 |
| 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.
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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