American Campus Communities, Inc. ACC announced today the acquisition of University Commons, a 480-bed off-campus community serving students attending the University of Minnesota, for a purchase price of $31.0 million.
University Commons is located in the highly desirable East Bank area in Minneapolis and three blocks from the UMN campus. The student housing property was built in 2003 and features a community center with a fitness center, business center, game room with pool tables and gaming consoles, and a spa. The fully furnished units include a full kitchen, washer/dryer and hardwood flooring. American Campus anticipates investing $1.8 million in capital upgrades to drive future rental rate and revenue growth. The projected year-one cap rate (inclusive of $1.8 million in capital) is 6.6 percent nominal and 6.1 percent economic.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in