ORLANDO, FL, Oct. 12, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two student housing communities for $39 million.
Eagle’s Trail Apartments (top left photo) a 216-unit property in Hattiesburg, Miss., sold for $20 million, which represents $25,253 per bed and $69 per square foot.
University Crossing in Ruston, La., a 144-unit community, commanded $19 million, which equates to $34,420 per bed and $96 per square foot.
Ray Turchi, a senior associate in Marcus & Millichap’s Orlando office, represented the seller of both properties, Ken Dixon, a private investor. Gregory Wilson, an associate in the firm’s Orlando, procured the buyer, a large student housing REIT.
Brent Yurtkuran (middle left photo) of Marcus & Millichap’s Jackson, Miss., office is the firm’s broker of record in Mississippi.
University Crossing was also represented by Turchi. Wilson procured the buyer, a private investment group. William Hoffpauir, of Marcus & Millichap’s Lafayette, La., office, also provided representation.
“Ray Turchi negotiated and navigated both deals with the highest standard of broker excellence,” says Dixon.
“Eagle’s Trail Apartments is located one mile from the University of Southern Mississippi (USM) (bottom right photo),” says Turchi. “USM has a 2010-2011 enrollment of approximately 17,000 students and does not require freshman to live on campus. The school provides on-campus housing for less than one-third of its students,” continues Turchi.
Built in 2007, the 792-room, 288,325-square foot Eagle’s Trail Apartments is located at 8 Eagle’s Trail in Hattiesburg, Miss. Students travel to the campus on “The Trail,” a paved bike and pedestrian path adjacent to the property that leads directly to the university.
Eagle’s Trail is composed of 16 stone-veneered three-story buildings featuring 180 four-bedroom/four-bath units and 36 two-bedroom/two-bath apartments. The units are leased by the bedroom. High-speed Internet, basic cable and utilities are included in the rent.
The 552-bed, 198,276-square foot University Crossing is situated across the street from Louisiana Tech University at 1201 West California Ave. in Ruston, La. The complex is comprised of 12 stone-veneered buildings- 11 three-story apartments and a clubhouse.
The unit mix is 132 four-bedroom/four-bath units and 12 two-bedroom/two-bath apartments. The units are leased by the bedroom and feature high-speed Internet and cable television with HBO.
University Crossing is located across the street from Louisiana Tech University and is 92 percent occupied.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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