units/768 Beds     
     Crossings

   The Village at Chandler          3839 Hunsaker Street         336 Units/1,068 Beds
   Crossings

  The Landings at Chandler      16789 Chandler Road          306 Units/936 Beds
   Crossings

Matthew Lawton
The HFF investment sales team representing the seller was led by executive managing director Matthew Lawton and managing directors Brian Kelly and Troy Manson.

Brian Kelly
HFF’s debt placement team representing the buyer was led by senior managing director Tim Wright and associate director Zack Holderman.

Long Wharf Real Estate Partners LLC is a Boston-based private equity real estate investment manager. 

The group invests in sectors and markets across the United States principally on behalf of institutional clients, including corporate and public pension funds, endowments and foundations.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

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