MANKATO, MN– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for College Station Apartments, (top right photo) a 94-unit student housing community in Mankato.
The listing price of $10.1 million represents $107,447 per unit and $113 per square foot.
Student housing investment specialist Brad Tongen of the firm’s Minneapolis office is representing the seller.
“The current student housing market in Mankato has an overall occupancy rate of 99.9 percent,” says Tongen. “The strength of the market offers a stabilized year one cash-on-cash return of 7.97 percent and a ten-year internal rate of return of 15.8 percent, assuming annual growth rates of 3 percent and an 8.5 percent terminal cap rate.”
The 89,300-square foot property is located on 6.32 acres at 1329 Pohl Road, six blocks from Minnesota State University, Mankato, and is almost fully leased for the 2009-2010 school year.College Station Apartments’ 11 buildings were constructed between 2000 and 2004. All units were recently updated and the five-bedroom units received new flat-screen TVs.
The unit mix features 24 five-bedroom units, 17 four-bedroom units, 35 three-bedroom units, 12 two-bedroom units and six one-bedroom units. Tenants pay all utilities and the owner pays for garbage, Internet and cable TV services.
The University of Minnesota, (campus middle left photo) Mankato’s student population is approximately 14,400.Press Contact: Stacey Corso, Communications Department, (925) 953-1716.
No comments:
Post a Comment