SOUTH BEND, IN—Student housing continues to be one of the nation's hottest sectors, with many investors eager to enter this lucrative business. Prime Property Investors, Ltd. of Northbrook, IL, has just sold Clover Ridge and Clover Village, two student housing communities in South Bend, IN, near Notre Dame University, to Glenmont Capital Management, a New York-based real estate private equity fund manager.
As reported in GlobeSt.com, earlier this year PPI sold off a group of student housing communities it had owned for roughly a decade near Purdue University in nearby West Lafayette, IN, for $47.2 million, a 44% return on its original investment.
This new transaction was completed by officials from Berkadia, including managing director of student housing Kevin Larimer, managing director Rick Vidrio, senior director Jason Krug, associate director of student housing Greg Gonzalez and senior director David Gaines.
The prices paid were not disclosed.
“Both properties have tremendous potential for value-add investment, and the buyer has plans to make extensive renovations to unit interiors, exteriors and common areas,” Larimer said in a statement. “Additionally, the proximity was very appealing, as each of the properties afford Notre Dame students a short walk to the school's campus.”
Clover Village, a 328-bed property sits on 11 acres just one block from campus, has studio, one-, and two-bedroom apartments. It also includes amenities such as a clubhouse, fitness center, swimming pool, and business center.
Clover Ridge, a 221-bed property on eight acres just three blocks from campus, has one-, two-, and three-bedroom apartments. Its amenities include a clubhouse, fitness center, and swimming pool.
SOUTH BEND, IN—Student housing continues to be one of the nation's hottest sectors, with many investors eager to enter this lucrative business. Prime Property Investors, Ltd. of Northbrook, IL, has just sold Clover Ridge and Clover Village, two student housing communities in South Bend, IN, near Notre Dame University, to Glenmont Capital Management, a New York-based real estate private equity fund manager.
As reported in GlobeSt.com, earlier this year PPI sold off a group of student housing communities it had owned for roughly a decade near Purdue University in nearby West Lafayette, IN, for $47.2 million, a 44% return on its original investment.
This new transaction was completed by officials from Berkadia, including managing director of student housing Kevin Larimer, managing director Rick Vidrio, senior director Jason Krug, associate director of student housing Greg Gonzalez and senior director David Gaines.
The prices paid were not disclosed.
“Both properties have tremendous potential for value-add investment, and the buyer has plans to make extensive renovations to unit interiors, exteriors and common areas,” Larimer said in a statement. “Additionally, the proximity was very appealing, as each of the properties afford Notre Dame students a short walk to the school's campus.”
Clover Village, a 328-bed property sits on 11 acres just one block from campus, has studio, one-, and two-bedroom apartments. It also includes amenities such as a clubhouse, fitness center, swimming pool, and business center.
Clover Ridge, a 221-bed property on eight acres just three blocks from campus, has one-, two-, and three-bedroom apartments. Its amenities include a clubhouse, fitness center, and swimming pool.
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