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| Ball State University student housing portfolio, Muncie, IN |
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| Brian Kelly |
INDIANAPOLIS, IN – HFF announced today that it has closed
the sale of and arranged acquisition financing for a seven-property,
332-unit/892-bedroom student housing portfolio near Ball State University
in Muncie, Indiana.
HFF
marketed the portfolio on behalf of the seller, Klingbeil Capital
Management. Peak Property Group, LLC
purchased the assets for $15.8 million.
HFF then assisted the buyer with acquisition financing through Jefferies
LoanCore.
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| Ken Martin |
The
Ball State Portfolio is comprised of Autumn Breeze Apartments, Everbook
Townhouses, Windsong Apartments, Silver Tree Apartments, Sunreach Apartments,
Cardinal Vista Apartments and Linden Place Apartments, all surrounding Ball
State University in Indiana.
Completed between 1984 and 1992, the properties feature two-
and three-bedroom units. All residents
have use of the amenities at Silver Tree, which include a fitness center,
basketball court, volleyball court, swimming pool, outdoor grilling areas and
computer lab.
The
HFF investment sales team representing the seller was led by managing director Brian
Kelly.
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| Ball State University campus, Muncie, IN |
HFF’s debt placement team was led by
associate director Ken Martin.
“The
Ball State Portfolio offered investors an opportunity to achieve immediate
scale and operational efficiencies in a strong Midwest university market,” said
Martin.
Klingbeil Capital Management,
Ltd. (KCM) is a multi-faceted national real estate company with holdings
throughout the United States.
Peak
Property Group, LLC is a fully integrated, self-managed private company with
expertise in the acquisition, development, investment and property management
of student housing and multi-family properties.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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