HFF lists student housing complex near University of Northern Iowa

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) has been named the listing broker for Hillcrest Park Apartments, (top right photo) a student housing complex within walking distance of The University of Northern Iowa campus in Cedar Falls, Iowa.

HFF director Brian Kelly (bottom left photo) will lead the investment sales team on behalf of the seller, a regional student housing developer.

The property is offered for $18.95 million free and clear of existing debt.

Completed in 2002, Hillcrest Park Apartments has 132 four-bedroom/two-bath units with 1,096 square feet. The fully leased property features a basketball court, volleyball court, tanning bed, business center and free DVD library as well as free shuttle service to the University and local nightlife. Hillcrest Park Apartments is located at 9614 University Avenue, a half mile west of campus in Cedar Falls.

“Hillcrest Park Apartments was the first property over 50 units to reach 100% occupancy for the Fall 2008 lease-up and has reached full occupancy for each of the last five leasing seasons,” said Kelly.

“There is tremendous opportunity for income growth as rents are substantially below market and there is undeveloped land included in the sales price that can accommodate up to 144 additional bedrooms.”

CONTACTS:

Brian J. Kelly, HFF Director, 317 630 3191, bkelly@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com