The deal, inclusive of assumed debt, calculated out to an initial cap rate of 7.5% and an average GAAP cap rate of 8% and brings the company's portfolio in the Detroit area to a total approaching 1 million square feet.

"This acquisition continues the expansion of our nationwide industrial portfolio, which seeks to secure strong, income-oriented returns at this mature stage of the current real estate cycle,” says Brodie Ruland, ASB senior vice president and Northeast region head.

Multifamily investors are looking in emerging markets with strong rent growth, but where affordability hasn't become a burden for residents.

The National Center for Educational Statistics data projects the student population will reach 23 million by 2020, and the population between the ages of 18 and 24 is projected to continue increasing through 2050.